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Recent concerns about advancements in quantum technology have become a significant and widely debated topic in the cryptocurrency market.
While many are expressing their opinions on quantum risk at this point, the founder of Cardano issued a warning regarding Bitcoin.
Cardano (ADA) founder Charles Hoskinson warned that the proposed Bitcoin upgrade could lead to 1.7 million $BTC being frozen.
Speaking to Coindesk, Hoskinson argued that the BIP-361 proposal, which aims to protect Bitcoin against quantum computing, has been incorrectly classified as a soft fork, and that this classification is wrong.
Hoskinson claimed that if this proposal were implemented, approximately 1.7 million $BTC created before 2013, including the 1 million $BTC held by anonymous Bitcoin founder Satoshi Nakamoto, would be permanently frozen.
The renowned founder stated that it would be impossible to transfer these 1.7 million early-issued coins because their owners lacked the means to provide proof, as these coins were issued before the introduction of seed phrases.
“Because the first Bitcoins were created before the seed syntax was introduced, proving ownership is difficult and therefore transferring ownership is impossible.”
He accused Bitcoin developers of unscrupulously imposing a hard fork by misleadingly labeling BIP-361 as a soft fork.
As you may recall, Google published a report addressing the quantum threat in late March. Following this significant research report by Google in late March, the cryptocurrency sector intensified its efforts to improve quantum resilience.
At this point, the quantum threat is not only worrying the Bitcoin ($BTC) and Ethereum (ETH) communities, but altcoins have also begun testing quantum-resistant technology. These altcoins include Dogecoin (DOGE) and Tron (TRX).
*This is not investment advice.
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