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Coinbase’s Independent Advisory Board on Quantum Computing and Blockchain says proof-of-stake networks may face additional exposure to quantum attacks because validator signatures help secure network consensus. The board also flags wallet cryptography used to prove ownership of crypto as another long-term vulnerability, while noting that current quantum computers are not yet capable of breaking modern cryptography.
Proof-of-stake blockchains such as Ethereum and Solana rely on cryptographic signatures to agree on blocks and maintain consensus. Ethereum validators use BLS signatures, while Solana validators and users use Ed25519 signatures.
The advisory board said proof-of-stake chains have exposure in the signature schemes validators use to secure the network, adding that the challenge may not be limited to upgrading wallets. It said parts of the core consensus mechanism could require redesign.
The report points to recent Ethereum developer efforts, including a proposal by co-founder Vitalik Buterin in February to replace BLS validator signatures, KZG commitments, and ECDSA wallet signatures with quantum-resistant alternatives.
The board identified digital signatures used by crypto wallets as another major long-term vulnerability. These signatures prove ownership of cryptocurrency and authorize transactions. If they were broken, attackers could impersonate wallet owners and move funds. Wallets with public keys visible on-chain are considered the most exposed.
The report estimates that about 6.9 million Bitcoin fall into that category.
The advisory board said current cryptocurrency systems remain secure because quantum computers capable of breaking modern cryptographic signatures do not yet exist. It said machines capable of doing so would need to be far more powerful than today’s quantum systems.
It also addressed proof-of-work risk, noting that while a quantum computer running Grover’s algorithm could, in theory, solve the proof-of-work challenge faster than a classical computer, the overhead required at the scale of current proof-of-work puzzles would outweigh the theoretical advantage.
Beyond signatures, the board said Bitcoin’s core infrastructure—its mining process, hash functions, and historical ledger—is not considered meaningfully vulnerable under current understanding.
Experts cited in the report warn that moving blockchains to quantum-resistant cryptography is technically difficult because quantum-safe signatures are significantly larger than current ones. That could affect transaction speed, storage, and costs.
Blockstream CEO Adam Back told Bloomberg that the “prudent thing” is to prepare Bitcoin and give users the option to migrate keys to a quantum-ready format. He added that the longer the migration window for custodians and exchanges, the safer the transition.
The report also raises the question of how networks should handle wallets that never upgrade. It notes that lost keys, inactive accounts, and abandoned wallets could leave some assets exposed if quantum attacks become possible.
The advisory board said upgrading wallets, exchanges, custodians, and decentralized networks is a multi-year effort, even if a cryptographically relevant quantum computer would still require a major leap from today’s systems. It said the group published now to ground the conversation in science, outline what is actually at risk, and encourage practical migration decisions early.
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