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Coinbase Report: Quantum Computing Threat Approaches, Crypto Industry Needs to Develop Migration Plans in Advance

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PANews
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3 hours ago
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PANews April 21 news, the independent advisory committee commissioned by Coinbase released a 50 page report stating that although current quantum computing capabilities are insufficient to crack the encryption algorithms used by blockchains such as Bitcoin and Ethereum, the possibility of "fault-tolerant large-scale quantum computers" emerging in the future is increasing, and the industry needs to plan a response path immediately. The report points out that NIST recommends migrating to quantum-resistant encryption solutions before 2035, but this timeline may be overly optimistic. The Ethereum Foundation has proposed a quantum-resistant digital signature solution, and Solana and others are also testing quantum-resistant wallet designs. The report states that while Post-Quantum Cryptography already exists and is being standardized, issues such as increased signature size, block size potentially growing by about 38 times, wallet migration and handling of lost funds will make large-scale switching complex and costly. The report recommends reserving space for a rapid switch in the future through hybrid solutions and progressive upgrade mechanisms.

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