Coinbase Quantum Advisory Committee: Quantum computing poses a threat to encryption systems, and the industry needs to prepare in advance for upgrades

BlockBeats News, April 21 — Coinbase’s Quantum Computing and Blockchain Independent Advisory Committee today released its first position paper, conducting a systematic assessment of the potential impact of quantum computing on the crypto industry. The report says that although today’s quantum computers are not yet capable of threatening mainstream blockchain systems, quantum machines that can break cryptographic security are “very likely” to emerge in the future. The industry expects this timeframe to be at least ten years, but the possibility of earlier realization is not ruled out.

The report emphasizes that “users’ assets are still generally safe today,” but the real risk is mainly concentrated in digital signature mechanisms at the wallet layer, rather than in Bitcoin’s underlying structure or hash functions. The committee notes that approximately 6.9 million BTC may be exposed to higher risk; in comparison, Ethereum and other proof-of-stake networks face additional challenges in their validator signature mechanisms, but clear migration roadmaps are already in place.

The report also states that anti-quantum cryptography solutions have continued to be developed over the past 20 years, and have been standardized by organizations such as the U.S. NIST, but large-scale deployment still faces system migration and coordination challenges. The committee calls on major public chains to develop upgrade plans as soon as possible, including how to handle key issues such as long-unmigrated or inactive wallets, and stresses that the industry should start preparing immediately rather than waiting until the risk is imminent.