Coinbase Panel Says Quantum Computers Not Yet a Threat to Bitcoin but Urges Planning for New Signatures

A Coinbase-convened advisory council of cryptographers released a report stating that quantum computers are not yet a threat to Bitcoin but urging the community to begin technical planning for post-quantum signatures now. The report was shared with CoinDesk earlier this week.

The council includes Scott Aaronson of the University of Texas at Austin, Dan Boneh of Stanford, and Justin Drake of the Ethereum Foundation.

It states that compatible solutions for quantum-resistant signatures can be combined and that the engineering work to support post-quantum signatures is independent of the governance debate over abandoned coins. 7 million bitcoin are considered vulnerable to a future quantum attack.

7 million bitcoin sit in roughly 20,000 early pay-to-public-key addresses, many assumed to belong to Satoshi Nakamoto and other owners who lost their keys.

Another 5 million bitcoin are exposed through address reuse, according to Project11. The advisory council declines to take a position on whether vulnerable coins should be frozen or constrained. It states that there is no correct answer and that the Bitcoin community has to decide.

The council states that users need clear communication that the quantum problem is being taken seriously. It adds that uncertainty about the quantum issue is its own risk.