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Charles Hoskinson: Implementing Bitcoin BIP-361 requires a hard fork, and approximately 1.7 million early Bitcoins may be unable to be covered.
ME News Report, April 17 (UTC+8), Cardano founder Charles Hoskinson stated that BIP-361, proposed by Bitcoin to address quantum computing risks, has been mistakenly called a soft fork; in reality, its implementation would require a hard fork, which conflicts with Bitcoin’s long-standing development culture of opposing hard forks. He said that the scheme relies on a zero-knowledge recovery mechanism based on BIP-39 mnemonic phrases, which cannot cover approximately 1.7 million early Bitcoin, including about 1 million believed to belong to Satoshi Nakamoto, because these assets were created before 2013 and lack corresponding mnemonic structures. He indicated that if the current scheme is executed, the related assets could be permanently frozen. (Source: MLion)