A ‘simple’ hard fork could subvert a quantum attack on Ethereum: Vitalik Buterin

The Impact of Quantum Computing on Ethereum Network

According to Ethereum co-founder Vitalik Buterin, the network is well-equipped to handle a potential quantum computing attack.

In his post on Ethereum Research, Buterin addressed the possibility of a “quantum emergency” occurring as early as tomorrow.

He stated that even if bad actors were to gain access to quantum computers and use them to steal funds, the blockchain would be able to hard fork and users would only need to download new wallet software.

Buterin also emphasized that only a small number of users would be affected by such an attack.

Ethereum Developers Plan to Implement Quantum-Resistant Technology to Combat Potential Thefts

Ethereum co-founder Vitalik Buterin has recently proposed a plan to implement quantum-resistant technology to protect against potential large-scale thefts on the Ethereum network. This plan involves a hard fork that would roll back the network to the point where the theft occurred and disable all traditional transactions.

The new transaction type, known as RIP-7560, would be added to allow for transactions from smart contract wallets. This would utilize Winternitz signatures and STARKs, a zero-knowledge proof technology, to ensure that existing wallets are switched to new validation code.

In a post-quantum world, the signature of a transaction would reveal the user’s public key, which would also reveal their private key. By leveraging this new transaction type, Ethereum developers aim to protect against potential thefts and maintain the security of the network.

Protecting Against Quantum Attacks with ERC-4337 Account Abstraction

In order to safeguard against potential quantum attacks, Ethereum founder Vitalik Buterin has proposed a new validation code that utilizes ERC-4337 account abstraction technology. This technology, which is also used in smart contract wallets, ensures that private keys are not displayed while signing transactions, providing immunity against quantum attacks.

According to Buterin, users who have never approved a transaction from an Ethereum wallet are already protected from quantum exploits, as only their wallet address is publicly available. He also noted that the necessary infrastructure for implementing this solution could begin development immediately.

The rise of quantum computing has long been a concern for the cryptocurrency industry, as it has the potential to break blockchain encryption and steal user funds at an alarming rate. However, with the implementation of ERC-4337 account abstraction, this threat can be mitigated.

Although many computer scientists and developers are optimistic about the potential of quantum computing, it is widely believed that it is still a distant reality. According to experts at Google and IBM, it is unlikely that quantum computing will reach a significant level of development until at least 2029.

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