Ethereum Prepares For Quantum Computing Threat With New Update

According to U.Today, Ethereum is preparing for a significant update aimed at enhancing its security against potential risks from quantum computing. The update revolves around a new proposal, EIP-7702, introduced by Vitalik Buterin. This proposal is an enhancement of a previous one, addressing specific technical issues related to signing processes that were previously seen as limitations. A major topic of discussion within the community is the actual threat posed by quantum computing. Some argue that quantum computing is often used as a scare tactic, without real solutions being proposed. Developer James Prestwich, for instance, pointed out that if quantum computing were a real and immediate threat, more drastic measures would be required at this moment. He suggests that merely mentioning quantum computing without proposing concrete steps towards a solution is not beneficial. The risk that quantum computing poses to current encryption methods, such as those used in Ethereum, is significant. If quantum technology advances enough to break these methods, it could potentially put the entire system at risk. This is why there is an urgent call to start transitioning away from the current encryption standard, ECDSA, which is a fundamental security element in many of Ethereum’s operations. Vitalik Buterin has been proactive in addressing these concerns in the past. Since 2017, he has been developing codes for wallets that are resistant to quantum attacks, which can be seen in his public work on GitHub. His approach includes focusing on advanced cryptographic methods, known as STARK protocols. These are seen as a promising defense against quantum attacks. Buterin advises that the best course of action is to continue refining these protocols and ensure every new development in Ethereum is compatible with a future where quantum resistance is necessary. EIP-7702 is not just about defending against quantum computing. It also introduces features like signature aggregation, which could become more important as the technology evolves to meet new challenges. This proposal is part of a broader strategy to not only address immediate concerns but also to ensure that Ethereum remains secure and functional in the face of future technological advancements.