Microscopic origin of the Bekenstein–Hawking entropy
Identify the microscopic degrees of freedom counted by the Bekenstein–Hawking entropy S_BH of a black hole and establish a concrete microphysical interpretation of S_BH as the logarithm of the number of black-hole microstates compatible with the macroscopic parameters (mass M and angular momentum L).
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It remains an open question what microscopic degrees of freedom S_{\rm BH} counts, but the standard interpretation is that it measures the logarithm of the number of microstates compatible with the macroscopic parameters (M,L).
Discriminating between them requires input the first law cannot supply --- a microcanonical count of remnant states, or a Euclidean evaluation of the partition function of the extremal throat. We regard this as the sharpest open question raised by the present analysis.
And finally, an important open question is whether the Noether charges associated with these supertranslation modes can account for the microscopic degrees of freedom responsible for black-hole entropy. More generally, it remains unclear how the infinite-dimensional horizon symmetry structure is encoded in the thermodynamic properties of evolving black holes.