The Paper that can Change the Foundations of all Blockchain Cryptography

One of the biggest breakthroughts in modern cryptography can have a deep impact in blockchain protocols.

The essence of modern cryptography relies on creating ciphers on data with the hope that they remain secure. However, how can we be sure they are secured? The theoretical answer to this question came in the 1970s when cryptographers presented the idea of one-way-functions which are mathematical functions that are easy to compute but hard to reverse. To illustrate how one-way-functions work, think if someone asks you to multiply two large prime numbers like 485144 and 999983. Arriving to the number 485,135,752,552 as the answer might take some work but we have a method for doing that. Now let’s take the inverse question and start with the number and try to determine its prime factors. That’s a monumentally more difficult task. This is the essence of one-way-functions.

The foundation of cryptographic techniques used in L1 and L2 blockchains is premised on the existence of one-way-functions. If a one-way-function exists for a given…

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