Coinbase: Proof-of-Stake chains like Ethereum and Solana may face quantum risks

ChainCatcher reports that, according to Decrypt, Coinbase’s Quantum Computing and Blockchain Independent Advisory Committee released a report on Tuesday stating that proof-of-stake (PoS) blockchains may face greater future risks of quantum computing attacks because the cryptography used to protect these networks’ validator signatures could eventually be cracked by sufficiently powerful quantum computers. The report notes that PoS networks like Ethereum and Solana rely on cryptographic signatures—Ethereum validators use BLS signatures, while Solana validators and users use Ed25519 signatures—to help the network reach consensus on blocks and maintain agreement.

The advisory committee stated: “PoS chains have exposure risks in the signature schemes used by validators to secure the network, which means that the challenges faced by PoS are not just about upgrading wallets; parts of the core consensus mechanism itself may need to be redesigned.” The report mentions recent work by Ethereum developers, including co-founder Vitalik Buterin’s February proposal to replace BLS validator signatures, KZG commitments, and ECDSA wallet signatures with post-quantum alternatives.

The committee also identified digital signatures used in crypto wallets as another major long-term vulnerability, estimating that about 6.9 million bitcoins fall into the category where the public key is visible on-chain. The report states that current cryptocurrency systems remain secure because quantum computers capable of cracking modern cryptographic signatures do not yet exist.