How Ethereum Is Battling The Quantum Computing Threat

As crypto enthusiasm turns into a wall of worry, perhaps no new threat has gained more attention than quantum computing.

Maybe it's garnering attention because of how quickly AI is advancing. Or, maybe it's garnering attention because some of the biggest fans of cryptography are also becoming some of the most vocal alarmists. Even Ethereum co-founder Vitalik Buterin has said as much by predicting serious problems on the horizon with the blockchain's security by the end of the decade.

“Elliptic curves are going to die," Buterin said at Ethereum's Developer Conference in Buenos Aires last November, suggesting that quantum computers could break the main the main security model underpinning Ethereum by 2028.

To address the issue, the Ethereum Foundation has made security a core focus. Not only did $220 million recently get unlocked from Ethereum's infamous DAO hack back in 2016 to fund security upgrades, the group also announced a new post-quantum team as the threat becomes a "strategic priority."

"The announcement of this team is not like a panic announcement," the new head of Ethereum's post-quantum team Thomas Coratger tells Coinage. "We take this very seriously and our approach is to be prepared well ahead of time um in order to ensure like a smooth transition from a pre-quantum world to a post-quantum world."

And to be sure, Ethereum is not alone in facing the quantum threat. More and more Bitcoiners are sounding the alarm on the risk that quantum poses. Venture capitalist Nic Carter has even gone as far as singling out influential players in the Bitcoin circle for being silent on the issue. Even Coinbase recently established its own independent advisory board on quantum computing.

Coratger says his team at the Ethereum foundation is looking to work collabortaively with other teams focused on the issue, but that Ethereum has always boasted a fairly consistent ability to establish consensus on upgrades.

"We see this quantum movement as an opportunity rather than a risk," he said. "The worst scenario in my mind is not to be prepared at the right time."

Coinage is a community-owned DAO letting our NFT holders become actual co-owners in one of the fastest-growing Web3 media outlets. Mint an NFT and become a member today to open a path to patronage dividends. Subscribe to our free Substack to catch all the important headlines from around the crypto world.