Without quantum security, our blockchain future is uncertain

News that two teams of Chinese scientists have accomplished Quantum advantage, a technical term for when a computer can perform functions beyond those of a classical computer, may be the sign that we have truly entered a new era. While Google's 54-qubit quantum processor Sycamore he turned The first widely known example of early-stage quantum computing, the latest news from the China University of Science and Technology in Hefei is the best proof yet that we have crossed the information rubicon.

But despite the many reasons to be excited about these developments, there are also reasons to be concerned. While we may all look forward to the day when we can predict traffic jams, put animal testing in the history books, or determine the likelihood of someone getting cancer and then design a unique treatment, all in seconds, your tremendous power has a dark side. .

Perhaps the scariest thing for a society that depends so much on the Internet is that quantum-level computing puts all of our digital infrastructures at risk. Our contemporary Internet is based on cryptography⁠: the use of codes and keys to secure private communication and data storage. But for cryptocurrencies like Bitcoin (BTC) and ether (ETH), for whom this concept is fundamental, a sufficiently powerful quantum computer could mean the theft of billions of dollars of value or the destruction of an entire blockchain. With digital signatures suddenly easily forged, the very concept of "ownership" of the wallet will seem strange.

Related: Talking about the digital future: quantum computing and cryptography

When I pioneered digital currency in the late 1980s, quantum computers were simply a theoretical proposition. While we were all aware of its inevitable arrival (those working in tech are often well aware of the future rushing towards us at breakneck speed), in a world where we hadn't even seen the first web browser, we didn't spend much time contemplating what seemed even then a technology from the deep future.

Vulnerability to quantum computing

However, times have changed. Over the next three decades, the cryptocurrency would be refined and eventually store almost $ 3 trillion of value. A Deloitte analysis found that more than 25% of all Bitcoin could be stolen in a single attack, which at the time of this writing amounts to almost $ 300 billion. That would make it three thousand times more profitable than the next one. better Stole. When 10% of world GDP is considered to be expected set to remain in cryptocurrencies in 2025, this vulnerability quickly turns from worrisome to terrifying. Not only is quantum computing right around the corner, we've never been more vulnerable to it.

Furthermore, history shows us that we should not only fear hackers, cyber-terrorists and criminal organizations, but also governments. The Chelsea Manning and Edward Snowden revelations of the last decade showed the world what the world's most powerful government could (and would) do when no one was looking. Authoritarian powers like Russia and China have their sophisticated methods of coercing and controlling their populations. Quantum computing would only enhance their tyranny.

While we already know of some examples of early quantum computing, it would be foolish to bet against a state-level actor getting their hands on a highly developed quantum system before a private organization. And when they get this technology, they won't just come for your Bitcoin. They will read your messages and all emails, instant messages or documents that you have sent using the old crypto; now accessible with your new quantum master key.

Is there a solution?

The puzzle we face as we move forward is how to save ourselves from its devastating potential. My team and I in the xx network We've spent the last few years pioneering our quantum security blockchain as a way to solve that problem. Adding another layer of privacy protection with our flagship metadata destruction DApp, xx messenger, will be another way to guard against quantum weapon malicious actors. There will be other solutions from different innovative ones, they just aren't coming fast enough.

There are reasons to think that the next revolution in quantum computing will not ruin our chances of a new, decentralized world built on blockchain. On the one hand, the US National Institute of Standards and Technology is already considering 69 potential new methods for "post-quantum cryptography" and hopes to have a draft standard by 2024, which could then be rolled out on the internet.

There are also very few cryptographic techniques that would be completely redundant in a post-quantum world. The key agreement protocol and digital signatures are the most obviously vulnerable, and innovations like lattice-based cryptography give us ready-to-deploy solutions in the next generation of blockchain technology, and even stronger techniques are known as well.

While a large-scale quantum computer of the kind I've painted in your nightmares isn't here yet, our community's arrogance and boundless sense of free optimism (usually an asset) could leave us exposed when it finally arrives. Recent years have seen a remarkable acceptance not only of cryptocurrencies, but also of the view that decentralization can be a solution to many of the problems we encounter in our societies today. We are winning the battle. It would be a great shame to lose the war because we do not take this collective threat to our security and privacy seriously.

If we do so, we can secure the fundamental promise of blockchain technology and reinvigorate its appeal. That sounds like something to be excited about.

This article does not contain investment advice or recommendations. Every trade and investment move involves risk, and readers should do their own research when making a decision.

The views, thoughts and opinions expressed here are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.