Ethereum is preparing for a major update that could make it more secure against potential threats posed by quantum computing.
This update focuses on a new offering called EIP-7702, put forward by Vitalik Buterin. This proposal may be considered an improvement over the previous proposal by addressing some specific technical issues related to signing processes that were previously considered limitations.
According to Vitalik Buterin, This Ethereum Update is Critical for the Future
However, a major topic of discussion in the community is the real threat of quantum computing. Some argue that quantum computing is often used as a scare tactic without real solutions being offered.
For example, developer James Prestwich pointed out that if quantum computing were truly an imminent threat, tougher measures would be necessary right now. Prestwich states that it is not very useful to bring up the issue of quantum computing without proposing concrete steps for a solution.
The risk that quantum computing poses to existing encryption methods, such as those used in Ethereum, is significant.
If quantum technology advances enough to break these methods, it could potentially put the entire system at risk. Therefore, there is an urgent call to start moving away from the current encryption standard ECDSA, which is a key security element in many of Ethereum's transactions.
Vitalik Buterin has been proactive in addressing these concerns in the past. He has been developing codes for wallets that are resistant to quantum attacks since 2017, and these codes can be seen in his public works on GitHub.
Its approach includes a focus on advanced cryptographic methods known as STARK protocols. These are seen as a promising defense against quantum attacks.
Buterin advises that the best course of action is to continue improving these protocols and make sure that any new developments in Ethereum are compatible with a future where quantum resilience is required.
*This is not investment advice.