Zhao Chang Peng recently indicated that the network could set a transition period for the old address if Bitcoin were to migrate to the antiquantified encryption system in the future. After the end of the transition period, addresses that have not been relocated can be frozen under the new agreement, which may involve approximately 1 million bitcoins that are considered to be relevant to Chung.
It's proposed to expand around the antiquator migration.
On June 18, Zhao Chang Peng participated in a podcast hosted by Alex Thorn, President of Galaxy Research, saying that quantum calculations are not in themselves a problem for bitcoin, because antiquant encryption programmes already exist. The more difficult part is to push for an upgrade of the entire network before quantum calculations actually threaten existing safety models.
He envisaged that, in the future, the network could set up a migration window of about 6 to 12 months for the holder to transfer the asset to a protected new address if the Bitcoin were to be encrypted. The old address exits after the window period.
If the relevant address has not been moved within the period of time, the remaining bitcoin may be frozen directly. According to Zhao Chang Peng, if these addresses remain available for a long period of time, the future Quantum Demolition Capability party may have access to these assets, which would turn Bitcoin ownership into “who will break first and who will get it”.
It's been a big discussion.
This idea is of interest because the market is generally considered to hold up to 1 million bitcoin in Chinese and related addresses and has remained intact for many years. According to Zhao Chang Peng, this long-sleeping asset may face special treatment in future upgrades.
At the same time, he said that such decisions should be driven by individuals and that any change would require decisions by the Bitcoin community through consensus mechanisms.
The developers still disagree about freezing the old currency.
Bitcoin developers, researchers and supporters have been divided over the treatment of old addresses and dormant assets. A report issued in June by the Coinbase Advisory Board suggested that bitcoin should plan ahead of time the path to the later quantum password system before quantum calculations posed a real threat.
One of the options mentioned in the report is to set a time limit for the relocation of assets that currently rely on ECDSA and Schnorr signatures for protection. Proponents believe that, if not addressed in advance, future attackers may take advantage of quantum capacity to obtain large amounts of bitcoin and have an impact on market stability.
However, in the view of the opponents, turning long-standing bitcoin directly into unaffordable, amounting to the deprivation of private property, would also touch upon the non-molecularity and user control emphasized by bitcoin.
Additional information:Alex Thorn of Galaxy Digital had previously indicated that the Chinese delegation estimated that the currency held was scattered among approximately 22,000 addresses, many of which held approximately 50 bitcoins each. In his view, this distribution structure made it more difficult to carry out a large-scale quantum attack than was partially anticipated from outside.