Quantum computing is headed to crypto, and it might hit with fury rather than a crash in a bull market. Colton Dillion, who co-founded Quip Network, is sounding an alarm that the slow pace of blockchain governance is leaving the door wide open for quantum attacks. His company offers quantum-proof vaults to safely secure digital assets.
While quantum tech is still in its early stages, big players like Google and Microsoft are already pouring money into R&D. The endgame? Speed so fast that cracking encryption, the kind that protects blockchains, becomes a walk in the park.
But don't expect a dramatic quantum apocalypse.
As Dillion puts it, "The real quantum attack will look subtle, quiet, and gradual, like whales casually moving funds."
By the time the crypto community wakes up, it could be too late.
His worst-case scenario? A quantum-powered double-spend attack. With quantum computing, an attacker could slash the mining power needed for a classic 51% attack from 51% to just 26%. That’s enough to compromise the top 10,000 wallets, rewind the blockchain, liquidate those wallets, and then double spend. In Dillion's words, that’s like unleashing a nuclear bomb on the system.
But wait, the industry is already on it, right? Bitcoin developer Agustin Cruz has proposed QRAMP, a Bitcoin Improvement Proposal (BIP) that would force a hard fork to quantum-secure addresses. Quantum startup BTQ wants to replace the entire proof-of-work consensus with a quantum-native system.
The problem? Blockchain governance moves at a snail's pace. BIPs and Ethereum Improvement Proposals (EIPs) have to wade through endless debates and politics before anything gets done. For example, Bitcoin's recent OP_RETURN function resolution took years to finalize. Ethereum’s Merge faced months of delays.
According to Dillion, the drawn-out governance process is a huge problem. "Quantum threats will evolve much faster than the protocols can respond," he says. The industry-driven needs of consensus ensure that a response to quantum attacks is a Herculean task.
Enter Quip Network's quantum-resistant vaults. These guys allow whales to lock up their funds today without waiting for a blockchain hard fork. Using hybrid cryptography, these vaults combine classical and quantum-resistant approaches, offering blockchain-agnostic security.
In short, Quip’s vaults give big crypto holders peace of mind while blockchain governance plays catch-up. Dillion sums it up perfectly:
“The BIP and EIP processes are great for governance, but terrible for rapid threat response. When quantum hits, attackers won’t wait for community consensus.”
Richard Adrian
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