Blockchain protocols preparing for the threat of quantum computing should also include a way to quickly verify blockchain ownership in the event of funds being stolen, said the research and development team behind the NEAR layer 1 protocol.
Fears that quantum computers could eventually crack blockchain cryptography have fueled concerns about private keys and wallet security, but much of the conversation has focused on preventing such attacks.
“We will not be able to determine whether the person carrying out the transaction is the rightful owner of the asset or not” – Anton Astafiev, Chief Technology Officer at Near One, he said on Wednesday, adding that blockchain protocols will be forced to make hard decisions regarding freezing infected cryptocurrency wallets.
“Protocols will be faced with the challenge of deciding whether to lock down all assets right now or enter the wild west,” Astafiev said.
Astafiev suggested that zero-knowledge checking technology could enable the rightful owner to demonstrate knowledge of the original source phrase without revealing sensitive information.
“This is one example of how research in blockchain ecosystems is necessary and valuable as everyone prepares for the quantum unknowns.”
Source: NEARBY
The move comes after researchers at Google and the California Institute of Technology said in March that functional quantum computers may appear sooner than expected and will require much less computing power to break cryptography than previously thought.
Google claimed that quantum computers could potentially crack Bitcoin’s cryptography within 10 minutes, allowing hackers to launch a “spending” attack.
Astafiev said Near One is exploring how to solve the problem of not knowing whether an owner is making a transaction or not.
He also noted that NEAR developers are building a post-quantum secure signing system for Layer 1 blockchain that secures over $137.6 million in user funds.
One of the first quantum solutions being deployed on the NEAR network is “FIPS-204”, which has been approved by the US National Institute of Standards and Technology and is scheduled to go live on the testnet at the end of the second quarter.
Other crypto ecosystems are also taking quick action.
Related: Quantum computer cracks 15-bit elliptic curve cryptographic key
The Ethereum Foundation has established the Post-Quantum Ethereum Team to embed quantum solutions into Ethereum at the protocol level by 2029.
Two of Solana’s validation clients, Anza and Firedancer, have also deployed a test version of Falcon, a novel post-quantum signature solution, to support prepare the Solana network for future quantum threats.
The Bitcoin community has also started looking for ways to solve this problem.
Blockstream CEO Adam Back said in April that current quantum computers are “basically laboratory experiments,” confirming earlier claims that quantum computers would arrive in several decades.
Still, he recommended that Bitcoin developers start looking for quantum solutions.
Warehouse: No one knows if quantum-secure cryptography will even work
