Quantum patenting also adds headaches
Blockchain protocols designed for quantum computing risk must consider how to quickly verify ownership of the blockchain if funds are stolen, according to the development and research team behind the Layer-1 Near Protocol.
The fear that quantum computers could eventually break blockchain cryptography has raised concerns about the security of private keys and wallets, but much of the talk has focused on preventing such attacks.
“We can't tell if a person conducting a transaction is the real owner of the asset or not,” Anton Astafiev, chief technology officer of Near One, said on Wednesday, as blockchain protocols are forced to make tough decisions on whether to block or shut down broken crypto wallets.
“Protocols are currently faced with the challenge of deciding whether to close all assets or go into the Wild West,” Astafiev said.
Astafiev pointed out that zero-knowledge proof technology allows the rightful owner to demonstrate knowledge without revealing the original genealogy's sensitive information.
“This is one example of how research on blockchain ecosystems is important and valuable as everyone prepares for the quantum unknown.”
Source: NEAR
The push comes as researchers at Google and the California Institute of Technology said in March that working quantum computers could be more accessible than expected and require far less computing power to break cryptography than previously thought.
Google claims that quantum computers can crack Bitcoin's encryption in 10 minutes, allowing hackers to carry out “costly” attacks.
According to Astafiev, he is studying how to solve the problem of not knowing whether a nearby transaction was executed by the owner.
They also noted that NEAR's developers are building a layer-1 blockchain for a post-quantum-secure signature system that has received more than $137.6 million in user funding.
One of the first quantum solutions being implemented at NEAR is “FIPS-204”, which has been approved by the US National Institute of Standards and Technology and will be launched on the testnet at the end of the second quarter.
Other cryptocurrencies are also taking quick action.
Related: Quantum Computer Cracks 15-Bit Elliptic Curve Cryptographic Key
The Ethereum Foundation created the Post-Quantum Ethereum Group to build quantum solutions to Ethereum at the protocol level by 2029.
Two of Solana's verifier customers, Anza and FireDancer, have also implemented a trial version of Falcon, a new post-quantum signature solution to help prepare Solana's network for future quantum threats.
The Bitcoin community is also starting to look at ways to solve the problem.
Blockstar CEO Adam Back said in April that quantum computers are “basically lab experiments,” backing up earlier claims that quantum computers are decades away.
He still advised Bitcoin developers to start building quantum solutions.
Magazine: No one knows if quantum secure encryption even works
