Quantum Also Adds Proof-of-Ownership Headaches
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 Bitcoins 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. The Ethereum Foundation created the Post-Quantum Ethereum team to build quantum solutions into Ethereum at the protocol level by 2029. Two of Solanas 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