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wallet provider, wasabi walletlaunched a Bitcoin education contest on January 23, asking people to crack the seed phrase of a wallet containing over 4 million sats.
project titled “”hunting sat, is backed by Swan Bitcoin, Trezor, Blockstream, and several other respected companies in the Bitcoin space. first, bitcoin wallet It was generated using a 12-word BIP-39 seed phrase. The words were then distributed among the partners, with new words revealed each day.
The event aims to shed light on the security nature of cryptocurrency accounts in a virtually transparent manner. Due to the encryption involved, the chances of guessing the wallet seed phrase are virtually zero. But introducing this to the world through “cracking” contests is a new way of teaching.
To further demonstrate the security of the private key, the private key gets weaker as more words are revealed from the seed phrase.
There were many similar competitions. reddit and other platforms. This latest has a solid list of partners working together to promote sound wallet security.
At press time, four words were revealed: Blast, Hollow, State and Monkey. More words will be published before the contest ends on January 30th. His website at Hunting Stats explains the motivation behind the campaign.
As bitcoiners, we wanted to organize a fun game to start 2023 on a high beat with projects and companies that we respect and use every day. Bitcoin security and privacy are essential. and we hope Hunting Sats can bring together Bitcoiners who care about these principles.
The campaign is rooted in the difficulty of understanding the security of Bitcoin private keys. The odds of guessing a 12-word seed phrase are 1 in 10^40. But it’s too big to understand easily.
To visualize the problem, the distance from Earth to the Moon is approximately 238,855 miles. Traveling 10^40 miles (probability of guessing the seed phrase) requires approximately 42,000,000,000,000,000,000,000,000,000 round trips to the moon.
For context, the estimated age of the universe is roughly 13.8 billion years, and it would take about 1.28 seconds to travel to the moon and back at the speed of light. will take longer than the age of the universe.
So while the competition is fun, it’s questionable whether anyone will be able to ‘earn’ the bitcoins in their wallets. However, interest in cryptocurrencies is slowly returning. The fear and greed index for cryptocurrencies recently flipped to ‘greedy’, with his Google search for ‘bitcoin’ hitting a high last seen in his November. Contests like this help new users understand cryptographic security.
