Core

Quantum

Bitcoin

Security

Coinbase has unveiled plans to strengthen <a href="https://en.coin-turk.com/microstrategys-bitcoin-investment-turns-profitable-what-are-the-possible-scenarios-for-btc/" rel="noopener noreferrer nofollow">Bitcoin</a>‘s defenses against the emerging threat of quantum computing, collaborating with leading financial and tech companies to form the Bitcoin Security Consortium. The announcement places renewed focus on long-term preparations for safeguarding digital assets as technology advances.<h2 id="coinbase-evaluates-quantum-risk-launches-advisory-board">Coinbase evaluates quantum risk, launches advisory board</h2>Coinbase CEO Brian Armstrong stated that while quantum computing currently poses no immediate threat to Bitcoin, the industry should act proactively to mitigate future risks. He encouraged stakeholders to begin preparations well before fault-tolerant quantum computers become available and potentially capable of cracking existing cryptographic systems.Earlier this year, Coinbase established its Independent Advisory Board on Quantum Computing and Blockchain to address these risks and provide practical recommendations. The board, consisting of experts from both academia and the blockchain sector, reviewed the resilience of current cryptographic standards.The advisory board concluded that existing blockchain cryptography must eventually be replaced. It identified the migration process, rather than the redesign of encryption itself, as the most complex challenge, citing the need to coordinate upgrades across decentralized networks with millions of users.Coinbase’s proprietary key management system, CoreKMS, currently governs the security of about 99.9% of the assets held in custody. Coinbase reported it has begun developing PQ-CoreKMS, a post-quantum version of its platform designed to withstand quantum attacks.Within the next year, Coinbase plans to implement an automated signing system utilizing secure enclaves, threshold cryptography, and secret-sharing technologies. This infrastructure will support post-quantum signature algorithms once new standards are adopted across blockchains.<blockquote>Coinbase highlighted that “no one knows when a fault-tolerant quantum computer will emerge,” and said that existing blockchain cryptography must eventually be replaced, emphasizing that coordination and migration present the greatest challenges for decentralized networks.</blockquote>The company is also auditing its cryptographic systems, ranking the urgency of migration based on factors such as importance, exposure, and technical complexity. Coinbase added that it is closely monitoring <a href="https://en.coin-turk.com/public-companies-increase-ethereum-holdings-significantly/" rel="noopener noreferrer nofollow">Ethereum</a>’s post-quantum roadmap to evaluate the potential impact on Base, its Layer 2 solution.<p style="text-align: justify;background: linear-gradient(135deg,#ffffff 0%,#fffdf9 100%);border:1px solid #f1e4d8;border-left:4px solid #F69434;padding:14px 16px;border-radius:12px;color:#1e293b;font-size:15px;line-height:1.7">Mini dictionary: Threshold cryptography is a security technique that splits a cryptographic key into multiple shares, requiring a minimum subset of those shares to perform operations like signing or decrypting, which enhances protection against single points of failure or compromise.<h2 id="bitcoin-security-consortium-commits-funding-and-resources">Bitcoin Security Consortium commits funding and resources</h2>Coinbase, together with BlackRock, Fidelity Digital Assets, Block (formerly Square), Strategy, Anchorage Digital, ARK Invest, Blockstream, and Galaxy, has formed the Bitcoin Security Consortium. This group brings together leaders from the worlds of digital assets, asset management, and blockchain technology. Its mission is to support security-focused initiatives and research geared toward protecting Bitcoin against quantum threats.The consortium members have collectively pledged $15 million over three years to support developers, researchers, and organizations addressing Bitcoin security challenges. While members will not direct Bitcoin’s development or protocol decisions, the consortium will select projects that receive funding and support.The consortium also plans to host recurring working sessions, including a gathering with Stanford University this August, aimed at helping Bitcoin Core developers, cryptographers, and researchers discuss migration strategies for a post-quantum world.Engineers from Coinbase will participate directly in open source initiatives supporting post-quantum proposals such as BIP-360, as well as other migration projects in the Bitcoin ecosystem.<h2 id="ongoing-industry-collaboration-and-future-steps">Ongoing industry collaboration and future steps</h2>The Bitcoin Security Consortium intends to provide regular updates to investors and the public regarding advancements in Bitcoin’s quantum security. Robert Mitchnick, Head of Digital Assets at BlackRock, expressed support for the ongoing work of Bitcoin Core developers and emphasized the long-term value of increased security funding.Details about individual financial commitments from consortium members have not been released, nor have the first grant recipients been identified. It also remains undetermined whether Galaxy’s $5-million Quantum Spending Plan for signature upgrades, wallet migration, and security audits forms part of the consortium’s $15 million total commitment.The post <a href="https://en.coin-turk.com/coinbase-and-industry-giants-launch-bitcoin-security-consortium-pledge-15-million-for-quantum-security/" rel="noopener noreferrer nofollow">Coinbase and industry giants launch Bitcoin Security Consortium, pledge $15 million for quantum security</a> appeared first on <a href="https://en.coin-turk.com" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

Coinbase and industry giants launch Bitcoin Security Consortium, pledge $15 million for quantum security

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