A new report from Coinbase’s Independent Advisory Board on Quantum Computing and Blockchain has found that most major crypto networks are poorly prepared for the threat that powerful quantum computers could pose to their security in the coming years. The board said in its report that “a sufficiently powerful quantum computer could one day break the cryptography that secures digital assets across major blockchains.” Machines of that capability do not exist yet, and the board believes it will likely be at least a decade before one powerful enough to threaten crypto networks is built. Still, Coinbase urged blockchain projects to start upgrading their work now rather than waiting for a crisis. ”your crypto is safe today. But a quantum computer capable of threatening blockchain cryptography will eventually be built, and the industry needs to start preparing now, not when it’s urgent.” said Coinbase CSO Phillip Martin. The report reviewed how prepared different networks are and found wide gaps. Algorand and Aptos came out ahead, while most others were found to be significantly more exposed. Algorand was credited for being one of the earliest networks to introduce quantum-resistant cryptography. The report said Algorand already offers tools that allow users to create quantum-resistant accounts without any changes to the underlying protocol. The network recently completed its first quantum-resistant transaction on its mainnet and has a step-by-step plan for reaching full quantum readiness. However, the report noted that block proposals and committee voting on Algorand still carry some vulnerability to quantum attacks, and research in those areas is continuing. Additionally, Aptos was emphasized as being in a good position for the changeover. Coinbase clarified that Aptos’s handling of account addresses is the cause. Instead of being used to create the address itself, public keys are saved as account information on that network. This implies that a user might not need to transfer money to another account in order to swap in a new, quantum-safe authentication key, just one transaction. Ethereum and Solana face greater exposure Other significant networks were identified as having higher dangers, especially proof-of-stake chains like Ethereum and Solana. According to the paper, once quantum computing reaches a large enough scale, the signature systems used by validators on those networks may become targets. Nevertheless, both networks are making progress. On the basis of that improved mechanism, Solana has implemented a new signature scheme that enables users to move their tokens to a new address. A roadmap for the next release of quantum-resistant signature enhancements has been created by Ethereum’s developers. The board suggested that users switch to quantum-safe wallets in the long run. It also brought up the prospect that unmigrated assets would eventually need to be revoked in order to stop a quantum attacker from using them. Coinbase urges action as new quantum infrastructure takes shape New infrastructure is also being built to meet these concerns. The Swiss-based QoreChain Association recently launched a production-grade testnet that uses NIST-standard post-quantum signatures, specifically a standard called Dilithium-5. Most existing blockchains rely on elliptic-curve cryptography, which a sufficiently powerful quantum computer could crack. QoreChain’s setup instead uses Federal Information Processing Standards, known as FIPS, for both signatures and key exchange. Coinbase’s report drew a clear line between networks that have made real technical changes and those that have only made promises. Algorand and Aptos have already adjusted their underlying data structures to support NIST-standard signatures today. Other chains are still at the planning stage. For older networks, this vulnerability poses a form of covert security risk, the research cautioned. Large asset transfers on a network like Ethereum could be expensive and time-consuming if the quantum timeframe proceeds more quickly than anticipated, while on Aptos, it might only take a single key change. In light of this, Coinbase urged all blockchain teams to develop migration strategies now, far in advance of the threat materializing. If you're reading this, you’re already ahead. Stay there with our newsletter .
