Coinbase Takes Preparatory Steps Against Quantum Computing Threat Looming Over Crypto Industry.
The U.S.-based cryptocurrency giant Coinbase has established an independent advisory board to assess and address the growing concern of quantum computing's impact on cryptography used in blockchain networks. This development comes as notable financial leaders, including Bridgewater founder Ray Dalio and VanEck CEO Jan van Eck, have warned that the threat posed by quantum computers could prevent institutional investment in cryptocurrency.
Quantum computers (CRQCs) would render blockchain systems unworkable, allowing anyone with access to such a machine to spend from any address. However, some experts believe that cryptography used in these systems and traditional financial sectors can be upgraded to become quantum-resistant. To mitigate this threat, the new Coinbase advisory board will publish papers assessing risk levels, issue recommendations to institutions and developers, and respond to breakthroughs in the quantum computing field.
In recent years, significant advancements in quantum computing have reignited excitement around its potential. Technical organizations such as the National Institute of Standards and Technology (NIST) and IBM have outlined the mid-2030s as a time when fears over CRQCs will become more practical and real. Several tech giants, including Google and Amazon, have already implemented changes to prepare for what is known as Q-Day.
Decentralized systems like blockchain networks are more challenging to upgrade than centralized tech companies with lead decision-makers who can make final decisions on changes. Therefore, the crypto space sees it essential to proactively address quantum preparedness before an imminent threat emerges.
However, Bitcoin remains a key concern due to its decentralized nature and slower upgrade process. The development team is working on addressing this issue but has expressed caution against fear-based protocol developments outside of extreme circumstances.
As cryptocurrency continues to evolve into a more traditional fintech industry, the vast majority of the market will likely be able to upgrade to deal with the quantum threat in a timely manner. Nevertheless, it remains essential for all players in the space to take proactive steps towards addressing this potential threat and ensuring their long-term sustainability.
The U.S.-based cryptocurrency giant Coinbase has established an independent advisory board to assess and address the growing concern of quantum computing's impact on cryptography used in blockchain networks. This development comes as notable financial leaders, including Bridgewater founder Ray Dalio and VanEck CEO Jan van Eck, have warned that the threat posed by quantum computers could prevent institutional investment in cryptocurrency.
Quantum computers (CRQCs) would render blockchain systems unworkable, allowing anyone with access to such a machine to spend from any address. However, some experts believe that cryptography used in these systems and traditional financial sectors can be upgraded to become quantum-resistant. To mitigate this threat, the new Coinbase advisory board will publish papers assessing risk levels, issue recommendations to institutions and developers, and respond to breakthroughs in the quantum computing field.
In recent years, significant advancements in quantum computing have reignited excitement around its potential. Technical organizations such as the National Institute of Standards and Technology (NIST) and IBM have outlined the mid-2030s as a time when fears over CRQCs will become more practical and real. Several tech giants, including Google and Amazon, have already implemented changes to prepare for what is known as Q-Day.
Decentralized systems like blockchain networks are more challenging to upgrade than centralized tech companies with lead decision-makers who can make final decisions on changes. Therefore, the crypto space sees it essential to proactively address quantum preparedness before an imminent threat emerges.
However, Bitcoin remains a key concern due to its decentralized nature and slower upgrade process. The development team is working on addressing this issue but has expressed caution against fear-based protocol developments outside of extreme circumstances.
As cryptocurrency continues to evolve into a more traditional fintech industry, the vast majority of the market will likely be able to upgrade to deal with the quantum threat in a timely manner. Nevertheless, it remains essential for all players in the space to take proactive steps towards addressing this potential threat and ensuring their long-term sustainability.
! Like, imagine Bitcoin being broken because of some fancy computer 
. But on a more serious note, I think it's dope that Coinbase is taking proactive steps to address this issue 
. It's all about being prepared for Q-Day 
. I mean, we've seen how quickly Google and Amazon are moving to implement changes, so it's only logical that the crypto space takes a similar approach 
.
They're like, "we'll address this when we're good and ready" 
. I get it, decentralization is key, but let's not wait until it's too late 
! We need to make sure our crypto systems are quantum-resistant ASAP 
.
. Will they be able to make recommendations that actually work? Only time will tell 
. One thing's for sure, though - the future of crypto is looking a lot more uncertain 
.
, that's not gonna cut it when these quantum computers come out. We need 2 take this seriously ASAP 
. Coinbase is taking steps in the right direction by forming an advisory board and all, but we can't just rely on them 
. We all need 2 work together to figure out a solution before "Q-Day" becomes a thing 
yet 
. Just saying.
but at the same time kinda worried about quantum computing 
those guys could break into our money like it's nothing 
it makes sense that decentralized systems like blockchain networks are harder to upgrade than centralized companies 
I mean think about it if you can crack crypto on a computer that's like having a superpower right now it's not just about the coins its about the whole system being secure and I feel like the crypto community is taking this way too lightly let's get prepared 
. The decentralized nature of blockchain networks makes it challenging for them to upgrade in a timely manner, which is why proactivity is key 
. It's essential that all players in the space take steps to address this potential threat and ensure their long-term sustainability 
. I mean, I get it, security is key, but can't we just enjoy the ride for a bit? 
). And it's crazy how quickly things are moving – the mid-2030s as Q-Day?! 
. I mean, who wants to be left behind in the quantum revolution? 
.