Ethereum Network Well-Equipped to Tackle Quantum Computing Threats, Says Co-Founder Vitalik Buterin
Summary:
Ethereum co-founder, Vitalik Buterin, reassures that the Ethereum network already has a plan to counter a major quantum computing attack. According to Buterin, the solution involves a hard fork of the blockchain, introducing a new transaction type, RIP-7560 to allow transactions from smart contract wallets. This transition would leverage specific tech to prevent exposure of private keys in future transactions. He asserts that any user who hasn't transacted from an Ethereum wallet remains safe from potential quantum threats. Moreover, necessary infrastructure for this hard fork implementation could be built immediately if needed.
Ethereum co-founder Vitalik Buterin indicates that the Ethereum network is well-equipped to withstand a major quantum computing attack. As Buterin shared in a recent Ethereum Research post, if quantum computers become available and used maliciously to steal users' funds, the Ethereum network already has a simple recovery method. He argued that a hard fork of the blockchain would be needed, involving new wallet software for users, but this would not result in significant fund loss.
This contingency plan would see the Ethereum network rolled back to before any large-scale theft was occurring, and traditional transactions would be disabled from that point onwards. Then, the Ethereum developers would introduce a new transaction type, known as RIP-7560 to allow for transactions from smart contract wallets to proceed.
When a transaction is made from an Ethereum wallet, the transaction's signature reveals the public key. But following a quantum development, the user's private key would also be revealed. This new transaction type offered by the quantum-resistant EIP would utilise Winternitz signatures and zero-knowledge proof technologies, known as "STARKs", to let existing wallets transition to new validation code.
This validation code would utilise ERC-4337 account abstraction, which is the core technology behind smart contract wallets. This transition would prevent private keys from being exposed when signing future transactions and render these accounts impervious to quantum attacks.
Buterin goes further to reassure that users who have never made a transaction from an Ethereum wallet are already safe from such quantum threats, because only their wallet address has been publicly available. To implement this hard fork, the necessary infrastructure could begin construction immediately.
The potential impact of quantum computing on the crypto industry has long been a topic of concern. The idea that blockchain encryption might be broken, leading to rapid, large scale theft of previously secure user funds, is a consistent worry. Most developers, however, including those at Google and IBM, believe the development of quantum computing is still some distance away, potentially not fully developed until 2029 at the earliest.
Published At
3/11/2024 5:05:38 AM
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