We all know how Oasis Network has been a visionary in bringing confidentiality solutions to the blockchain space and helping to level up the web3 experience with on-chain and cross-chain privacy-enabled features and functionalities for the next-gen dApps. But did you know about the concept of quantum-resistant blockchain?
There is a school of thought that suggests that quantum computing’s rapid calculation capabilities can potentially break down encryption and disrupt the security of cryptocurrencies. Sounds scary? Let’s not jump the gun. Putting matter into perspective, research shows that cryptocurrency like, say Bitcoin is theoretically vulnerable to being cracked by quantum computers but calculations indicate they would need to be a million times larger than those that exist today. However, it is something that I think needs discussion and cannot be just ignored.
People often talk about quantum-proof blockchain systems using quantum-resistant cryptography to protect their transactions and data. In theory, it will be the next level of data security as it can withstand quantum attacks and maintain the confidentiality, integrity, and authenticity of the data. Intriguing, right?
Now, the question is whether Oasis belongs to such a category of quantum-proof blockchain protocol. The short answer is no. During an interview a few years back, Prof. Dawn Song touched upon the subject of quantum-resistant blockchains. However, the fact remains that neither the threat nor the need to explore and implement immediate solutions has come about as yet.
But the situation may change sooner than we think. With the introduction of AI and autonomous computing becoming complementary to confidential computing, the need for quantum resistance as an innate blockchain capability may not be ignored for long. At a time when AI, along with big data and quantum computing, is gaining significant traction, how secure is our current notion of data privacy even with the vision and capabilities that Oasis has demonstrated? Do we need to think of using quantum-resistant cryptography to ensure confidentiality is continuously secure from compromise and breach?
I believe that since we are already talking about web4 and web3 going hand in hand in an evolutionary synergy of blockchain applicability, we do need an open and serious discussion on the merits and challenges of quantum-proof blockchain and how Oasis can potentially lead the way. With what Oasis has done, can do, and powered by the vision of Prof. Song in the background, it’s the logical next step. What is your take on it?