Satoshi

Future

Quantum

Million

Ava Labs CEO Emin Gün Sirer has raised concerns about the potential vulnerability of <a href="https://www.thecoinrepublic.com/2024/11/18/180m-satoshi-era-bitcoin-moved-amid-record-options-expiry-volatility-ahead/" rel="noopener noreferrer nofollow">Satoshi Nakamoto’s</a> estimated one million Bitcoin holdings to future quantum computing attacks.
He highlighted a specific technical aspect of early Bitcoin addresses that could make them particularly susceptible.
In a detailed analysis shared on X, Sirer explained that while modern cryptocurrency systems remain robust against current quantum computing capabilities, Bitcoin’s creator’s fortune might face unique risks due to its use of an obsolete address format called Pay-To-Public-Key (P2PK).
This revelation comes at a time when quantum computing developments are advancing rapidly, prompting discussions about long-term cryptocurrency security measures.
<h2 class="wp-block-heading" id="h-how-is-satoshi-nakamoto-s-btc-at-risk">How is Satoshi Nakamoto’s BTC at risk?</h2>
The core vulnerability lies in Bitcoin’s early implementation of the Pay-To-Public-Key (P2PK) format.
This system directly exposes public keys rather than using the more secure hashing methods employed today.
Modern Bitcoin addresses protect public keys through multiple layers of hashing. This makes them resistant to quantum attacks by revealing only the hash of a hash.
However, Satoshi Nakamoto’s early mined coins used P2PK, which leaves the public key exposed indefinitely.
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 There is the issue of Satoshi's 1m Bitcoin. <a href="https://twitter.com/hosseeb?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@hosseeb</a> just reminded me that Satoshi's early minded coins used the very old Pay-To-Public-Key (P2PK) format, which reveals the public key and gives the attacker time to grind, for the mother of all cryptography bounties. P2PK isn't…— egs9000 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f53a.png" alt="🔺" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2694.png" alt="⚔" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@el33th4xor) <a href="https://twitter.com/el33th4xor/status/1866255029033943551?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 9, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
This exposure creates what Sirer describes as “the mother of all cryptography bounties” for potential quantum attackers.
Unlike modern transactions, where attackers have only a brief window between a transaction’s broadcast and its confirmation, P2PK addresses present their public keys continuously.
For contemporary Bitcoin transactions, quantum attackers would need to break the encryption within 5 to 30 minutes. This would make successful attacks highly improbable.
The extended exposure of P2PK addresses, however, removes this time constraint for <a href="https://www.thecoinrepublic.com/2024/11/15/bitcoin-trump-rally-revives-satoshi-era-wallets-58-9m-in-btc-moved/" rel="noopener noreferrer nofollow">Satoshi Nakamoto’s</a> coins, theoretically allowing attackers unlimited time to attempt breaking the encryption once quantum computers become sufficiently powerful.
<h2 class="wp-block-heading" id="h-current-crypto-security-measures">Current Crypto Security Measures</h2>
Modern cryptocurrency systems use sophisticated security measures that provide robust protection against quantum threats.
Sirer emphasizes that for current blockchain platforms like Avalanche, quantum attackers would have an extremely narrow window of opportunity – merely one second – to compromise a transaction.
Bitcoin’s ten-minute block time provides a longer but still challenging window of about 5-30 minutes for potential attacks.
The industry has already begun implementing quantum-resistant solutions. Avalanche, for instance, has developed lattice cryptography implementations, though they haven’t been deployed yet due to their larger signature sizes – approximately ten times bigger than current signatures.
This proactive approach demonstrates how blockchain technology continues to evolve in anticipation of future security challenges.
Sirer points out that quantum computing advancements, while remarkable, don’t pose an immediate threat to cryptocurrency security.
<h2 class="wp-block-heading" id="h-sirer-suggests-several-potential-measures">Sirer Suggests Several Potential Measures</h2>
As quantum computing capabilities advance, Sirer suggests several potential measures to address the vulnerability of early Bitcoin addresses.
The most direct solution proposed is implementing a community-driven initiative to freeze Satoshi Nakamoto’s coins and other P2PK UTXOs through a protocol update.
This could involve establishing. a sunset date after which these older address formats would become inactive, effectively protecting them from quantum attacks.
The timeline for implementing such protective measures remains flexible, as practical quantum attacks are still “decades away,” according to Sirer.
This buffer period allows the cryptocurrency community to carefully consider and implement solutions while monitoring quantum computing developments.
The Ava Labs CEO emphasizes that blockchain technology isn’t standing still – platforms like Avalanche are ready to deploy quantum-resistant signatures when needed.
The post <a href="https://www.thecoinrepublic.com/2024/12/11/satoshi-nakamotos-1-million-bitcoin-may-face-future-quantum-risks-ava-labs-ceo/" rel="noopener noreferrer nofollow">Satoshi Nakamoto’s 1 Million Bitcoin May Face Future Quantum Risks: Ava Labs CEO</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.

Satoshi Nakamoto’s 1 Million Bitcoin May Face Future Quantum Risks: Ava Labs CEO

Table of Contents

Thecoinrepublic.com

Other articles published on Dec 11, 2024

Singapore Gulf Bank Plans $50M Fundraising for Stablecoin Payments Acquisition

Peanut the Squirrel Memecoin Jumps 35%

Hong Kong to Accelerate Crypto Platform Licensing and Introduce Custody Licenses by 2024

HBAR Bulls Face Reality Check After 8x Surge: Critical Price Levels

Amazon Faces Decision on Bitcoin Investment After NCPPR Proposal

XRP Price Soars 7% As Brad Garlinghouse Says Ripple’s RLUSD Stablecoin Is Approved, While Traders...

Join our free newsletter for daily crypto updates!