The concerns about quantum computers have emerged again, with veteran crypto researcher Justin Bons warning that they could crack Zcash (ZEC) and Monero (XMR). In an update shared by Bons on X, the crypto researcher claims that these privacy-focused coins are at risk.
How quantum computing could deanonymize privacy coins
Notably, Bons explained that quantum computers can “deanonymize” and crack the elliptic curve cryptography from exposed public keys. Generally, a public key becomes visible when a user spends funds from their wallet.
A quantum computer could solve the complex math behind that key and derive the private key. With this, a malicious actor or unauthorized individual might link the transaction to a real user and compromise the privacy of the transaction.
The threat from quantum computers remains of great concern across many blockchains, and Bons suggests using mixing services that do not rely on zero-knowledge proofs. He argues that this is a sure way to protect long-term privacy when “lives depend on it.”
For clarity, a mixer is designed to pool many users’ coins, redistribute them and make it more difficult to track the ownership of the asset. This helps to protect the identity of the owner.
Bons is suggesting that some mixers may resist quantum computer attacks better and should be embraced. This is particularly important for individuals relying on crypto for life-or-death anonymity.
Experts say quantum threat to crypto is not immediate
In February, crypto investment and research firm CoinShares contributed to the potential threats from quantum computers. Their research concluded that the threat is not an imminent one, especially to Bitcoin.
According to CoinShares, Bitcoin has the next 20 years to prepare for quantum computing risks, and even then, only about 8% of the total supply is at possible risk.
A similar stance was taken by Bitfinex, a leading digital asset trading platform. Bitfinex maintains that quantum threats are solvable and should not bother users much.
Source: https://u.today/quantum-computing-can-break-zcash-and-monero-privacy-researcher-says
