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On-chain sleuth Tyler has drawn attention to a Bitcoin hard fork proposal amid concerns about a potential quantum threat to the Bitcoin network. The discussion has raised questions about what could happen to Satoshi Nakamoto’s BTC holdings, though the developer behind the proposal says Satoshi’s coins will remain safe.
In an X post, Tyler warned that Satoshi’s coins will likely be moved within a week of the proposed e-cash hard fork. Paul Sztorc, founder of LayerTwo Labs, proposed the Bitcoin hard fork, calling it eCash, and said it is scheduled to be released this August.
Sztorc said investor coins would be split, with investors receiving an equivalent amount of their BTC holdings in eCash. He also described the technical approach, stating that their L1 node is a near-copy of Bitcoin Core and is SHA256d mined. He added that forks would be implemented via a one-time difficulty reset to its minimum value, meaning mining would be very difficult at the start.
LayerTwo Labs also said it would change seed nodes, the name, and the network magic. Sztorc further said the proposal includes an advanced warning for BTC holders and that the team plans to replay all transactions initially, along with releasing a coin-splitter tool.
Crypto educator DBCrypto suggested the hard fork could be a ploy to gain access to Satoshi’s coins. He also criticized the proposal on the grounds that it conflicts with maintaining privacy for one’s holdings.
In a separate X post, Sztorc addressed the concern directly, saying they are not taking any of Satoshi’s coins. He said the plan is to “gift” the BTC creator 600,000 eCash rather than 1.1 million coins, which he said is the amount Sztorc currently holds in BTC.
Sztorc said the eCash amount is more than what Satoshi received from other crypto projects, including Litecoin, Ethereum, Solana, and Tether. He reiterated that BTC balances are untouched by eCash because they lack the BTC software or private key needed to move the coins.
According to Sztorc, the eCash coins would move when a holder moves their BTC. However, if holders sell their eCash coins, the transaction would not replay on the Bitcoin network.
At the time of writing, BTC is trading at around $77,000, up over the last 24 hours, according to CoinMarketCap data. BTC was trading at $77,329 on the 1D chart.
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