Ethereum co-founder Vitalik Buterin assured the crypto community that the ETH blockchain is ready for a potential quantum threat.
He noted that if quantum computers become available and are used by malicious actors to steal users’ funds, the Ethereum blockchain may implement a hardfork to counter this.
Buterin explained that the infrastructure to implement such a hard fork could, in principle, begin to be created as early as tomorrow. According to Buterin, this will make the Ethereum ecosystem maximally prepared in the event of a quantum-related emergency.
The goal of quantum-resistant cryptography, such as Winternitz signatures and STARKs, is to prevent scenarios where malicious actors can access quantum computers and use them to steal users’ funds, Buterin explained. Once account abstraction is in place, any user can voluntarily switch to using a quantum-resistant signature scheme.
However, Buterin also touched upon the possibility of a sudden quantum transition before these measures are fully implemented. He argued that the Ethereum blockchain is already well positioned to do a simple recovery hardfork to deal with such a situation. In this scenario, the blockchain would have to hardfork and users would have to download new wallet software. Despite this, Buterin said that very few users will lose their funds.
*This is not investment advice.
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