Blockchain protocols preparing for the quantum computing threat should also consider how to quickly verify ownership on the blockchain if funds are stolen, according to Near One, the development and research team behind the layer-1 $NEAR Protocol.
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. Near One’s chief technology officer, Anton Astafiev, said on Wednesday that the bigger issue might come after an attack.
The Problem of Identifying Ownership
Astafiev explained that after a quantum attack, it becomes very hard to tell who really owns what. “We won’t be able to tell if someone running a transaction is the rightful owner of the asset or not,” he said. Blockchain protocols would then be forced to make tough decisions. They might have to freeze compromised wallets or let the chaos play out. “Protocols will face the challenge of deciding to either block all assets at this moment, or enter a wild west,” Astafiev added.
One possible solution, he suggested, is zero-knowledge proof technology. It could allow the real owner to show they know the original seed phrase without exposing sensitive information. Near One is actively researching how to solve this problem of verifying who is the true owner after a potential attack.
Quantum Threats Are Coming Sooner
This push comes after researchers at Google and the California Institute of Technology said in March that functional quantum computers could arrive sooner than expected. They 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. That would allow hackers to perform an “on-spend” attack.
Near One developers are building a post-quantum-safe signing system for the $NEAR blockchain, which secures more than $137.6 million in user funds. One of the first quantum solutions being implemented is called “FIPS-204.” It has been approved by the US National Institute of Standards and Technology. It is set to launch on testnet by the end of the second quarter.
Other Projects Take Action
Other crypto ecosystems are moving quickly too. The Ethereum Foundation created the Post-Quantum Ethereum team to build quantum solutions into Ethereum at the protocol level by 2029. Solana validator clients, Anza and Firedancer, have implemented a test version of Falcon, a new post-quantum signature solution. The Bitcoin community has also begun looking at ways to tackle the problem.
Not everyone agrees on the timeline. Blockstream CEO Adam Back said in April that current quantum computers are “basically lab experiments.” He backed earlier claims that quantum computers are decades away. Still, he recommended that Bitcoin developers should start looking at building quantum solutions now, just in case.
