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.
One of the main problems in black hole physics is to find its statistical-mechanical foundation; that is, to define the internal degrees of freedom, find the corresponding density matrix, and establish the relation between the thermodynamic and statistical-mechanical definitions such that $S{TD}_{gr}=S{SM}$. While there has been progress in various models, this remains an open problem.
Despite these progresses, a complete microscopic description of the entropy of the Schwarzschild BH remains an open problem, for a review see
We denote the total number of massless species by $N$ but we do not know the exact value of $N$.