Ethereum Prepared for Quantum Computing Threats, Says Vitalik Buterin

According to CryptoPotato, in a recent publication on Ethereum Research, Vitalik Buterin explored the hypothetical situation of a quantum emergency potentially arising as soon as tomorrow. He argued that Ethereum is already well-positioned to give a strong defense against a potential quantum computing attack. Buterin proposed a simple solution involving a hard fork of the blockchain and introducing new transaction types. He explained that few users would lose their funds in the process of recovery in the face of a quantum threat. The main challenge with quantum computers lies in their impact on cryptographic systems such as Ethereum addresses. These wallets are derived from private keys using elliptic curve multiplication, which quantum computers can reverse, making elliptic curve cryptography vulnerable. However, hash functions like Ethereum's keccak remain secure even in such a situation. Ethereum developers plan to introduce a new transaction type as part of the RIP-7560 protocol, enabling transactions from smart contract wallets. This transaction type would use Winternitz signatures and STARKs to transition existing wallets to new validation codes, preventing private key exposure during transactions and rendering these accounts resistant to quantum attacks. Buterin reassured users that those who have never approved a transaction from an Ethereum wallet are already safe from potential quantum exploits, as only the wallet address has been publicly available. He also emphasized that the infrastructure required to implement such a hard fork could begin development immediately. The introduction of quantum computing has long been a concern for the cryptocurrency industry, as it threatens blockchain encryption. However, many experts, including those from Google and IBM, predict widespread quantum computing capabilities won't materialize until at least 2029.