The Coinbase Independent Quantum Advisory Council has published a paper on the blockchain and quantum position, explaining the risks of quantum computing to cryptographic systems, and how to protect yourself ahead of Q-Day.
The organization includes researchers from the Ethereum Foundation, Stanford, UT Austin, Eigen Labs, Bar-Ilan University, and UC Santa Barbara.
The group admits the absence of quantum computers, but that its existence may be a reality in the next ten years.
For this reason, the team to encourage Long-term planning for increased threats to all cryptographic ecosystems, including blockchains, exchanges, wallets, and even hardware:
“The time to start planning is now, not when you have to act quickly.”
Quantum risks in crypto
According to the group, cryptocurrencies are at the same risk as computer hacking, while wallets are at greater risk due to their public exposure.
Although Bitcoin’s infrastructure is called “highly secure,” 6.9 million BTC falls into the wallet category mentioned above.
The weakness of the proof chains is in their valid signature systems, but Ethereum already has a solution to this problem.
Problems with shipping
After twenty years of research, the US National Institute of Standards and Technology (NIST) has released several standards for crypto-native quantum-resistant.
However, their implementation has been difficult because secure quantum signals contain a large amount of information. This increases purchasing costs, reduces throughput, and requires large storage.
The main challenge is to coordinate the migration of millions of wallets to the system of mass verification.
The biggest challenge is quickly deciding what to do with the remaining stock in the upgrade. Will they be frozen, removed, or simply left in quantum computers?
What is happening now
Meanwhile, Bitcoin and Ethereum plans for a secure quantum upgrade, with the latter plans also supporting scalability.
Solana, Algorand, and Aptos offer flexible options for user traffic, and Layer 2 networks like Optimism have already announced these transition times.
Currently, Coinbase is developing a flexible system that can accommodate new cryptographic protocols while promoting the migration to the post-quantum era.
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