Quantum Threat to Crypto Is Not Here Yet, but Coinbase Advisory Board Says the Time to Prepare Is Now

A Coinbase advisory board report concluded that while quantum computers capable of breaking current blockchain cryptography are not imminent, the cryptocurrency industry should begin preparing now for a transition to post-quantum security. The report identified post-quantum migration challenges including larger signature sizes, the lack of efficient post-quantum aggregate signatures, potential impacts on blockchain throughput and fees, and difficult governance questions surrounding dormant wallets. The analysts recommended that blockchains, exchanges, custodians and wallet providers adopt crypto-agile strategies and develop phased migration plans rather than waiting for cryptographically relevant quantum computers to emerge. The cryptocurrency industry should stop debating exactly when quantum computers will become a threat and start preparing for their eventual arrival, according to a new report commissioned by Coinbase and prepared by a group of leading experts in quantum computing, cryptography and blockchain technology. The…