Hoskinson, the founder of Cardano, says the quantum proposal will not save Satoshi’s Bitcoin

new Bitcoin The improvement proposal is called BIP-361 It seeks to provide up to 34% of the Bitcoin supply– or more than 7 million coins worth $536 billion – by freezing coins that do not move to quantum-resistant addresses in the future.

but Cardano Founder Charles Hoskinson says he will still leave up to 1.7 million coins, or $127 billion worth of Bitcoin, at risk.

The proposal, which will be implemented over several years, is divided into three phases in which legacy signature schemes will be phased out on the network. First, inflows to vulnerable addresses will be blocked, then old coins will be frozen, with the final stage allowing any Bitcoin held after movement deadlines to be recovered.

“That’s a lie,” Hoskinson said of the final phase, claiming that 1.7 million bitcoins would not be redeemable under the plan. “This is not possible.”

“You can recover part of the 8 million bitcoins, but 1.7 million does not include this scheme,” Hoskinson said. “All the Bitcoins from 2013 and before,” he added, referring to the Bitcoin that existed before the main generation of digital currencies was introduced. Pep-39Who introduced the seed phrase.

At least 1.1 million of those coins that Hoskinson pointed out belong to a pseudonymous Bitcoin creator Satoshi Nakomotowhose alleged stash is believed to be worth $82 billion, According to data from Arkham Intelligence.

However, Hoskinson said: “It’s not a bad suggestion.”

“I understand why they wrote that,” he said. “Because if they don’t, that money will be stolen in the 2030s. That’s a fact.”

“Q-Day” Or the name given to the looming threat at which quantum computers could break Bitcoin’s encryption, it has become a topic of increasing interest lately. In March, Google released a 2029 transfer deadline Its infrastructure has been transformed into “post-quantum cryptography” – a significant sign that a quantum threat may be approaching faster than previously expected.

Although Hoskinson understood the proposal, the Cardano and Ethereum co-founder was critical of Bitcoin’s community of outliers who he believes are unwilling to innovate or embrace features embraced by other blockchain communities.

“If you have on-chain management, you can solve it,” Hoskinson said. “We have that in Cardano, Polkadot has it, Tezos — it’s a good idea.”

“But we specialize in currencies, and we don’t have good ideas,” he added in a jovial tone. “You guys just have good ideas.”