A Coinbase panel warns Bitcoin must prepare for quantum threats, estimating 6.7 million bitcoins could be at risk, including 1.7 million linked to Satoshi Nakamoto.
Advisory Panel from Coinbase Highlights Need for Action on Quantum Threats
A panel of top cryptographers convened by Coinbase has issued a warning regarding the potential risks quantum computing poses to Bitcoin, urging the community to begin preparations for post-quantum signatures.
While the panel, which includes notable figures like Scott Aaronson from the University of Texas and Dan Boneh from Stanford, agrees that current quantum technology does not threaten Bitcoin, they stress the importance of proactive measures. They estimate that approximately 6.7 million bitcoins could be vulnerable to future quantum attacks. This includes around 1.7 million bitcoins linked to early addresses potentially belonging to Bitcoin's creator, Satoshi Nakamoto, which are currently inaccessible due to lost keys.
The experts refrained from endorsing a specific course of action regarding these vulnerable coins. They emphasized the need for the Bitcoin community to communicate effectively and respond promptly to the quantum threat, rather than allowing the situation to linger.
Discussions within the panel revealed a divide over how to handle unspent coins that are at risk. Some members advocate for a timeline after which current Bitcoin signatures, ECDSA and Schnorr, would no longer be accepted, rendering unmoved coins unspendable. They argue that this could prevent future attackers from gaining access to significant amounts of Bitcoin, potentially destabilizing the market. Conversely, others view such measures as a violation of property rights, warning against setting a precedent for government-mandated coin freezing.
Multiple proposals have surfaced to address the issue. One idea, known as Hourglass, would limit the amount of vulnerable coins that can be spent per block to avoid oversupply. Another, BIP-361, allows holders to prove ownership after a cutoff using quantum-resistant proofs that protect their keys. The panel noted that these proposals could coexist and be implemented simultaneously.
Despite the lack of a definitive solution, the advisory group emphasized two crucial actions: the immediate start of technical migration planning for post-quantum signatures and clear communication with users about the ongoing efforts to address the quantum threat. They stressed, "Uncertainty itself poses a risk," highlighting the urgency for action as Ethereum has already been preparing for such challenges.
"The engineering efforts to support post-quantum signatures are independent of the governance discussion and should not be delayed," the panel asserted.
