PANews reported on May 14 that according to CoinDesk, Quip Network co-founder Colton Dillion said that quantum computing technology may pose a substantial threat to blockchain security. Although the technology is still in its early stages, companies such as Google and Microsoft are accelerating their research and development, and their super computing power may easily crack the encryption algorithm that currently protects the blockchain in the future. Dillion described a double-spending attack supported by quantum computing power: the attacker only needs about 26% of the computing power of the traditional 51% attack to control the top 10,000 largest wallets and roll back the transaction chain. "This attack will be as hidden as a whale transferring funds, and it will be too late when people notice it." Currently, Bitcoin developers have proposed anti-quantum proposals such as QRAMP, but the slow progress of community governance may delay key upgrades.
Traditional governance processes such as Bitcoin BIP and Ethereum EIP usually take years to reach consensus. Dillion pointed out: "The quantum threat is evolving much faster than the protocol can respond." The quantum-resistant vault launched by Quip Network uses hybrid encryption technology to provide users with instant protection that does not rely on protocol upgrades, but the industry still needs a fundamental solution. With the development of quantum computing, the cryptocurrency community may face a security race against time.
