The enigmatic figure behind Bitcoin, known as Satoshi Nakamoto, might potentially resurface if the cryptocurrency sector encounters a significant threat from advancements in quantum computing, as suggested by Joseph Chalom, Co-CEO of Sharplink Gaming (NASDAQ:SBET). In a recent conversation with Decrypt, Chalom noted that critical decisions will need to be made regarding the Bitcoin protocol when faced with this technological shift. He remarked, “There’ll be decisions about whether you need to hard fork the protocol [and] what you do with wallets that are dormant.”
Chalom expanded on this sentiment, predicting that the impending quantum moment could prompt responses from individuals tied to Bitcoin’s creation: “Somebody is going to wake up and say: ‘I don’t want to be forked.’ Or someone’s going to wake up and say: ‘Fork me.’ That’s a lot of money to leave on the table.”
Interestingly, he posited that Nakamoto might emerge from obscurity soon, possibly through “some old, OG accounts,” although he did not specify if this might involve previously dormant wallets, email addresses, or activity on the Bitcointalk forum. This speculation echoes sentiments from other industry leaders, including Adam Back, CEO of Blockstream, who previously mentioned that Nakamoto could make a reappearance if the threat of quantum computing looms large.
Nakamoto famously ceased all public communications in April 2011, after conveying to a fellow developer that he had “moved on to other things.” Despite numerous theories and investigations into Nakamoto’s identity, the true persona remains a mystery, leading to speculations that he may have remained silent due to being deceased.
The rise of quantum computing technology has reignited focus on Nakamoto, particularly because his substantial Bitcoin holdings are stored in an older wallet format vulnerable to quantum attacks. This situation has triggered discussions about whether there should be a move to freeze the creator’s assets. It is estimated that Nakamoto holds around 1.1 million BTC, valued at over $124 billion, which has remained inactive for more than a decade.
Currently, concerns primarily revolve around the Elliptic Curve Digital Signature Algorithm, the encryption method securing Bitcoin wallets. Notably, Nakamoto had previously articulated potential strategies to address risks to Bitcoin’s core cryptography. On the Bitcointalk forum, he proposed that if SHA-256—the algorithm used to hash blocks—should fail, the community could potentially reach a consensus on an honest blockchain prior to any major disruptions. He suggested an orderly transition to a new hash function if needed.
However, most experts agree that the likelihood of SHA-256 being compromised is not an imminent concern but is something that merits ongoing vigilance as technology evolves. As developments unfold in both the realms of cryptocurrency and quantum computing, the spotlight remains firmly fixated on Nakamoto and the decisions that could shape the future of Bitcoin.
