According to Colton Dillion, co-founder of QUIP Network, Quantum Computing poses a real threat to cryptography, risking the slow-moving governance process making blockchain vulnerable.
Although technology is still in its early stages that uses the quantum state of subatomic particles to perform calculations instead of transistors and binary code, companies including Google and Microsoft are moving forward with research and development. The goal is a massive step-up of speeds of performing difficult calculations like cracking encryption, such as those used to protect blockchains faster and simpler.
Also, once quantum computing becomes available, attackers are unlikely to announce their existence anytime soon.
“The threat doesn’t start with Satoshi’s key being stolen,” Dillion said in an interview. “A true quantum attack looks subtle, quiet and gradual, like money that whales move casually. By the time everyone realizes what’s going on, it’s too late.”
Dillion’s end scenario includes quantum computing-driven double-count attacks. In theory, quantum computing can reduce the mining power required for traditional 51% attacks to about 26%, Dillion said.
“So you compromised on your 10,000 biggest wallets. You rewind the chain, settled these 10,000 biggest wallets, then spent twice the amount of all the deals and now you really got a nuclear bomb,” he imagines it.
Of course, the industry is working to find a solution.
For example, Bitcoin developer Agustin Cruz proposed QRAMP. QRAMP is a Bitcoin Improvement Proposal (BIP) that mandates the transition of hard forks to quantum secure addresses. Quantum Startup BTQ proposed replacing the original blockchain with the proof of workplace consensus system that supports its original blockchain fully with Quantum-Native consensus.
The problem is that proposals must be approved by the community. Blockchain governance, such as Bitcoin Improvement Proposal (BIP) and its Ethereum equivalent, Ethereum Improvement Proposal (EIP), tends to be politically full and becomes a long, inherently prudent process.
For example, the recent solution in the Bitcoin community regarding the Op_return function has been a few months of developer discussion about what is considered “good” use of the blockchain. Ethereum upgrades like Merge also faced long discussions and delays.
Dillion argues that the governance process leaves cryptocurrency at risk as the Quantum Computing threat evolves much faster than protocols can respond.
“Everyone is trying to top down this by starting with the bip and EIP and putting together everyone’s buy-in. But I think this is a very difficult, heavy lift,” he said.
Quip Network’s quantum prevention equipment aims to avoid political inertia by enabling immediate user-level adoption without the need for protocol upgrades. Vaults leverages hybrid cryptography and blends classic cryptographic standards with quantum resistance technologies to provide blockchain-independent security.
Effectively, they allow whales, the holders of large amounts of cryptocurrency, to secure their stash while they wait for a blockchain governance plot to put it together. The crypto community cannot afford to debate slowly, he argues.
“The BIP and EIP processes are great for governance, but they are terrible for rapid threat response,” Dillion said. “If Quantum hits, attackers don’t wait for community consensus.”
Colton Dillon speaks at the IEEE Canada Blockchain Forum, part of Toronto’s Consensus 2025. IEEE is a consensus knowledge partner.
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