Vitalik Buterin Keen On Quantum Attack-Proof ETH Blockchain

Vitalik Buterin, the co-founder of Ethereum (ETH) outlined a strategy to safeguard the Ethereum blockchain from quantum computing threats using a hard fork.

The massive computational power of quantum algorithms boosts the possibilities of quantum attacks in the crypto world, exhibiting the need for quantum-resistant cryptographic solutions. Vitalik Buterin to safeguard digital assets in today’s changing landscape, proposed a plan for a quantum attack-proof Ethereum blockchain using a hard fork and quantum-resistant cryptographic approach.

Vitalik Buterin’s Proposal for Ethereum Protection

In the continuously evolving world, technology and advancement have emerged as both a bliss and a curse. Quantum attacks or quantum threats that use the public key to identify the private key for attempting a hack.

Over the Ethereum blockchain, when a user makes a transaction from the ETH wallet, it uncovers the public keys making it effortless for hackers to reach the private keys using quantum threats.

Vitalik Buterin is well aware of the potential of quantum attacks and their impact on blockchain performance. Hence, outlined an approach to safeguard the Ethereum blockchain from potential computing threats.

Growing challenges for the security of cryptographic systems against the advancement of quantum technology seek the attention of Buterin. Result of this, Buterin developed strategies for enhancing Ethereum’s resilience as well as consideration of quantum-resistant cryptographic methods.

Ethereum blockchain’s current cryptographic foundation has emerged as the main loophole that the advanced technology could potentially exploit. ETH addresses and the cryptographic functions are at risk.  

According to Buterin, a combination of strategies including a hard fork and advanced cryptographic techniques is the best solution for the raising problem.

The hard fork is a change to the blockchain protocol that makes invalid blocks or transactions valid and vice-versa. The strategy simply includes making significant changes to transaction protocols in the previous block to mitigate the chances of unauthorized access to the customer’s fund.   

Quantum-resistant cryptographic approach, on the other hand, aims to enhance the blockchain’s defending power against quantum threats. Enhancement in the transaction security, as well as validation procedure, helps in increasing the defending power.

Winternitz signatures and zero-knowledge proof technologies known as “STARKs” help in switching the current wallets to new validation codes. Further, Ethereum blockchain developers will add a new transaction type as a part of the Ethereum Improvement Proposal (EIP) 7560 to carry out transactions from smart contract wallets.

According to Buterin, updating the transaction types and advancing the validation process will assist the Ethereum blockchain in constructing a more secure ecosystem for users. 

Furthermore, users who have never approved a transaction using an Ethereum wallet are safe from quantum attacks and threats.        

ETH Current Performance

According to CoinMarketCap, after a hike of 1.95% in a day, ETH reached $4,031.37 on March 11. The biggest competitor of Bitcoin has a market cap of $484,315,344,497 and $23,559,986,346 in 24-hour volume. 

The total and circulating supply of ETH is 120,098,097 ETH with an all-time high of $4,891.70 and an all-time low of $0.4209. 

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.