Quantum warning from cryptocurrency exchange Coinbase: "It would be a big mistake"

Coinbase exchange published a technical article stating what features the new system to be developed to protect Bitcoin against quantum computers should have. Stating that they have already started preparations against the quantum threat, stock market experts stated that it is necessary to act especially quickly because it may take years for users to adapt to the new system.

“It would be a big mistake”

According to Coinbase experts; Waiting for quantum computers to reach the level where they can break Bitcoin's encryption system will be one of the biggest mistakes that can be made:

"These preparations need to be started long before a quantum computer reaches a level that can pose a threat. It would be a big mistake to wait for quantum to develop. It will also take years for the ecosystem to be ready for the new era. Therefore, it is necessary to hurry."

“Both old and new BTCs should be protected…”

Explaining what features the new system to be developed to protect Bitcoin against quantum computers should have, exchange employees used the following statements:

"Both the public keys of BTCs that have been revealed and those that will be newly created must be protected. In addition, quantum-resistant digital signatures can take up a larger space than the current signatures. Since the capacity of Bitcoin blocks is limited, the new system should not overload the network. The nodes should continue to verify in a decentralized manner, and this system should not be disrupted... Not only individual Bitcoiners, but also corporate companies should take steps on quantum..."

“A solution must also be found for those who do not want to transfer.”

Experts also stated that a solution should be found for old-style lost wallets or people who do not want to touch their BTC in any way. It was also stated that today's known cold wallets should be able to easily switch to the new system and provide the service to their users.

Two designs, P2MR and P2TRv2, were highlighted in the technical document of the exchange. P2MR aims to create a more secure basis against quantum attacks by changing the Taproot structure. P2TRv2 aims for a flexible structure that will allow different signature algorithms to be used comfortably and easily. In other words, it is said that "The user should be able to change even the algorithm whenever he wants, easily and without difficulty."