Coinbase, which holds 5% of all bitcoin, wants the quantum fix started now
Coinbase has published a blog post urging the Bitcoin network to begin preparing for future quantum computing threats. The exchange warns that powerful quantum machines could eventually compromise current digital signature methods like ECDSA and Schnorr.
Why it matters
As a major custodian of Bitcoin, Coinbase's call to action highlights a critical long-term security vulnerability that could impact the entire cryptocurrency ecosystem.
That's on everyone's mind, since some projections suggest that such a quantum machine, though it doesn't exist today, could arrive within a few years.
Nasdaq-listed crypto exchange Coinbase COIN $181.88 · Market Closed , which holds about 5% of all bitcoin in existence today for its clients, including banks, asset managers and hedge funds, has shared its thoughts on that question in a new blog post , laying out what it believes bitcoin needs to do to stay secure against a "potential future" quantum threat.
Its first point is to start preparing now, not wait for the risk to arrive, and handle the question of lost coins separately.
To follow the exchange's suggestions, it helps to know how Bitcoin's locks work and how a quantum computer can break them.
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