Coinbase has created an organization of experts to prepare Bitcoin for the risks of quantum computing


Coinbase has set up an independent advisory group aimed at preparing Bitcoin and the vulnerable blockchain ecosystem for long-term threats posed by computer overload, while developments in the field raise questions about the strength of current crypto standards.

Key points:

  • Coinbase is taking early steps to address the growing number of blockchain security threats
  • An independent committee of experts will assess risks and publish guidelines for cryptocurrency companies.
  • The goal is to prepare many years before quantum computing becomes dangerous.

The platform said in a recent blog post that: Quantum computers, once fully developed, could disrupt industries ranging from healthcare and finance to national security.

For blockchain networks, the results are even more complex. Many major blockchains, including Bitcoin and Ethereum, rely on elliptic curve cryptography, a system that is considered secure today but can be vulnerable to attack by powerful enough computers.

Coinbase has set up an independent agency to deal with the cyber crisis

To address this, Coinbase is creating an independent Coinbase Quantum Computing and Blockchain Advisory Council, which brings together leading researchers to assess emerging risks and provide guidance to developers, organizations, and users.

According to Coinbase, the council will work independently and publish papers that examine the performance of mass computing and the security implications of the blockchain.

It will also provide practical recommendations on how individuals and organizations can prepare for long-term threats, and provide timely analysis as major breakthroughs in quantum research occur.

The advisory board includes many prominent figures in cryptography, quantum computing, and blockchain research.

Members include Scott Aaronson, a leading quantum computing researcher and director of the Center for Quantum Information at the University of Texas at Austin, Stanford University cryptography professor Dan Bonnet, Ethereum Foundation researcher Justin Drake, EggLayer founder Sriram Kannan, Coinbase Cryptography Chief Yehuda Lindell, and Dalia FinTech Research Foundation and research analyst La La Lang. UC Santa Barbara.

Coinbase says that the group of experts aims to help companies move beyond the theoretical discussion and towards concrete planning.

Although there are no supercomputers capable of breaking current encryption, the company says preparations should begin years in advance.

Coinbase plans to publish its first advisory paper at the beginning of next year, which describes a preliminary assessment of risks related to the number of computers and ways to cope with them.

Coinbase says that tokenization could open up the world’s capital markets to billions of people who have been disenfranchised.

According to a report, Coinbase CEO Brian Armstrong plans to increase access to capital markets around the world through blockchain-based tokenization, saying that billions are still being invested in stocks and bonds.

In a new policy paper, Coinbase says that structural barriers have prevented nearly two-thirds of the world’s adults from creating wealth as remittances continue to exceed payments.

This paper shows significant geographic and economic differences in market participation. While more than half of US adults invest in stocks or bonds, participation drops to 10% in countries like China and India.

Armstrong says that luck is determined more by where a person is born than by his ability, pointing to the same strong bias that causes investors to focus on local markets despite their limited opportunities for global growth.

A note Coinbase has created an organization of experts to prepare Bitcoin for the risks of quantum computing appeared for the first time Cryptonews Arabic.





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