Coinbase Establishes Security Consortium for Bitcoin

Coinbase has launched a new initiative called the Bitcoin Security Consortium. The consortium aims to support the long-term security of the Bitcoin network and prepare for the potential impacts of quantum computers. Major participants such as BlackRock, Fidelity Digital Assets, Block, and Blockstream are also supporting this structure. Coinbase CEO Brian Armstrong stated that quantum computing does not currently pose an urgent threat to Bitcoin, but that powerful quantum computers could become a reality in the future. The company has published a roadmap detailing its post-quantum strategy and announced that it is developing a quantum-resistant private key management system. Starting in August, collaborative working sessions will be held with Bitcoin Core developers and cryptographers. These sessions will address transition methods and provide engineering resources and funding. NIST has completed the selection and standardization process for the first algorithms in the field of post-quantum cryptography. However, it is noted that current quantum computers are not at a level capable of breaking Bitcoin's cryptography. Researchers are making progress in hardware reliability and error correction.

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