Bitcoin is one of the most proven software in the world. Launched in early 2009, the network has continued to operate without being hacked and now feels more secure than ever. However, there are medium-term threats that threaten not just Bitcoin, but all other types of software that rely on current cryptography. That threat is quantum computing, and on Wednesday, Coin library It was announced that a committee of external experts had been formed to prepare for its eventual arrival.
The committee includes academics from Stanford University, Harvard University and the University of California, whose areas of expertise include computer science, cryptography and financial technology. Officially known as the Coinbase Quantum Computing and Blockchain Independent Advisory Board, it is composed of blockchain and security experts from the Ethereum Foundation, DeFi platform EigenLayer, and Coinbase itself.
during an interview wealthCoinbase Chief Information Security Officer Jeff Lunglhofer explained how the arrival of quantum computing could defeat current encryption mechanisms, including those used to protect wallets and private keys held by Bitcoin owners.
“Simply put, modern cryptography relies on difficult problems that would take modern computers thousands of years to solve,” he said. “But when we have a million times more horsepower (through quantum computing), that will provide the computing power to solve these problems.”
Longerhoff said that while the security threat from quantum computing does exist, it is unlikely to become a pressing issue for at least a decade. His views are in line with other experts, who note that while companies like Google and International Business Machines Corporation Although we’ve been building quantum computers for years, the current generation of these machines only operates on a small scale and is still far from cracking the algorithms that protect Bitcoin and other networks.
Lunglhofer said the purpose of the new advisory board is to explore the upcoming impact of quantum computing in a “non-hype way.” This will include advancing the blockchain industry’s efforts, which are already underway, to update Bitcoin and other networks so that they are resistant to quantum-based attacks.
Currently, the Bitcoin network protects wallets with private keys, which are long strings of random numbers and letters that are visible to their owners but can only be guessed through an impossibly long series of trial and error attempts. When the quantum computing era arrives will Private keys can be guessed through trial and error. In response, blockchain experts expect Bitcoin and other networks to respond by creating larger keys while introducing “noise” that makes the key’s location harder to detect, Lunglhofer said.
All of this requires blockchain networks to introduce and deploy these defense upgrades, a process that can take years. During this time, the new advisory board will begin publishing research papers and issuing position statements to help the crypto industry prepare for the arrival of quantum computing. The group plans to publish its first paper in the next month or two, focusing on the impact of quantum on blockchain consensus and transaction layers.
“Quantum computing is both a technological opportunity and a security challenge. By bringing together the world’s top experts, Coinbase is ensuring the blockchain ecosystem is prepared, not just reactive,” Yehuda Lindell, head of cryptography at Coinbase, said in a statement.