Changpeng Zhao proposes freezing Satoshi's bitcoins: protection against the quantum threat
Binance founder Changpeng Zhao has put forward a striking initiative: give Bitcoin creator Satoshi Nakamoto exactly 12 months to move his coins before the upcoming quantum network upgrade. If the funds remain untouched within this period, Zhao proposes freezing them permanently.
This proposal is driven by the growing threat of quantum computing. According to Zhao, inaction on this issue is extremely dangerous. Once quantum computers reach the necessary performance level, coins from old, vulnerable wallets would effectively fall into the hands of whoever can hack them. This concerns early Bitcoin wallets using the Pay-To-Public-Key (P2PK) format. This format fully exposes the public key, making it potentially vulnerable to attacks using Shor's algorithm.
The essence of the proposal and consequences for the network
Zhao's idea is to protect these digital assets before they become easy prey for attackers. The one-year window, in his view, would give owners of inactive coins the opportunity to transfer them to a secure format. If this does not happen, the funds will be locked forever. As a result, according to his estimate, only about 20 million coins would remain in the new protocol, while the rest would be frozen.
It is worth noting that a similar idea was previously put forward by Ava Labs CEO Emin Gün Sirer. He also pointed out the vulnerability of wallets from Satoshi's active period that use P2PK. Sirer emphasized that while modern systems like Avalanche do not use this format, the threat is real for early Bitcoin addresses. He suggested considering freezing Satoshi's coins or setting a deadline for their movement.
My analysis: Zhao's initiative certainly raises an important question about the long-term security of Bitcoin. However, it also reveals a fundamental conflict between the need to protect the network and the principle of blockchain immutability. Freezing coins, especially those belonging to the legendary creator, could be seen as a dangerous precedent. At the same time, ignoring the quantum threat is a path to potential disaster. The community will have to find a delicate balance between technical security and the philosophical foundations of cryptocurrencies.