Coinbase Quantum Advisory Council: Quantum Computing Could Pose a Threat to Encryption Systems, Industry Must Prepare for Upgrade in Advance

BlockBeats News, April 21st, the Coinbase Quantum Computing and Blockchain Independent Advisory Board today released its first position paper, systematically assessing the potential impact of quantum computing on the crypto industry. The report points out that although current quantum computers are not yet powerful enough to threaten mainstream blockchain systems, quantum machines capable of breaking encryption are "highly likely" to emerge in the future. The industry's expected timeline is at least a decade, but the possibility of earlier realization is not ruled out.

The report emphasizes that "today, users' assets are still overall secure," but the real risk is mainly concentrated on the wallet-level digital signature mechanism, rather than the Bitcoin underlying structure or hash function. The board notes that about 6.9 million BTC may be at higher risk of exposure; in contrast, Ethereum and other proof-of-stake networks face additional challenges in the validator signature mechanism but already have a clear migration roadmap.

The report also points out that post-quantum cryptography schemes have been continuously developed over the past 20 years and have been standardized by institutions such as the U.S. NIST, but large-scale deployment still faces challenges of system migration and coordination. The board calls on major public chains to promptly formulate upgrade plans, including how to address critical issues such as long-unmigrated or dormant wallets, and emphasizes that the industry should start preparing immediately rather than waiting until the risk is imminent to take action.