Coinbase, which holds 5% of all bitcoin, wants the quantum fix started now
In this news:
Key takeaways
- Coinbase advocates for stateless signature options alongside stateful ones in Bitcoin.
- Post-quantum schemes must support multi-party computation for secure institutional custody.
- Developers need a strategy to help users with older wallet formats migrate safely later.
That can let an attacker forge a valid signature. Stateful signatures can be smaller and faster, but they are easier to misuse. If Bitcoin supports them, Coinbase thinks it should also support stateless options that don't require this record-keeping. This would give users and wallet developers a safer choice and reduce the risk of lost funds or forged transactions.
Robust implementations
Coinbase hopes the evaluation process gives strong weight to software that works reliably across platforms, verifies signatures consistently everywhere, avoids leaking secret information through timing, uses clear settings, and remains safe even if the random-number generator used during signing fails. This would make quantum-resistant Bitcoin wallets more dependable and reduce the risk of bugs, hacks or lost funds.
MPC-friendliness
For Coinbase and many of their customers, post-quantum schemes must work well with multi-party computation, or MPC. When done properly, MPC can help protect private keys from theft and adds an important layer of security for large organizations that face constant attacks on their systems. This would make it easier for exchanges, custodians, and large businesses to secure bitcoin without relying on a single person or device to hold a key.
A path for wallets that migrate late
If Bitcoin eventually restricts or ends ECDSA and Schnorr spending, some people may still have funds in older wallet formats. Coinbase thinks it would be useful to consider whether – and how – those users could move their funds to quantum-safe outputs later. The right approach and its trade-offs are still open questions. This would help prevent some users from being locked out of their bitcoin if they do not upgrade in time. The discussion can happen alongside, and separately from, the technical work to add post-quantum signature support, so it does not need to hold up that work.
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