The privacy-focused cryptocurrency Zcash is actively preparing to counter the increasing threat of quantum computing attacks. During a presentation at Consensus Miami’s Privacy track on Thursday, Josh Swihart, founder and CEO of Zcash Open Development Lab, announced that quantum-recoverable wallets for Zcash are expected to launch within a month, with full post-quantum capabilities anticipated in 12 to 18 months.
Additionally, the network aims to match the transaction throughput levels of major credit card networks like Mastercard and Visa during this timeframe. Swihart criticized Bitcoin as being inadequate as a peer-to-peer private payment system.
In recent weeks, Zcash has experienced significant growth, with its value increasing by over 73% in the past 30 days according to CoinGecko data. This surge is partly due to heightened institutional interest following Multicoin Capital’s announcement of a substantial investment in Zcash. Tushar Jain, co-founder of the firm, praised it as embodying the cypherpunk ideals that originally inspired cryptocurrency.
At Consensus, Swihart underscored Zcash’s technical advancements, such as the integration of Near Intents with Electric Coin Company’s mobile wallet last year. This feature allows for cross-chain swaps from assets like Bitcoin, Solana, and USDC directly into shielded ZEC. Since its introduction, approximately $600-700 million has moved through this channel, primarily involving USD and USDC. As a result, adoption of Zcash’s privacy features is rising, with the network’s shielded pool now holding 30% of circulating ZEC—a record high.
The push for quantum resistance by Zcash coincides with increasing concerns about “Q-Day,” the anticipated time when quantum computers could potentially compromise the cryptography securing Bitcoin and other cryptocurrencies. A recent report from Project Eleven highlighted that Q-Day might occur as early as 2030, following a breakthrough where a researcher successfully cracked a 15-bit elliptic curve key using public quantum hardware.
Zcash developers have been proactively addressing these threats. Sean Bowe, a Zcash contributor and engineer, informed Decrypt that the team is ready to implement significant protocol changes over the next few years if necessary. Other major blockchains such as Solana and Aptos are also fortifying their networks against quantum attacks. Coinbase has recently pointed out that proof-of-stake chains like Ethereum and Solana may be particularly vulnerable to quantum threats.