Ethereum [ETH] Vitalik Buterin addressed recent concerns over the network’s potential vulnerability to a quantum computing attack.
Buterin detailed the preparedness of the Ethereum network in a post posted on Ethereum Research, dated 9th March. “quantum emergency.”
By doing so, Mr. Liu emphasized Ethereum’s proactive position in mitigating any negative impact from such a situation.
“Suppose that it is announced tomorrow that quantum computers are available, and bad actors already have access to them and are able to use them to steal users’ funds.”
This statement outlined ongoing efforts in the Ethereum community, to maintain network security while evolving technology threats are present.
Why are hard forks so important?
Quantum technology is rapidly advancing, and this has raised concern about Ethereum being vulnerable to quantum computing.
Ethereum has responded by actively searching for quantum-resistant ways to secure the network.
Buterin described a solution that would involve a fork, which is necessary in case of an emergency. This plan assures users their money will be safe during the whole process.
Buterin noted,
“I argue that actually, we are already well-positioned to make a pretty simple recovery fork to deal with such a situation.”
Further, He added,
“The blockchain would have to hard fork and users would have to download new wallet software, but few users would lose their funds.”
What awaits us?
Buterin assured users that they would be safe from any quantum attacks, since only their wallet addresses were publicly known.
The infrastructure required to implement such a fork is also noted by the author.
“Could, in principle, start to be built tomorrow.”
Experts suggested that quantum computing was a threat, but it did not pose a serious problem.
Google engineers and IBM’s scientists estimated quantum computing would not reach maturity before at least 2029.
These insights highlight Ethereum’s proactive approach to addressing vulnerabilities, and ongoing efforts in the crypto community adapting to new technological challenges.
“This article is not financial advice.”
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Source: ambcrypto.com