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Cardano founder Charles Hoskinson has criticized a new Bitcoin proposal aimed at protecting vulnerable assets from quantum-computing threats, arguing that the plan may still leave certain “Satoshi-era” coins exposed.
Hoskinson’s comments focused on a three-step approach described as a potential lifeline for Bitcoin holders. The proposal, known as BIP-361, is intended to make more than a third of Bitcoin’s supply quantum-resistant. The article estimates the targeted portion at over $536 billion.
The plan is expected to prevent losses likely to occur within the next five years by moving assets to quantum-resistant addresses. However, critics argue that freezing coins that do not migrate does not address all risks.
According to the article, the proposal would be implemented in three phases that replace older signature schemes:
Hoskinson and other critics highlighted that the approach may not fully account for coins held before 2013. The article says these assets total about 1.7 million BTC, created before the key generation of BIP-39.
The article notes that the proposal could still recover some of these assets, meaning it is not viewed as entirely ineffective. Still, Hoskinson warned that failing to act could lead to “massive losses” if quantum computers breach Bitcoin’s cryptography.
The article also states that 1.1 million BTC belongs to Satoshi Nakamoto, Bitcoin’s pseudonymous creator. Hoskinson argued that if Bitcoin had on-chain governance similar to certain altcoins, the problems could be addressed more effectively.
“If you had on-chain governance, you could solve its we have it at Cardano, Polkadot has it. Tezos has it, and it’s a good idea, but we’re shitcoiners. Only you guys have good ideas,” he joked.
Quantum-related risks to Bitcoin have become widely discussed, with warnings referenced from Google and blockchain security firms. The article adds that last week a heated debate emerged over how to handle dormant coins under the proposed framework.
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