Cardano Founder Criticizes Bitcoin’s Quantum Security Proposal
- The new Bitcoin improvement proposal, BIP-361, aims to protect over 7 million Bitcoins by freezing coins that don’t migrate to quantum-resistant addresses.
- Cardano founder Charles Hoskinson argues that at least 1.7 million Bitcoins, valued at $127 billion, would still be vulnerable under the proposal.
- Hoskinson claims that Bitcoins held before the introduction of BIP-39 in 2013, including Satoshi Nakamoto’s estimated 1.1 million BTC, cannot be recovered under the current scheme.
- Google has set a deadline for transitioning to post-quantum cryptography by March 2029, highlighting the urgency of addressing quantum threats.
Charles Hoskinson critiques a new Bitcoin proposal aimed at safeguarding coins from future quantum computing threats, stating it leaves significant amounts vulnerable. The proposal seeks to protect a substantial portion of Bitcoin’s supply but falls short according to Hoskinson due to limitations in recovering older coins.
Despite its shortcomings, the proposal is seen as necessary to prevent potential thefts in the coming decades as quantum computing capabilities advance rapidly.Source
