Simply put
- Coinbase’s Quantum Advisory Board believes the blockchain community should proactively plan for a future beyond quantum computing.
- The major concerns are not about technology itself but what happens to coins that aren’t transitioned to quantum-secure addresses.
Coinbase’s Quantum Advisory Board is encouraging blockchain developers to start preparing for a future where quantum computing could pose risks. They argue that the technical work needed to upgrade networks like Bitcoin and Ethereum shouldn’t be delayed while the community debates the handling of coins that might be at risk or abandoned.
In a new report released by the board, they stated, “Currently, no quantum computers can break blockchain encryption. However, the timeline for when this might change is unclear, which is why the crypto community needs to start preparing now rather than waiting to pinpoint the exact arrival of potential threats.”
The report outlines three approaches for coins that do not migrate to quantum-safe addresses. The first option involves permanently freezing them after a certain date. Secondly, there’s a suggestion to leave it to users to decide, with a cautionary note that pushing for forced coin burning could violate property rights and set a concerning precedent. The third option proposes intermediate steps, like limiting the number of vulnerable coins that can be moved or accepting special cryptographic proofs as alternatives to traditional signatures, allowing users to commit to transitioning without publicly moving funds yet.
“We want to stress that these proposals can work together; each has its own benefits, so there’s no reason to not adopt one or more of them,” they noted.
This discussion arises as major blockchain networks begin their preparations for a post-quantum world.
The Ethereum Foundation launched a team in January to guide Ethereum’s transition toward post-quantum security, exploring ways to replace its validator and wallet signatures with quantum-resistant options. Following this, in February, Ethereum co-founder Vitalik Buterin outlined a roadmap for quantum upgrades.
Coinbase’s advisory board raised concerns in April, specifically noting that proof-of-stake networks like Ethereum and Solana might be particularly prone to quantum attacks. This vulnerability arises because the verification signatures securing these networks rely on cryptographic methods that could be compromised by future quantum capabilities.
“The best time to prepare for a shift to cryptocurrency is before the situation becomes urgent,” a spokesperson from Coinbase’s Advisory Board mentioned earlier. They emphasized, “While we believe customer assets are secure today, the industry must not conflate ‘not urgent’ with ‘unimportant.’”
