Ethereum co-founder Vitalik Buterin stated that Ethereum is well-prepared to counter the potential threats posed by a quantum computing attack on the network. In a post on Ethereum Research on March 9, Buterin discussed the consequences of a “quantum emergency” occurring as early as tomorrow. He proposed that if bad actors gained access to quantum computers and used them to steal users’ funds, a hard fork would be necessary, requiring users to download new wallet software. However, Buterin assured that only a few users would lose their funds in this scenario. The hard fork process would involve rolling back the Ethereum network to the point where it becomes evident that large-scale theft is occurring and disabling all traditional transactions. Ethereum developers would then introduce a new transaction type, as outlined in the Ethereum Improvement Proposal (EIP) 7560, to enable transactions from smart contract wallets. This new transaction type would utilize Winternitz signatures and zero-knowledge proof technologies called “STARKs” to ensure that existing wallets are switched to new validation code. By leveraging ERC-4337 account abstraction, the validation code would prevent the exposure of private keys while signing transactions, making these accounts resistant to quantum attacks. Buterin also emphasized that users who have never approved a transaction from an Ethereum wallet are already safe from potential quantum-related exploits since only the wallet address has been made publicly available. He further mentioned that the infrastructure needed for implementing such a hard fork could begin development as soon as tomorrow. While quantum computing has long been a concern for the crypto industry, most experts believe that it is still a distant reality. Engineers from Google and IBM estimate that quantum computing will not be sufficiently advanced until at least 2029.
Vitalik Buterin suggests that a 'straightforward' hard fork could thwart a quantum attack on Ethereum.