Without quantum security, the future of blockchain is uncertain

News that two teams of Chinese scientists have achieved quantum supremacy — the ability for a computer to perform functions beyond a conventional computer — could mark a new era that we have truly entered. While Google's 54-qubit quantum processor Sycamore became the first widely known example of early quantum computing, the latest news from the University of Science and Technology of China is the best proof that we have crossed the information divide.

While there are many reasons to be excited about these developments, there are also reasons to be concerned. While we may all be eagerly awaiting the day when we can predict traffic jams, put animal testing in the history books, or determine the likelihood that someone has cancer and then devise a unique treatment⁠—all within a matter of hours. in seconds ⁠—but its immense power also has its dark side.

Perhaps most dire of all for a society so dependent on the internet, quantum computing puts all of our digital infrastructure at risk. Our contemporary internet is built on cryptography—the use of codes and keys to secure private communications and data storage. But for cryptocurrencies like bitcoin and ethereum, the concept is fundamental, and a sufficiently powerful quantum computer could mean billions of dollars in value being stolen, or entire blockchains destroyed. With digital signatures suddenly easy to forge, the concept of wallet "ownership" will look outdated.

When I first pioneered digital currency in the late 1980s, quantum computers were merely a theoretical proposition. While we all know it's inevitable (those who work in technology are often acutely aware of the incredible speed with which the future is heading towards us), in a world where we haven't even seen the first web browser Here, we didn't spend too much time thinking about this technology that seemed to be a far-reaching future at the time.

Vulnerabilities in the face of quantum computing

However, times have changed. Over the next 30 years, cryptocurrencies will be perfected, storing nearly $3 trillion in value. An analysis by Deloitte found that more than 25% of all bitcoins could have been stolen in a single attack, a figure close to $300 billion at the time of writing. When you consider that cryptocurrencies are projected to account for 10% of world GDP by 2025, this vulnerability quickly goes from worrying to terrifying. Quantum computing is coming, and we've never been more vulnerable.

Furthermore, history tells us that it’s not just hackers, cyber-terrorists, and criminal organizations that we should fear, but governments too. Chelsea Manning and Edward Snowden revelations over the past decade have shown the world that the world's most powerful government can (and will) when no one is looking Do something.

While we already know of some early examples of quantum computing, it would be foolish to bet on a national player getting a highly developed quantum system before a private organization. When they do get the technology, they're not just coming for your bitcoins. They'll read your messages, and every email, instant message, or file you've ever sent using the old encryption technology; now they can get it with the new quantum master key.

Is there a solution?

The challenge we face going forward is how to keep ourselves safe from its destructive potential. My team at xx Network and I have been pioneering our quantum-safe blockchain for the past few years as a way to solve this problem. Adding another layer of privacy protection using our flagship metadata sharding DApp will be another way to protect against quantum-armed malicious actors. Different innovators will come up with other solutions, they just won't come soon enough.

There is reason to believe that the coming quantum computing revolution will not destroy our chances for a new, decentralized world built on top of the blockchain. The National Institute of Standards and Technology is already considering 69 potential new approaches to "post-quantum cryptography" and expects to have a draft standard by 2024, which will then be rolled out on the Internet.

In a post-quantum world, few cryptography techniques are entirely redundant. Key agreement and digital signatures are the most vulnerable, and innovations such as lattice-based cryptography provide us with ready-made solutions, which can be implemented in the next generation of blockchain technology, and there are even more powerful The technology is well known.

While large-scale quantum computers of the kind I pictured in your nightmares are not yet here, the hubris and optimism of our community's unlimited freedom (often an asset) could put us at risk when it does finally arrive. In the past few years, we have not only seen the remarkable adoption of cryptocurrencies, but also the idea that decentralization can solve many problems in today's society. We are winning this battle. It would be a great shame to lose this war because we did not take this collective threat to our safety and privacy seriously.

If we do this, we can secure the fundamental promise of blockchain technology and revive its appeal. That sounds like an exciting thing to do.

Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness.