Ethereum Developers Take Steps To Fend Off Quantum Attacks
A group of Ethereum (CRYPTO: $ETH) researchers and developers say they are taking steps to secure the blockchain from potential quantum computer attacks.
Powerful quantum computers are seen as a major threat to cryptocurrencies such as Ethereum and Bitcoin (CRYPTO: $BTC), with the ability to attack blockchains and drain digital wallets.
The steps being taken by Ethereum developers target the deposit contract, or entry point through which users lock-up Ethereum on the blockchain.
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Specifically, the developers are adding a switch to prevent the network from accepting the signature format it currently relies on, thus adding a new layer of blockchain protection.
Quantum computers are also viewed as having the ability to access cryptographic keys, making the Ethereum network vulnerable to future hacks.
Roughly 42.4 million Ethereum is currently staked on the blockchain network, worth about $104 billion U.S. at current prices. That's a lot of money at stake in a future quantum attack.
Developers are also looking at retiring old deposit-processing systems that Ethereum has used since staking was introduced in 2022 and transferring deposits onto newer frameworks.
Staking is the process of locking up one's cryptocurrency on a blockchain to help validate it. Analysts liken it to earning interest on a savings account.
The urgency around quantum computer threats traces to Alphabet's (NASDAQ: $GOOGL) Quantum artificial intelligence (A.I.) research report issued earlier this year.
Alphabet mapped five quantum attack paths against Ethereum and put more than $100 billion U.S. of assets at potential risk across wallets, staking, and smart contracts.
The Ethereum Foundation, the organization that supports the blockchain, is working towards making security changes to the network by 2029 to prevent quantum computer attacks.
ETH is trading at $2,475 U.S. on Aug. 26.
