There was a recent proposal, BIP-361, by cypherpunk Jameson Lopp, and five other co-authors, to freeze Satoshi Nakamoto’s $75 billion worth of Bitcoin ahead of quantum computers becoming publicly available. Fears about quantum computers breaking BTC’s cryptographic security measures have taken a strong hold within the crypto community. Fears elevated after a recent Google report stated that a future quantum computer could break BTC’s private keys in nine minutes. The time required is about a minute less than BTC’s average block time. While BTC developers are moving towards creating quantum safeguards, Cardano founder, Charles Hoskinson has some doubts.
Does The Cardano Founder Not Believe In Bitcoin’s Quantum Computer Safeguard Measures?
Hoskinson posted a video on his YouTube page highlighting his thoughts about Bitcoin’s new proposal. The Cardano founder believes that the BIP-361 proposal would require a hard fork, and not a soft fork as otherwise claimed. Moreover, Hoskinson says that a hard fork could go against Bitcoin’s culture.
Hoskinson claims that the zero-knowledge recovery mechanism that the proposal intends to implement will not be able to protect 1.7 million older Bitcoin (BTC). Of these 1.1 million belong to Satoshi Nakamoto. Hoskinson believes so because these older coins were created before BIP-39 seed phrases existed.
Also Read: 3 Cryptocurrencies That Could Be Safe From Quantum Computers
Hoskinson believes that if the proposal passes in its current form, the frozen Bitcoin (BTC) will be lost forever. The Cardano founder called the proposal “a rough idea for a contingency plan.“
Quantum computers are quickly becoming a public reality. Bitcoin (BTC) and cryptocurrency investors are on edge as the risk of potential security lapses become more and more clear. Ethereum (ETH) has already stated its post quantum security journey, and Bitcoin (BTC) will also likely join the same bandwagon. How things go forth is yet to be seen.