Changpeng Zhao proposes freezing Satoshi's bitcoins: protection against quantum threat
Binance founder Changpeng Zhao has put forward a resonant initiative: giving Bitcoin creator Satoshi Nakamoto 12 months to move his coins ahead of the upcoming quantum network upgrade. If the funds remain untouched, Zhao proposes freezing them permanently.
According to Zhao's estimates, only about 20 million coins would remain in the new protocol, as the rest would be locked. This is how he described the consequences of the proposed freeze on inactive wallets. The discussion concerns wallets from Bitcoin's early period, which are considered most vulnerable to the development of quantum computing.
Protection from the quantum threat
Zhao warns that inaction on this issue is dangerous. If nothing is done, the coins will effectively fall to whoever cracks them once quantum computing reaches the required level. Traditional encryption methods could be at risk, which is what prompted this proposal.
The idea boils down to protecting vulnerable digital assets before they become accessible to attackers. The one-year window, as Zhao envisions it, would give the owner of inactive coins the opportunity to transfer them to a secure format.
A similar idea was proposed in 2024
Earlier, a similar proposal was voiced by Ava Labs CEO Emin Gün Sirer. He believes that quantum computing could pose a danger to outdated technologies. Wallets from Nakamoto's active period use the Pay-To-Public-Key (P2PK) format, which fully exposes the public key.
Sirer notes that modern wallets and systems like Avalanche do not use P2PK, but it was employed in Bitcoin's early days. Therefore, in his view, when quantum computing becomes a real threat, the community should consider freezing Satoshi's coins or setting a deadline and freezing all coins in the P2PK format.
Cryptalist Analysis: Changpeng Zhao's initiative raises a fundamental question about the security of Bitcoin's legacy. Although the quantum threat is not yet a reality, preventive measures could prevent a catastrophic scenario where millions of coins belonging to the creator end up in the hands of attackers. However, freezing Satoshi's funds is an unprecedented step that could undermine trust in Bitcoin's immutability and decentralization. The community will need to find a balance between protection and preserving core principles.