Coinbase has formed the Independent Advisory Board on Quantum Computing and Blockchain to evaluate potential risks to blockchains from quantum computing innovations, announced through their official blog.
This initiative highlights the proactive stance on cryptographic integrity amid quantum computing advancements, with Bitcoin and Ethereum assets exposed to potential vulnerabilities.
Coinbase’s New Board Tackles Quantum Threats
Coinbase has formed the Independent Advisory Board on Quantum Computing and Blockchain to evaluate risks from quantum computing. The board aims to protect blockchains like Bitcoin and Ethereum from emerging cryptographic threats.
The board features leading figures like Scott Aaronson and Dan Boneh, focusing on blockchain resilience. This new panel will publish position papers and assess quantum resilience, starting early next year.
Repercussions for Bitcoin and Ethereum Security
No immediate financial change is noted. Bitcoin and Ethereum could face risks due to their reliance on current cryptographic methods.
Potential outcomes include strengthening security measures. Coinbase’s plan signals proactive measures to counter quantum advancements. Historical concerns are similar but lacked formal action from significant entities.
Coinbase Leads Major Exchanges on Quantum Concerns
Concerns about quantum threats have been discussed for over a decade. Coinbase’s action is a first among major exchanges, reflecting growing focus on quantum risks.
Experts suggest that Coinbase’s initiative could set a precedent for other institutions. Preparation rather than reaction is considered crucial amid expected advances in quantum computing.
Quantum computing is both a technological opportunity and a security challenge. By bringing together the foremost experts in the world, Coinbase is ensuring that the blockchain ecosystem is prepared, not just reactive.” – Yehuda Lindell, Head of Cryptography, Coinbase
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