Ian Smith, CEO & CTO at Quantum EVM, on Quantum Computing Risks to Blockchain and The Future of Web3 Security | Ep. 425

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March 31, 2025 08:34 EDT

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Ian Smith, CEO & CTO of Quantum EVM, joined the Cryptonews Spotlight Podcast to discuss the emerging threats posed by quantum computing to blockchain, how Quantum EVM is tackling these challenges, and the future of Web3 security. As an expert in cryptography and blockchain architecture, Ian offered insights into post-quantum cryptography (PQC), Q-Day scenarios, and the steps needed to secure blockchain ecosystems.

The Existential Threat: Quantum Computing and Blockchain

“Quantum computers can take and turn your public address into your private address and then spend money out of your wallet.”

Ian explains that quantum computers pose a fundamental threat to blockchain security. Existing cryptographic systems, such as RSA, Diffie-Hellman, and elliptic curves, could be broken when Q-Day arrives, exposing public addresses and enabling asset theft.

Why Most Blockchains Are Vulnerable

“For Web3, everything is screwed. Just absolutely everything is the proof of stake system.”

Quantum computing’s ability to extract private keys from public addresses could render most blockchain networks insecure, especially proof-of-stake systems where validators can be compromised.

Quantum EVM: The First Web3 Solution to Post-Quantum Threats

“Quantum EVM is doing that for Web3 because it’s incredibly hard.”

Quantum EVM is working on post-quantum cryptography (PQC) tailored for Ethereum Virtual Machine (EVM) instructions. Unlike Bitcoin, which slowly integrates quantum-safe addresses, Web3 networks require a comprehensive upgrade of smart contracts and wallet infrastructure.

How Post-Quantum Cryptography Works

“Quantum-safe cryptography does not use discrete logs as the hardness problem.”

Ian explains that PQC relies on algorithms that do not depend on discrete logarithms, making them resistant to quantum attacks. The goal is to migrate blockchain systems from vulnerable key structures to quantum-safe protocols without breaking existing ecosystems.

Q-Day: The Countdown to Quantum Supremacy

“The earliest timeline is 2027. PsiQuantum says they’re going to have a million qubits online.”

Q-Day is the moment when quantum computers become capable of breaking traditional encryption. While IBM projects 2029, some companies, like PsiQuantum and Riverlane, predict quantum breakthroughs as early as 2027.

Preparing for Q-Day: Why Blockchain Needs to Act Now

“Once the attacker is ready, they’ll just migrate all of your funds to their quantum-safe address.”

Ian warns that blockchains need to implement quantum-safe cryptography before Q-Day arrives. Otherwise, attackers could migrate assets en masse, leaving users without recourse.

What Happens When Q-Day Arrives?

“The problem with updating blockchain is that if you change the public-private key system, everyone’s balance is now zero.”

Upgrading blockchain systems post-Q-Day is complex. The migration process involves signing transactions to move assets from old, vulnerable keys to new quantum-safe keys, which could take years to implement fully.

Why Quantum EVM Is Pioneering Web3 Security

“We use only safe cryptography, only post-quantum safe cryptography – crystals, dilithium tier five.”

Quantum EVM ensures that every aspect of its ecosystem – from smart contracts to wallets – is protected against quantum threats, using the most secure cryptographic standards available.

The Challenge of Migrating Smart Contracts

“You have to migrate all of the contracts, all of the admins for all of the contracts specifically, and all of those admins need to be post-quantum admins.”

Transitioning to quantum-safe systems is particularly complex in Web3, where every contract admin must be upgraded. Otherwise, even if user wallets are secure, contracts can still be exploited.

Why Binance Could Be the First Target

“Binance uses an unsharded fragmented key, which means it’s actually vulnerable to multiple algorithms, not just Shores.”

If quantum attackers strike, Ian predicts they might target Binance, as its key management structure is vulnerable to several quantum algorithms.

The Race to Secure Blockchain: Leading Projects

“There’s only three or four post-quantum chains out there – QRL, Cellframe, Mochimo, and Quantum EVM.”

Quantum EVM is among the few blockchain projects actively integrating PQC, while many others are either unprepared or making false security claims.

Debunking Misleading Claims

“XX is lying. They’re flat-out lying about quantum safety. They do not use post-quantum cryptography in any of the places that matter.”

Ian criticizes projects falsely claiming to be quantum-safe, warning that investors and developers should scrutinize the cryptographic standards used.

The Road Ahead for Quantum EVM

“Testnet sometime this month and mainnet sometime in April.”

Quantum EVM plans to launch its testnet soon, followed by a mainnet release in April, aiming to become the first comprehensive post-quantum Web3 platform.