Proposal to Freeze Quantum-Vulnerable Bitcoin Sparks Controversy
Bitcoiners propose freezing quantum-vulnerable coins in BIP-361
Cointelegraph
Image: Cointelegraph
A group of Bitcoin experts, led by Jameson Lopp, has proposed freezing quantum-vulnerable Bitcoin coins, including Satoshi Nakamoto's $74 billion stash, to protect against future quantum computer threats. The proposal, part of BIP-361, has faced significant backlash from the Bitcoin community over its implications for user autonomy.
- 01The proposal aims to freeze quantum-vulnerable Bitcoin coins to prevent theft by future quantum computers.
- 02It includes Satoshi Nakamoto's stash, valued at approximately $74 billion.
- 03BIP-361 is the second phase of a three-part proposal addressing Bitcoin's quantum vulnerability.
- 04The proposal has sparked controversy, with critics claiming it undermines Bitcoin's core principles.
- 05A rescue mechanism is proposed for users who miss the upgrade deadline to recover frozen funds.
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Jameson Lopp, a prominent figure in the Bitcoin quantum security community, along with five co-authors, has introduced a proposal to freeze quantum-vulnerable coins on the Bitcoin network, including Satoshi Nakamoto's stash valued at approximately $74 billion. This initiative is part of BIP-361, which aims to protect Bitcoin from potential theft by quantum computers. The proposal outlines a three-phase plan: the first phase restricts sending new Bitcoin to old-style addresses, while the second phase would freeze any Bitcoin in vulnerable addresses five years after activation. Phase C introduces a mechanism allowing users to recover frozen funds using zero-knowledge proofs. However, the proposal has faced significant backlash from the Bitcoin community, with critics arguing it contradicts Bitcoin's ethos by making some existing unspent transaction outputs (UTXOs) unspendable for those who do not upgrade. Notable figures in the community have labeled the proposal as authoritarian and confiscatory, raising concerns about its implications for user autonomy and trust in the network.
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