Fears of quantum computing breaking the back of blockchains are getting more realistic.
U.S.-based crypto exchange giant Coinbase has established an independent advisory board to evaluate and provide guidance on the threat quantum computing may pose to the cryptography used in blockchain networks. This issue has become increasingly discussed among notable financial leaders, such as Bridgewater founder Ray Dalio and VanEck CEO Jan van Eck, as it is thought to be preventing further institutional investment in crypto.
Since blockchain networks use cryptography to empower each user to have full autonomy over their digital assets on an individual basis, a cryptographically relevant quantum computer (CRQC) would effectively make these systems unworkable, as anyone with such a CRQC would be able to spend from any address. Of course, the cryptography used in these systems and the traditional financial sector can theoretically also be upgraded to be quantum-resistant.
In terms of specific activities, the new advisory board, officially known as the Coinbase Independent Advisory Board on Quantum Computing and Blockchain, will publish papers assessing threat levels, issue recommendations to institutions and developers, and respond to new breakthroughs in the quantum computing field as they arise. Board members include Director of the Quantum Information Center at the University of Texas at Austin, Scott Aaronson, and Co-Director of the Stanford Center for Blockchain Research, Dan Boneh.
Last year, new developments in quantum computing from the likes of Google, with its Willow chip, reignited excitement around the prospect of real progress in this emerging technology.
