As quantum computing inches closer to reality, a looming threat grows over the crypto world — and the slow, politically charged processes behind blockchain governance may leave it exposed.
Colton Dillion, co-founder of Quip Network, which builds quantum-proof vaults for digital assets, warns that the crypto community is unprepared for the speed and subtlety of quantum-based attacks. Despite being in its infancy, quantum computing — which uses the quantum states of subatomic particles to perform calculations far faster than traditional computers — is advancing quickly, with major players like Google and Microsoft pushing the boundaries.
The danger lies in how easily quantum machines could crack the encryption that secures today’s blockchains. And when that capability emerges, Dillion says, don’t expect a flashy breach or a sudden theft of Satoshi Nakamoto’s legendary stash.
“The real quantum attack will look subtle, quiet, and gradual — like whales casually moving funds,” Dillion said. “By the time everyone realizes what’s happening, it’ll be too late.”
He envisions a doomsday scenario where a quantum attacker could execute a devastating double-spend operation. With quantum advantages, they may only need about 26% of mining power — instead of the traditional 51% — to pull it off. This could allow attackers to quietly compromise major wallets, rewind the blockchain, liquidate assets, and re-spend them at will.
The crypto community isn’t sitting idle. Developers are proposing solutions like QRAMP — a Bitcoin Improvement Proposal (BIP) that would migrate users to quantum-secure addresses — and startups like BTQ are even exploring entirely new quantum-native consensus mechanisms. But these proposals face a major hurdle: governance.
Blockchain governance, whether through BIPs for Bitcoin or Ethereum’s EIPs, is notoriously slow and politically fraught. For instance, Bitcoin’s recent decision on the OP_RETURN function took years to resolve, and Ethereum’s Merge faced long delays due to ongoing community debates.
Dillion sees this sluggishness as a critical vulnerability.
“Everyone's trying to do this from the top down — BIPs, EIPs, full community buy-in,” he said. “But that’s a heavy lift. And quantum threats will evolve much faster than these protocols can respond.”
To address the gap, Quip Network has developed quantum-proof vaults that allow users — especially whales with large crypto holdings — to adopt quantum-resistant protections immediately. These vaults use hybrid cryptography that combines classical encryption with quantum-secure techniques, offering security without needing a full-scale protocol upgrade.
In essence, Dillion argues, we can’t afford to wait for consensus. “The BIP and EIP processes are great for governance,” he said, “but terrible for rapid threat response. When quantum hits, attackers won’t wait for community consensus.”
Dillion will share more insights at the IEEE Canada Blockchain Forum, part of Consensus 2025 in Toronto. The IEEE is a Knowledge Partner of the event.
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