30s Summary
XinXin Fan, a researcher at IoTeX, recently authored a study suggesting the use of hash-based zero-knowledge to make Ethereum quantum-proof. The paper, which won a Best Paper award, asserts that the current elliptical curve digital signature algorithms (ECDSA) used in blockchain for transaction signing are weak against quantum technology. The USA’s National Institute of Standards and Technology has urged all systems to adopt post-quantum security measures before 2035. A report in 2024 suggested that Shanghai University researchers cracked cryptographic algorithms using a quantum computer, although this was later dismissed as overblown.
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XinXin Fan, a top brain at IoTeX who’s nifty with cryptography, recently helped write a study named “Enabling a Smooth Migration Towards Post-Quantum Security for Ethereum.” The paper was a hit at the 2024 International Conference for Blockchain, winning a Best Paper award. It suggested that the easiest way to make Ethereum and other similar cryptographic systems quantum-proof is with a technology called hash-based zero-knowledge.
Fan explained to Cointelegraph, a news outlet, that the current security system used in blockchain to sign transactions, called elliptical curve digital signature algorithms (ECDSA), is weak against quantum technology. Fan said that we could fix this flaw by attaching a ‘quantum-safe’ hash-based zero-knowledge proof to each transaction. This would not disrupt the user experience.
Fan stressed the importance of keeping the balance between user-friendliness and security. He said that having this balance is important for the transition to post-quantum security measures.
The USA’s National Institute of Standards and Technology (NIST) has recently made it clear that it’s important for all old systems to move to post-quantum security measures before 2035.
In October 2024, the South Morning China Post reported that Shanghai University researchers were able to crack cryptographic algorithms using a quantum computer. However, a YouTuber later proved this report to be exaggerated, which was agreed upon by other experts as well. According to them, quantum computers are not yet sophisticated enough to crack modern encryption standards.