"Bitcoin is one of the world's most battle-tested pieces of software. Launched in early 2009, the network has run continuously without being hacked, and today feels more secure than ever. There is, however, a threat on the medium-term horizon that threatens not only Bitcoin but every other type of software that relies on current encryption technology. That threat is quantum computing and, on Wednesday, Coinbase announced it has created a board of outside experts to prepare for its eventual arrival."
"The board includes academics from Stanford, Harvard, and the University of California with specialties in fields like computer science, cryptography and fintech. Formally known as the Coinbase Independent Advisory Board on Quantum Computing and Blockchain, it is also composed of experts in blockchain and security from the Ethereum Foundation, the DeFi platform EigenLayer and from Coinbase itself. In an interview with Fortune, Coinbase Chief Information Security Officer Jeff Lunglhofer explained how the arrival of quantum computing could defeat current encryption mechanisms,"
""In simple terms, modern cryptography relies on hard math problems that would take thousands of years for a modern computer to solve," he said. "But when we have a million times the horsepower [with quantum computing], that will provide the computation power to solve them.""
Bitcoin launched in early 2009 and has run continuously without being hacked, operating as a widely battle-tested software with strong perceived security. Quantum computing poses a medium-term risk by threatening modern cryptography that relies on mathematical problems infeasible for classical computers. Coinbase created an independent advisory board of outside experts from academia and blockchain organizations to prepare for quantum threats. The board includes specialists from Stanford, Harvard, the University of California, the Ethereum Foundation, the DeFi platform EigenLayer, and Coinbase. Coinbase's CISO explained that quantum machines with dramatically greater computational power could solve current hard problems, though such capability appears unlikely for at least a decade.
Read at Fortune
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