Vitalik Buterin shared a possible scenario in which attackers use quantum computers to steal Ethereum users’ funds. He suggests preventing this possibility with the help of a hard fork.
Vitalik Buterin, Co-Founder of Ethereum, told how developments in quantum computing can empower hackers to affect the network of the largest altcoin. He suggested a simple solution that can make the Ethereum blockchain network resistant to cyberattacks using quantum computers.
In the latest study, Vitalik revealed that quantum developments are well underway and although hackers are unlikely to gain access to them in the near future, quantum computers are a major threat to the Ethereum network. He suggested that if attackers could use quantum computers to steal user funds, a “simple hard fork” would be enough to protect assets.
Buterin reasoned that the process of such a hard fork would include:
- rolling back the network to when the attack began;
- disabling all traditional transactions;
- adding a new transaction type using smart contract addresses described in the RIP-7560 proposal;
- introducing a new verification algorithm based on a STARK proof, which will update the account code and use it as a smart contract address.
Buterin said that the infrastructure required for this hard fork should be “built tomorrow” to prepare the Ethereum network in case of a “quantum emergency.”
Japan is planning a commercial release of 64-qubit quantum computers, theoretically capable of breaching the Bitcoin network.
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