Coinbase report: Quantum computing threat looms, crypto industry needs to develop migration plans in advance

CoinFeed reported on April 21 that an independent advisory committee commissioned by Coinbase released a 50-page report stating that while current quantum computing power is insufficient to break the encryption algorithms used by blockchains such as Bitcoin and Ethereum, the likelihood of "fault-tolerant large-scale quantum computers" emerging in the future is increasing, and the industry needs to plan its response path immediately. The report points out that NIST recommends migrating to quantum-resistant encryption schemes by 2035, but this timeline may be overly optimistic. The Ethereum Foundation has proposed quantum-resistant digital signature schemes, and Solana and others are testing quantum-resistant wallet designs.