Coinbase’s quantum advisory council warns blockchain developers to prepare for potential post-quantum threats now, according to a report released on Thursday. The report addresses the vulnerability of approximately 7 million Bitcoin due to exposed public keys and address reuse.
What happened
Coinbase’s quantum advisory council has released a report urging the blockchain community to begin post-quantum migration planning. The council emphasized the need for immediate action, stating that “the technical work of upgrading Bitcoin, Ethereum, and other networks shouldn’t wait for consensus.” They identified significant concerns regarding the future of untransferred coins, specifically those whose owners might not migrate to quantum-safe addresses.
“No quantum computer can break blockchain cryptography right now,” the council noted. However, they cautioned that timelines for technological advancements remain uncertain, indicating a need for proactive measures: “The crypto community needs to start preparing now rather than debating exactly when the threat will arrive.” Approximately 7 million Bitcoin are currently considered quantum-vulnerable due to legacy addresses with exposed public keys.
Why it matters
The implications of quantum computing for cryptocurrencies are profound. As researchers indicate, a “cryptographically relevant quantum computer” could emerge as early as 2030, capable of compromising traditional blockchain security. This situation could jeopardize millions of Bitcoin, affecting both investors and the overall crypto economy.
Background
On January 15, 2023, Coinbase launched its Independent Advisory Board on Quantum Computing and Blockchain, gathering experts from universities and industry to explore quantum risks. On April 3, 2023, the advisory council raised alarms about the vulnerabilities of proof-of-stake networks, notably Ethereum and Solana, due to their reliance on cryptographic signatures susceptible to quantum attacks.
What’s next
Going forward, stakeholders must clarify how to handle coins that do not migrate to quantum-safe addresses. The Coinbase report outlines three proposals, requiring discussion and potential decision-making among blockchain developers to avert future risks as significant technological changes loom on the horizon.
