The founder and CEO of the Ava Labs project, Emin Gün Sirer, proposes to freeze 1.1 million bitcoins (BTC) belonging to Satoshi Nakamoto.
According to Sirer, the cryptography of older wallets may contain serious vulnerabilities.
Emin Gün Sirer wants to freeze Satoshi’s bitcoins
The head of Ava Labs believes that quantum computing may pose a danger to outdated technologies. Crypto wallets created during Nakamoto’s activism use the Pay-To-Public-Key (P2PK) format, which completely reveals the public key.
The ability of quantum computers to cope with extremely complex problems threatens traditional encryption methods. Therefore, the founder of Ava Labs proposes to freeze Satoshi’s BTC so that no one hacks his wallet and steals all the funds.
How the community reacted to Ava’s founder’s idea
The cryptans’ reaction to Sirer’s proposal was mixed. Critics argue that freezing Satoshi’s wallet undermines the idea of ownership.
Some have suggested that the Bitcoin freeze could force Nakamoto to return. This will potentially destabilize the crypto market.
The whole conversation about freezing the assets of the BTC creator started with the Willow quantum chip, which this week submitted to Google. This chip solves problems in five minutes that would take the fastest supercomputer ten septillion years—a period longer than the age of the entire universe.
Bitcoin operates on the basis of cryptographic algorithms such as SHA-256. They are considered extremely reliable, but may well be vulnerable to the power of a quantum computer. In theory, quantum computers could reveal private keys, compromising the security of wallets and transactions.
However, Google’s Willow hasn’t reached that level yet. Modern quantum computers are prone to errors and scalability issues. To crack BTC’s encryption, a quantum computer would need millions of error-corrected “logical qubits,” far beyond what the new chip can support.
Stay informed! Subscribe to World Stock Market in Telegram.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
