Blockchain Protocols Brace for Quantum Computing Threats

Blockchain protocols are urged to prepare for the potential threats posed by quantum computing, with a focus on verifying ownership if funds are stolen, according to the development and research team behind the layer-1 NEAR Protocol. Concerns have been rising about the ability of quantum computers to break blockchain cryptography, which could compromise private keys and wallet security. According to Cointelegraph, most discussions have centered on preventing such attacks. Anton Astafiev, Near One’s chief technology officer, highlighted the difficulty in determining if a transaction is conducted by the rightful asset owner. He noted that blockchain protocols might face tough decisions, such as freezing compromised crypto wallets or allowing unrestricted access. Astafiev proposed that zero-knowledge proof technology could help rightful owners prove their knowledge of the original seed phrase without disclosing sensitive information. This underscores the importance of research across blockchain ecosystems as they prepare for the uncertainties of quantum computing. The urgency for these preparations follows a March report by researchers at Google and the California Institute of Technology, suggesting that functional quantum computers could emerge sooner than expected, requiring less computing power to break cryptography. Google claimed that quantum computers might break Bitcoin’s cryptography in just 10 minutes, enabling hackers to execute an “on-spend” attack. Astafiev mentioned that Near One is actively researching solutions to identify whether a transaction is made by the asset owner. NEAR developers are also working on a post-quantum-safe signing system for their layer-1 blockchain, which secures over $137.6 million in user funds. One of the initial quantum solutions being implemented on NEAR is “FIPS-204,” approved by the US National Institute of Standards and Technology, and set to launch on testnet by the end of the second quarter. Other cryptocurrency ecosystems are also taking proactive measures. The Ethereum Foundation has established the Post-Quantum Ethereum team to integrate quantum solutions into Ethereum at the protocol level by 2029. Solana’s validator clients, Anza and Firedancer, have implemented a test version of Falcon, a new post-quantum signature solution, to prepare the Solana network for future quantum threats. The Bitcoin community is also exploring solutions, with Blockstream CEO Adam Back remarking in April that current quantum computers are still in the experimental phase, suggesting they are decades away from practical application. Nonetheless, he advised Bitcoin developers to begin developing quantum solutions. The ongoing efforts across various blockchain platforms highlight the industry's commitment to addressing the potential challenges posed by quantum computing.