Blockchain protocols preparing for the quantum computing threat should also consider how to quickly verify ownership on the blockchain if funds are stolen, the development and research team behind the layer-1 NEAR Protocol said.
Concerns that quantum computers could eventually break blockchain cryptography have fueled worries about private keys and wallet security, but most of the conversation has focused on preventing such attacks.
“We won’t be able to tell if someone running a transaction is the rightful owner of the asset or not,” Near One’s chief technology officer, Anton Astafiev, said on Wednesday, adding that blockchain protocols would be forced to make tough decisions on whether to freeze compromised crypto wallets.
“Protocols will face the challenge of deciding to either block all assets at this moment, or enter a wild west,” Astafiev said.
Astafiev suggested that zero-knowledge proof technology could enable the rightful owner to demonstrate knowledge of the original seed phrase without revealing sensitive information.
“This is one example of how research across blockchain ecosystems is essential and valuable as everyone prepares for quantum unknowns.”
Source: NEAR
The push comes after researchers at Google and the California Institute of Technology said in March that functional quantum computers could arrive sooner than expected and would need far less computing power to break cryptography than previously thought.
Google claimed that quantum computers could potentially break Bitcoin’s cryptography within 10 minutes, allowing hackers to perform an “on-spend” attack.
Astafiev said Near One is researching how to solve the problem of not knowing whether a transaction is made by the owner or not.
He also noted that NEAR developers are building a post-quantum-safe signing system for the layer-1 blockchain, which secures more than $137.6 million in user funds.
One of the first quantum solutions being implemented on NEAR is “FIPS-204,” which has been approved by the US National Institute of Standards and Technology and is set to launch on testnet by the end of the second quarter.
Other crypto ecosystems are taking swift action, too.
Related: Quantum computer breaks 15-bit elliptic curve cryptographic key
The Ethereum Foundation created the Post-Quantum Ethereum team to build quantum solutions into Ethereum at the protocol level by 2029.
Two of Solana’s validator clients, Anza and Firedancer, have also implemented a test version of Falcon, a new post-quantum signature solution, to help prepare the Solana network for future quantum threats.
The Bitcoin community has also begun looking at ways to tackle the problem.
Blockstream CEO Adam Back said in April that current quantum computers are “basically lab experiments,” backing up earlier claims that quantum computers are decades away.
Still, he recommended that Bitcoin developers start looking at building quantum solutions.
Magazine: Nobody knows if quantum secure cryptography will even work