Securing Elliptic Curve Cryptocurrencies against Quantum Vulnerabilities

This white paper discusses the implications of quantum computing on the security of cryptocurrencies, particularly focusing on elliptic curve cryptography (ECC). It outlines the potential threats posed by cryptographically relevant quantum computers (CRQCs) and provides updated resource estimates for breaking the elliptic curve discrete logarithm problem, which is fundamental to modern blockchain security. The authors detail the execution capabilities of Shor's algorithm and the necessary quantum resources, emphasizing the risks associated with various blockchain architectures. The document also surveys vulnerabilities across major cryptocurrencies, including Bitcoin and Ethereum, and highlights the systemic risks linked to advanced blockchain features such as smart contracts and Proof-of-Stake consensus. Furthermore, it proposes technical and policy solutions for mitigating these vulnerabilities, including the transition to post-quantum cryptography and the regulation of dormant digital assets. The paper aims to inform policymakers and stakeholders about the urgent need for action against quantum threats to digital assets.