Advances in computing technology have some cybersecurity professionals worried. Progress on creating viable quantum computers is ahead of schedule, with some expecting commercial use versions to be available in the next few years.
However, a more realistic prediction is that a working model could be in use by 2030. It seems like a long way off, but world leaders are being encouraged to think ahead, as are digital asset firms.
The World Economic Forum describes quantum computing as an issue that cannot be ignored and highlights the risks to data protection and global security.
From theoretical to credible
Announcements from tech companies have forced cryptocurrency developers like Ayo Akinyele to push forward with plans for post-quantum cybersecurity changes in the face of a threat now seen as ‘credible’.
But, what is the threat and do we need to be concerned?
What is quantum computing?
Quantum computing is a new area of computer science that encompasses both hardware and software algorithms. They will be faster and more powerful than current classical computer models.
Although they are still in a development phase, the technology is based on quantum mechanics theory, the underlying principles that pin the universe together on an atomic level.
The idea is that these new computers can encode and process using quantum states. While traditional computing uses a binary system of ones and zeros, quantum computers will use qubits, which can code and process information in multiple states at the same time.
In short, they will be incredibly clever machines. Their predicted ability to solve highly complex problems at high speeds means that they can be both an asset in solving global issues for humanity.
What makes quantum computing a threat to digital assets?
The speed at which a quantum computer can process information means it would be able to break through security and expose vulnerabilities in the blockchain system.
A quantum computer’s ability to problem-solve is only a threat when it is directed to hack a security system. In the hands of bad actors, the computers could be a threat, just like any new tech could be.
Another issue is the collection of data now with the intent to break the cryptography later using quantum technology at a later time – known as ‘harvest now, decrypt later’. Given that blockchain data can be publicly visible, this poses a longer-term risk.
Research released by Google’s Quantum AI team highlights the cryptographic vulnerabilities that could be exposed when quantum computers are rolled out.
The company advocates for preparation to safeguard currencies, given that developers expect the new tech to be able to break elliptical curve cryptography that protects the digital assets.
However, given that the rollout of quantum computers is still several years away, the ‘threat’ is theoretical at this stage. Digital asset firms and platforms have plenty of time to prepare and develop quantum-resistant strategies and tactics.
How are crypto firms preparing for a post-quantum age?
Working with bodies such as the National Institute of Standards and Technology, digital asset companies can map and implement solutions to keep their currencies and customers’ investments safe.
For example, Ripple has released a four-part roadmap to protect XRP and XRP payment processing. The plan aims to make it quantum-resistant by 2028, a few years before the first predicted quantum computer is completed.
The four phases are:
- ‘Quantum Day’ contingency
Essentially, a failsafe if standard cryptography is hacked, the ‘Quantum Day’ protocol will allow for every XRPL signature to be force migrated to post-quantum cryptography.
This will keep all investments safe and the XRP currency more resilient.
- Planning and risk audit
A full risk audit for XRP platforms is in process, including looking at how post-quantum cryptography could impact transaction speed, performance and whether the current architecture can support it.
It will be followed up by thorough testing of new cryptographic protocols to determine what quantum-resistant techniques work best, including signatures, verifications and their impact on the network.
Potentially, it could include zero-knowledge proofs, which allow for proof of ownership without revealing pertinent information.
- Developer network hybrid integration
The chosen signature schemes can then be integrated in parallel with existing elliptic cryptography for evaluation.
The testing at this stage is to see if the new cryptography is successful across the system and maintains regulatory compliance and privacy.
- Full transition
By 2028, Ripple plans to have moved the entire XRPL into a post-quantum cryptographic ecosystem. The challenge will be to transfer to a new system without losing or breaking the parts of XRPL that make it so efficient.
How might XRP currency be affected?
Protection for XRP assets is ahead of the curve since it already supports forward migration, and upgrades are much easier to implement.
Native key rotation means users won’t have to move accounts to distance their investments from vulnerable keys. XRP also uses seed-based key generation, which uses the unique ‘seed’ aligned to the user’s address to create new keys.
These two elements make it harder to crack the cryptography that protects XRP wallets and accounts. They provide the strong foundation on which Ripple will build its post-quantum protection.
With Ripple’s multi-phase plan for post-quantum security, the XRP currency and your wallet will be in safe hands.