A group of Ethereum developers has launched a resource center focused on protecting the blockchain from future quantum computing threats and securing value in the billion-dollar network.
“Post-Quantum Ethereum” website, fired on Tuesday by members of the Ethereum Foundation, says the organization’s fresh Post-Quantum team plans to implement quantum solutions on Ethereum at the protocol level by 2029, with solutions targeting the execution layer thereafter.
While the Post-Quantum team has concluded that there is no immediate quantum threat to crypto-secured blockchains, early action is necessary due to the complexities involved:
“Migrating a decentralized, global protocol requires years of coordination, engineering, and formal verification,” the team said. “Work must begin well before the threat arrives.”
Source: Ethereum Foundation
Concerns that quantum computers could eventually break blockchain cryptography have stoked industry-wide fears about private keys and wallet security, sparking a broader debate about how the sector should prepare for the technology.
Most industry analysts acknowledge that quantum computing poses some risks to cryptocurrencies. Galaxy Digital analyst Will Owens said only cryptocurrency wallets with exposed public keys are vulnerable, while others such as Capriole Investments’ Charles Edwards say all coins are at risk.
SNARK-based signatures, building a post-quantum team
Many cryptocurrency developers are focusing on how quantum-secure solutions can be implemented in cryptographic signatures to fend off potential attacks.
However, some solutions require more processing power and can potentially impact blockchain performance by increasing bandwidth and memory.
The Post-Quantum team integrates SNARK, or Zero-Knowledge Succinct Non-Interactive Argument of Knowledge, technology to prevent these issues from occurring on the Ethereum network.
Related: The creator claims that quantum fears are not the reason for the 46% drop in Bitcoin’s price
The team says quantum solutions will be implemented in Ethereum’s consensus, execution and data layers.
The Post-Quantum team has stated that it will prioritize protecting standard Ethereum wallets as it believes this is where the greatest pool of value resides, followed by high-value operational wallets tied to cryptocurrency exchanges, bridges, and custody solutions.
It was found that one of the biggest challenges will be implementing these solutions without disturbing the network.
“Choosing a post-quantum algorithm is only part of the challenge. The more difficult parts include securely updating hundreds of millions of accounts, preventing migration from introducing new bugs, avoiding new attack surfaces, maintaining performance, and coordinating deployment across the ecosystem.”
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