- Quantum computers could potentially crack blockchain cryptography, threatening wallet security.
- Near Protocol researchers argue protocols must prepare for verifying asset ownership after thefts.
- Solutions like zero-knowledge proofs and post-quantum signatures are being actively researched across ecosystems.
Quantum computing poses a looming threat to blockchain security, and the development team behind the layer-1 NEAR Protocol warned on Wednesday that protocols must prepare for verifying ownership after potential thefts. While most discussion focuses on prevention, a successful attack would create chaos, forcing protocols to decide whether to freeze compromised wallets or enter a wild west.
NEAR One‘s chief technology officer, Anton Astafiev, said they are researching this ownership verification problem. Consequently, he suggested zero-knowledge proof technology could let rightful owners demonstrate knowledge of their original seed phrase without revealing it.
“This is one example of how research across blockchain ecosystems is essential and valuable as everyone prepares for quantum unknowns.”
The urgency stems from recent research. Google and the California Institute of Technology claimed functional quantum computers could arrive sooner than expected. Google specifically warned such computers could break Bitcoin‘s cryptography within 10 minutes, enabling devastating “on-spend” attacks.
Meanwhile, NEAR Protocol, which secures more than $137.6 million in user funds, is building a post-quantum-safe signing system. One of its first quantum solutions is “FIPS-204,” approved by the US National Institute of Standards and Technology, set for testnet launch by the end of Q2.
Other crypto ecosystems are acting swiftly too. The Ethereum Foundation created a Post-Quantum Ethereum team aiming for protocol-level quantum solutions by 2029. Meanwhile, two of Solana‘s validator clients, Anza and Firedancer, have implemented a test version of a new post-quantum signature solution called Falcon.
The Bitcoin community has also begun exploring solutions, despite Blockstream CEO Adam Back’s April claim that current quantum computers are merely lab experiments. Still, he recommended Bitcoin developers start building quantum solutions, as nobody knows if quantum secure cryptography will even work.
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