In a recent post, Vitalik Buterin claimed that Ethereum is well-equipped to handle the potential challenges that quantum computing poses to the cryptocurrency sector. Buterin suggested that Ethereum would need to undergo a hard fork to counteract these threats, which would require users to update their wallet software. This approach is expected to safeguard the majority of user assets.
Quantum computing has been in development for many years and potentially threatens to compromise current cryptographic standards, impacting not only cryptocurrency but also a broad range of internet security protocols.
Traditional security mechanisms, including public key cryptography methods like RSA and elliptic curve cryptography, depend on the complexity of mathematical problems, such as factoring large prime numbers or solving discrete logarithms. These tasks are cumbersome for classical computing, which ensures the reliability of current encryption techniques for protecting digital communications.
Quantum computers utilize algorithms that can quickly solve these problems, potentially decrypting information secured by present-day cryptographic methods almost instantaneously. This situation will call for an evolution in cryptographic practices to ensure the protection of data in the quantum computing era.
Ethereum has already been proactively addressing this challenge. The adoption of EIP-4337 and account abstraction represents a significant stride toward quantum resistance. ERC-4337 facilitates the transition to quantum-safe algorithms without substantial protocol changes, enabling the use of cryptographic methods that are resilient to quantum attacks, beyond traditional RSA and elliptic curve cryptography.
Despite initial concerns, the approach to defend against quantum computing threats is potentially simpler than anticipated. Quantum computers may be capable of deriving a private key from a public key, but they cannot obtain a private key from an address due to the quantum-resistant nature of the address creation process, which involves public keys and standard hashing functions.
Source: ethresear.ch
Under the current Ethereum transaction framework, the public key can be exposed through the analysis of wallet transaction signatures, rendering it vulnerable to quantum computing. However, Ethereum’s proposed new transaction schema aims to eliminate dependence on public keys for verifying account ownership. Instead, the network plans to implement account abstraction and utilize quantum-resistant STARK proofs for address ownership.
Though one might question why Ethereum has not yet transitioned to this new transaction schema, the explanation is relatively simple. Despite the rapid advancement of quantum computing, such computers are not yet potent enough to constitute a significant threat to global cryptography.
Additionally, the complexity of quantum computers suggests it will take even more time before they become accessible to bad actors. Experts estimate that the quantum threat will not become a concern until closer to 2030, providing Ethereum and other blockchains ample time to prepare and implement necessary safeguards.
