According to Cointelegraph, blockchain security company AmericanFortress has proposed an encryption scheme that can protect existing cryptocurrency wallets from future quantum attacks without requiring users to transfer funds, rotate keys, or change wallet addresses. This scheme has been published in the Cryptography ePrint Archive, describing its compatibility with seed level determined wallets based on elliptic curve cryptography such as Bitcoin, Ethereum, Solana, etc. It uses zero knowledge proofs based on the original mnemonic words of the wallet instead of replacing existing elliptic curve cryptography, participates in node verification of these proofs, and users continue to sign transactions using existing keys. AmericanFortress cited Bloomberg analysis stating that if a sufficiently powerful quantum computer were to emerge, up to $470 billion worth of Bitcoin could be at risk.
