Recently, Dr. Xinxin Fan, the R&D Director of IoTeX, co-authored a paper titled 'Enabling a Smooth Migration Towards Post-Quantum Security for Ethereum,' which won the Best Paper Award at the 2024 International Blockchain Conference (ICBC 2024). The paper proposes that hash-based zero-knowledge technology is the most user-friendly method to make the Ethereum network and other similar cryptographic systems quantum secure, with this solution first applied to the Ethereum and IoTeX blockchain networks. Dr. Xinxin Fan's paper won the Best Paper Award at ICBC 2024.

Concerns about the threat of 'quantum attacks' have long existed, as the power-based encryption industry faces the risk of fundamental disruption due to the exponential computational power advantage of quantum computing. Research indicates that currently widely used cryptographic algorithms (such as RSA, DSA, ECDSA) may become insecure in the face of quantum computing, and the development of quantum computing could render these algorithms ineffective in the future. Although the realization of quantum computing is not expected in the short term, the field of cryptography has been preparing to defend against quantum attacks, but we cannot ignore the rapid pace of quantum computing development. According to IDC (International Data Corporation) forecasts, global spending on quantum computing technology (including hardware, software, and as-a-service solutions) is expected to grow from $1.1 billion in 2022 to $7.6 billion by 2027, with a five-year compound annual growth rate (2022-2027) of 48.1%. Some media have pointed out that 'the industry growth rate of quantum computing may only be second to that of blockchain.'