Algorand and Aptos praised by Coinbase for quantum computing defense initiatives
While Coinbase's advisory panel confirms quantum computing poses no immediate danger, the group recommends blockchain networks start preparation efforts now, noting varying readiness levels across different platforms.
In a Tuesday report, quantum computing experts at Coinbase drew attention to the preparatory measures undertaken by Algorand and Aptos to shield their blockchain infrastructures from future quantum computing risks, while cautioning that certain proof-of-stake networks could face heightened susceptibility to such attacks.
A comprehensive paper examining the risks quantum computers present to blockchain technology and recommending preparatory strategies for networks was published by Coinbase's Independent Advisory Board on Quantum Computing and Blockchain.
"A sufficiently powerful quantum computer could one day break the cryptography that secures digital assets across major blockchains," Coinbase said. "The board has high confidence this type of machine will eventually be built."
As an evolving technology anticipated to surpass the capabilities of modern supercomputers by substantial margins, quantum computers have raised concerns among cryptocurrency experts who fear the technology might ultimately compromise blockchain algorithms and penetrate cryptocurrency wallets.
Algorand and Aptos more prepared for quantum
The Coinbase report indicates that the layer-1 blockchain network Algorand has established a "staged roadmap toward full quantum readiness," positioning itself as one of the pioneering networks to implement cryptographic systems engineered to withstand quantum computer attacks.
"At the transaction and execution layers, Algorand already provides the cryptographic tools necessary to support quantum-resistant accounts," the report said, adding that users can create such accounts "without requiring protocol modifications."
The document noted that while Algorand successfully executed its inaugural quantum-resistant transaction on its mainnet, certain components including block proposals and committee voting mechanisms "remain vulnerable to quantum attacks," prompting ongoing research by the blockchain team to address these security gaps.
According to Coinbase's assessment, Aptos, a rival layer-1 blockchain platform, demonstrates strong readiness and is "well positioned for the transition to post-quantum secure transactions."
The report elaborated that within the Aptos architecture, public keys belonging to users are maintained as metadata linked to their accounts, and crucially, user addresses are not generated from hashing their public keys.
"Users who want to become post-quantum secure need only sign a transaction that updates their authentication key to a post-quantum public key," Coinbase said. "There is no need to move assets to a new account."
Proof-of-stake chains may be at greater risk
The advisory board issued a warning that proof-of-stake blockchain networks, encompassing major platforms like Ethereum and Solana, could face elevated vulnerability to quantum computing threats due to the signature verification systems their validators employ for network security.
Nevertheless, Coinbase recognized that Solana has developed an innovative signature scheme, enabling users to transfer their digital tokens to fresh addresses utilizing the enhanced scheme, thereby ensuring they will be "no longer exposed to a quantum attacker."
Regarding Ethereum, Coinbase noted that the network "has a clear roadmap to address this in the near future," incorporating plans to upgrade its signature systems to incorporate quantum-resistant technology.
The advisory board's report further explored potential approaches for handling tokens and wallets susceptible to quantum attacks, proposing that blockchain platforms could instruct their user bases to transition to quantum-proof wallet solutions, and warning that wallets containing quantum-vulnerable assets might face permanent revocation and irretrievable loss.
Despite these concerns, the board emphasized that quantum computing currently poses no active threat, noting that any computer capable of endangering cryptocurrency networks "would need to be orders of magnitude more powerful than anything available today," a development that may require a minimum of ten years to materialize.