Ethereum visionary proposes unique solution to counter quantum attacks
Ethereum creator, Vitalik Buterin, has put forth a groundbreaking proposal to protect the blockchain ecosystem from potential quantum attacks. In a recent blog post, Buterin highlighted the risk posed by the future availability of quantum computers to hackers, who could exploit the technology to gain unauthorized access to user funds.
However, Buterin assured the Ethereum community that the platform is already equipped to tackle such threats. He stated, “I argue that actually, we are already well-positioned to make a pretty simple recovery fork to deal with such a situation.”
Chinese crypto researcher Colin Wu further emphasized the significance of Buterin’s plan. Wu shared Buterin’s insights on his Wu Blockchain page, explaining that the implementation of a hard fork could begin immediately, ensuring maximal readiness in case a quantum emergency does occur.
During the hard fork event, users would be required to download new software wallets, enabling the backup plan. However, Buterin acknowledged that there might be a few cases where users could lose their funds.
Buterin also provided a detailed outline of the proposed hard fork process. It involves reverting all blocks after the initial block once a large-scale theft is detected, disabling traditional EOA-based transactions, introducing a new transaction type for smart contract wallets, and incorporating new transaction types or opcodes to accommodate STARK proofs. Successful verification would allow users to utilize their accounts as smart contract wallets.
It is important to note that the information presented in this article is for informational and educational purposes only and should not be construed as financial advice. Readers are encouraged to exercise caution and conduct their own research before making any financial decisions.