CONNECT WITH US
Tech

Tech

Coinbase Lays Out How It Thinks Bitcoin Should Prepare for the Quantum Threat

Gizmodo - Tech logo

Published on

Add as a preferred source on Google
Coinbase Lays Out How It Thinks Bitcoin Should Prepare for the Quantum Threat

Over the past couple of years, people in the crypto world have become increasingly concerned that a sufficiently powerful quantum computer could one day unlock vulnerable Bitcoin, including founder Satoshi Nakamoto’s unmoved coins. In response, some of the largest players in the industry, such as Coinbase, have started putting resources toward solving the potential security issue.

Now Coinbase has gotten more specific. In a blog post published Tuesday, the exchange outlined the particular features it would like to see in a plan to protect Bitcoin from quantum computers. Its wish list:

“We believe a comprehensive transition strategy would ideally protect exposed and newly created funds, fit Bitcoin’s scarce block space, preserve independent resource-bounded validation by full nodes, work in institutional custody, support ordinary wallets, and give the ecosystem a credible migration path for coins that cannot or will not move.”

From there, the company broke its perspective down into seven points. Most notably, Coinbase wants a flexible design that separates the container holding coins from the signature scheme itself, so post-quantum signature systems can be added or swapped out later.

Coinbase would also welcome a staged transition. That would include a 1-of-2 setup in which the same funds could be spent with either a classical key or a post-quantum key, as well as signature schemes compatible with multi-party computation (MPC), the key-splitting technique Coinbase and many of its institutional customers use to guard against theft. The list also covers starting preparations well before a cryptographically relevant quantum computer (CRQC) arrives, keeping a stateless signature option available, robust implementations, and a path for wallets that migrate late.


Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.