Coinbase Urges Blockchain Networks to Prepare for Quantum Threats
- Coinbase’s quantum advisory council advises blockchain communities to start post-quantum migration planning now.
- Approximately 7 million Bitcoin could be vulnerable to future quantum attacks due to exposed public keys and address reuse.
- The report highlights the challenge of dealing with coins that are never moved to quantum-safe addresses.
- A “cryptographically relevant quantum computer” capable of breaking current cryptography might exist by as early as 2030.
- Options for non-migrated coins include freezing them, doing nothing, or using middle-ground steps like limiting their movement per block.
Coinbase’s advisory council stresses the importance of preparing for a post-quantum future, urging developers not to delay technical upgrades due to debates over vulnerable or abandoned coins. The potential risk affects millions of Bitcoin and other cryptocurrencies reliant on elliptic curve digital signatures.
The report suggests that addressing these vulnerabilities now is crucial, given the uncertainty around when quantum computers will pose a real threat to blockchain networks. (Source)
