Bitcoin Developer Pushes for Hard Fork… Satoshi Coin Redistribution Plan

▲ Bitcoin (BTC), Satoshi Nakamoto/ChatGPT Generated Image ©

The market is expected to be embroiled in fierce debate as an unprecedented hard fork plan emerges, aiming to touch the wallet of Bitcoin founder Satoshi.

According to DL News on April 25 (local time), long-time Bitcoin developer Paul Sztorc announced that he plans to push for a Bitcoin hard fork named '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 and use it to fund new network development. This amount is worth approximately $40 billion at current market prices.

Sztorc argued that such a measure is “inevitably controversial but necessary.” This plan, in particular, differentiates 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 such as Bitcoin Cash, Bitcoin SV, and Bitcoin Gold also did not touch Satoshi's holdings.

Technically, eCash's core is the introduction of 'Drivechain'. This structure ensures scalability and functionality through a sidechain where Bitcoin miners participate in security, enabling programmable features that could not be implemented in the existing Bitcoin. It is reported that at least seven Layer 2 projects, including privacy chains, decentralized exchanges, and prediction markets, are currently 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 reallocating 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 early philosophy of open participation for everyone.

Hard forks often create new chains, leading to community division and liquidity fragmentation. Sztorc had been advocating for the introduction of Drivechains but, frustrated by the opposition from Bitcoin Core developers, seems to have opted for a direct fork. Ultimately, whether this attempt will expand Bitcoin's philosophy or lead to further division depends on the market's choice.

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