Bitcoin Developer Pushes for Hard Fork…Satoshi Coin Redistribution Plan

▲ Bitcoin (BTC), Satoshi Nakamoto/ChatGPT generated image ©

An unprecedented hard fork plan to touch the wallet of Bitcoin founder Satoshi has emerged, expected to ignite fierce debate in the market.

According to DL News on April 25 (local time), long-time Bitcoin developer Paul Sztorc announced that he would push for a Bitcoin hard fork under the name 'eCash' in August. The core of this proposal is to reallocate up to half of the approximately 1.1 million BTC believed to be held by Satoshi Nakamoto, using it to fund new network development. This amounts to approximately $40 billion based on current market prices.

Sztorc argued that such a move is “inevitably controversial but necessary.” This plan, in particular, distinguishes itself from previous hard forks by directly challenging the core principle of the Bitcoin ecosystem, which is never to touch Satoshi's initial distribution structure. Past forks like Bitcoin Cash, Bitcoin SV, and Bitcoin Gold also did not touch Satoshi's holdings.

Technically, eCash's core involves introducing 'Drivechains.' This structure secures scalability and functionality through sidechains where Bitcoin miners participate in security, enabling programmable features that could not be implemented in the existing Bitcoin. Currently, at least seven Layer 2 projects, including privacy chains, decentralized exchanges, and prediction markets, are reportedly under development.

Furthermore, existing Bitcoin holders will receive the same amount of eCash. For example, if you hold 4.19 BTC, you will receive 4.19 eCash. However, the method of redistributing Satoshi's holdings is even more controversial. Sztorc stated that these coins would be selectively distributed to 'accredited investors,' which directly conflicts with Bitcoin's initial philosophy that anyone could participate.

Hard forks often lead to community division and liquidity fragmentation by creating new chains. Sztorc had previously advocated for the introduction of Drivechains, but after being thwarted by the opposition of Bitcoin Core developers, he seems to have opted for a direct fork. Ultimately, whether this attempt will serve as an opportunity to expand Bitcoin's philosophy or lead to further division depends on the market's choice.

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