Summary
- Charles Hoskinson said Bitcoin's quantum-computing response proposal (BIP-361) could lead to a large-scale asset freeze.
- He said that if the proposal is implemented, about 1.7 million BTC could be permanently frozen, including roughly 1 million BTC believed to belong to Satoshi Nakamoto.
- The market views the response to quantum computing, the method of network upgrades, and whether the community can reach consensus as key variables in Bitcoin's future development.
Forecast Trend Report by Period
Charles Hoskinson, the founder of Cardano, said a Bitcoin proposal aimed at addressing quantum-computing threats could end up freezing a large amount of the cryptocurrency, adding to an ongoing debate over how the network should be upgraded.
CoinDesk reported on June 16 that Hoskinson took issue with classifying Bitcoin Improvement Proposal 361, or BIP-361, as a soft fork.
He argued that if the proposal is implemented, about 1.7 million Bitcoin could be permanently frozen. That total includes roughly 1 million Bitcoin believed to belong to Satoshi Nakamoto.
"Coins mined in Bitcoin's early days were created before seed phrases were introduced, making ownership difficult to prove and migration impossible," Hoskinson said.
He also criticized Bitcoin developers' characterization of the proposal as a soft fork, arguing that it would effectively amount to a hard fork.
The market remains split over both the technical response to quantum computing and the method for carrying out a network upgrade. Bitcoin's future development path and whether the community can reach consensus remain key variables.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
