Coinbase Establishes Independent Advisory Board
In an innovative move, Coinbase has established an independent advisory board focused on addressing the potential risks that quantum computing poses to Bitcoin and other blockchain technologies. This initiative underscores the cryptocurrency exchange’s proactive approach to safeguarding its ecosystem against future technological advancements that could threaten traditional cryptography.
Independent Advisory Board on Quantum Computing and Blockchain
The new board, known as the Independent Advisory Board on Quantum Computing and Blockchain, is tasked with evaluating the risks presented by emerging quantum technologies, particularly those that could impact the security of blockchain networks like Bitcoin and Ethereum, which currently depend on elliptic-curve cryptography. While quantum computers capable of breaching these protections are not yet operational, Coinbase emphasizes the importance of preparing well in advance.
Comprised of distinguished experts in cryptography, quantum computing, and blockchain, the advisory board includes notable figures such as Scott Aaronson and Dan Boneh. They will offer guidance to developers and institutions while publishing evaluations on the status of quantum computing threats to blockchain security. Coinbase intends to release the board’s inaugural position paper early next year, detailing an analysis of quantum-related risks and strategies for fortifying blockchain resilience.
Policy Proposal for Tokenization of Assets
In a related effort to broaden accessibility to global capital markets, Coinbase also presented a policy proposal advocating for the tokenization of assets on blockchain. This plan aims to dismantle the structural barriers that hinder nearly two-thirds of adults globally from participating in equity and bond investments. The proposal highlights stark disparities in market engagement, noting that over half of adults in the U.S. are involved in investment markets, while participation drops below 10% in countries like India and China.
Coinbase CEO Brian Armstrong has pointed out that access to capital markets is often determined by geographical location rather than individual talent, arguing that local biases limit investors’ exposure to broader global opportunities. By leveraging blockchain technology, Coinbase aims to create a more inclusive financial landscape for diverse populations worldwide.
