Vitalik Buterin suggests a ‘straightforward’ hard fork as a defense against a quantum attack on Ethereum

Vitalik Buterin, co-founder of Ethereum, has stated that the platform is well-prepared to address the potential threat of a quantum computing attack on its network. In a recent post on Ethereum Research, Buterin discussed the consequences of a “quantum emergency” occurring in the near future. He speculated that if quantum computers were suddenly made available to malicious actors who used them to steal users’ funds, Ethereum would need to undergo a hard fork. However, this would result in minimal loss of funds for users. The hard fork would involve rolling back the Ethereum network to the point where the theft occurred and disabling all traditional transactions from that point forward. To prevent further exploits, Ethereum developers would introduce a new transaction type called RIP-7560, which allows transactions from smart contract wallets. This new transaction type, based on Winternitz signatures and zero-knowledge proof technologies known as “STARKs,” would ensure that existing wallets are protected against quantum attacks. By leveraging ERC-4337 account abstraction, private keys would remain secure while signing transactions. Buterin emphasized that users who have never approved a transaction from an Ethereum wallet are already safe from quantum-related exploits. He also mentioned that the necessary infrastructure for implementing the hard fork could be built starting immediately. While the advent of quantum computing has been a concern for the crypto industry, experts believe that it is still several years away from being sufficiently developed to pose a significant threat. Google and IBM engineers estimate that quantum computing won’t be ready until at least 2029.