The Coinbase Independent Quantum Advisory Council has published a position paper detailing the risks quantum computers pose to blockchain cryptographic systems and countermeasures. Its members come from the Ethereum Foundation, Stanford University, UT Austin, Eigen Labs, Bar-Ilan University, and UC Santa Barbara.
While no practical quantum computer exists today, the council expects one within the next decade. It urges immediate preparation across all cryptographic ecosystems—blockchains, exchanges, wallets, hardware. “The time to start preparing is now, not when it’s urgent.”
Wallets Are the Weakest Link, 6.9M BTC Exposed
Cryptocurrencies face unequal risks from quantum attacks. Wallets carry the highest risk due to publicly exposed public keys. Bitcoin’s infrastructure is considered “largely safe,” yet roughly 6.9 million BTC sits in wallets with exposed keys—meaning once a quantum computer can derive private keys, those funds are stealable.
Proof-of-stake chains' vulnerability lies in validator signature schemes. Ethereum already has a roadmap to fix this; other PoS chains lack clear timelines.
Quantum-Safe Standards Hit Data-Size Hurdles
After two decades of research, the US National Institute of Standards and Technology (NIST) has released several quantum-resistant standards. Adoption, however, is tough: quantum-safe signatures are inherently data-intensive, boosting transaction costs, cutting throughput, and demanding more storage. Coordinating the migration of millions of wallets is an even bigger challenge. What to do with assets left behind during an upgrade—freeze, revoke, or leave to quantum harvesters—remains unresolved.
What Major Projects Are Doing
Bitcoin and Ethereum have proposed quantum-safe upgrades; Ethereum’s plan also improves scalability. Solana, Algorand, and Aptos already offer quantum-resistant options to users. Layer 2 networks like Optimism have set migration deadlines. Coinbase itself is building flexible systems to accommodate new cryptographic standards and guide users through the post-quantum transition.