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Ava Labs CEO proposes freezing Satoshi’s 1.1M BTC due to quantum risks

Ava Labs CEO proposes freezing Satoshi’s 1.1M BTC due to quantum risks

GrafaGrafa2024/12/11 05:50
By:Mahathir Bayena

Emin Gün Sirer, CEO of Ava Labs, has called for the freezing of approximately 1.1 million Bitcoins (CRYPTO:BTC) attributed to Satoshi Nakamoto, citing vulnerabilities in the outdated cryptography used in early Bitcoin wallets.

Sirer’s proposal arises amidst growing concerns about advancements in quantum computing that could potentially exploit the Pay-to-Public-Key (P2PK) systems utilised by Nakamoto’s original wallets.

In a recent statement, Sirer emphasized the risks associated with these early wallet formats, which directly expose public keys and could be targeted by quantum attackers.

Quantum computing will make it easier to perform certain operations, like factoring numbers, while others, such as inverting one-way hash functions, remain just as difficult,” he explained.

Despite the current capabilities of quantum computers being insufficient to threaten Bitcoin's security, Sirer urged the community to consider preemptive measures.

“There is the issue of Satoshi’s 1 million Bitcoin,” he noted, highlighting that the antiquated P2PK format poses a significant risk as quantum technology progresses.

The suggestion to freeze these coins has sparked a heated debate within the cryptocurrency community. Critics argue that such a move would undermine Bitcoin’s foundational principles of immutability and decentralization.

“Sunsetting Satoshi’s coins fundamentally challenges crypto’s ownership logic,” one user remarked on social media.

Supporters of Sirer’s proposal contend that it is a necessary precaution against future vulnerabilities posed by quantum computing. 

The discussion gained momentum following Google’s announcement of its new quantum chip, Willow, which boasts advanced capabilities but is not yet capable of breaking Bitcoin's encryption.

While experts acknowledge that immediate threats from quantum computing are minimal, they advocate for the development of quantum-resistant algorithms to safeguard digital currencies against potential future risks.

At the time of reporting, the Bitcoin price was $97,182.28.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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