Geometry as Graviton Bose-Einstein Condensate

We give a microscopic quantum description of black holes according to which a black hole geometry is a Bose-Einstein condensate of gravitons. Its special property is that no-matter how large is a black hole the graviton condensate is always at the critical point of a quantum phase transition. Black hole shrinks and emits particles due to quantum depletion of the graviton condensate while always staying at the quantum critical point. This fact goes against the usual intuition that macroscopic objects are classical with exponential accuracy. It is evident that all the existing mysteries and paradoxes of the black hole physics are artifacts of a semi-classical approximation and are eliminated in the above quantum treatment. We discuss both fundamental as well observational consequences of this framework.