Concerns Over the Security of Early Bitcoins
Emin Gün Sirer, the CEO of Avalanche, has sparked a debate about the security of bitcoins mined in the early days of the cryptocurrency. He proposed freezing approximately 1 million bitcoins, often associated with pseudonymous creator Satoshi Nakamoto, due to potential future threats posed by quantum computing.
Quantum Computing as a Potential Threat
Sirer highlighted that early bitcoins use the outdated Pay-to-Public-Key (P2PK) cryptographic standard, which exposes public keys and makes these coins more vulnerable to quantum attacks. Unlike modern formats such as Pay-to-Public-Key-Hash (P2PKH) or SegWit, P2PK lacks additional layers of security.
He suggested that the Bitcoin community consider freezing these older coins or setting a "sunset date" beyond which they could no longer be spent. This measure, he argued, would protect the integrity of the Bitcoin network from future technological advances.
Quantum Chip Willow and Future Capabilities
Google recently unveiled its quantum chip, Willow, which can perform calculations that would take current supercomputers billions of years to complete. Although Willow is not yet capable of breaking Bitcoin's encryption, it represents a significant step toward practical quantum computing.
Differences Between Modern and Early Bitcoin Addresses
Modern Bitcoin wallets use advanced formats that conceal public keys through hashing. These formats provide added security, as quantum computers would need to reverse the hash, an extremely complex task. In contrast, P2PK addresses store public keys in plain text, making these coins more vulnerable to quantum attacks.
Mixed Reactions to the Proposal
Sirer's proposal has sparked mixed reactions. Some view it as a proactive measure to ensure security, while others argue it contradicts Bitcoin's principles of decentralization and freedom. Critics also highlight the challenges of identifying and freezing specific coins, as well as the potential precedent it could set for future changes to Bitcoin's rules.
Quantum Computing: A Challenge for the Future
Although current quantum computers cannot yet break Bitcoin's encryption, Sirer emphasizes the need for the community to prepare for potential consequences. Quantum technologies are advancing rapidly, and while the threat remains speculative, preventive measures could help mitigate future risks. "Realistic attacks on cryptocurrencies are still far off, but we must closely monitor developments in quantum computing over the coming decades," Sirer concluded.
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