- The Decentralised
- Posts
- Quantum Ethereum ⚛️
GM, Aleks here.
There’s a consensus that quantum computers will be able to break the encryption that puts the “crypto” in “cryptocurrency.” The only disagreement is over when, exactly, that will happen.
While that debate is currently raging in Bitcoin land, it has already become a priority in Ethereum land.
Last week, Ethereum Foundation researcher Justin Drake said the Swiss nonprofit had established a post-quantum team led by researcher Thomas Coratger, who earned a PhD in applied maths with a focus on the automotive and aeronautic industries.
The decision follows what Drake called “years of quiet R&D.” That begs the question: If the EF had been studying the threat of quantum computing for years, why create a dedicated team now?
“Timelines are accelerating,” Drake said.
In October, Google released new research which it claims brings quantum computing much closer to being used in real-world applications.
While many believe the threat to blockchains is a decade away, others are more alarmed by the pace of development.
In November, Ethereum co-founder Vitalik Buterin warned that quantum computers could break the blockchain’s encryption before the next US presidential election in 2028.
Given the sway he holds within the EF, his fear may explain its decision to double down on quantum research this year.
In addition to the creation of the post-quantum team, Drake said there would be new, bi-weekly calls in which Ethereum developers would discuss quantum security.
The EF is offering a new $1 million prize to anyone who can help harden quantum-resistant cryptography. And a soon-to-be-released website will detail a post-quantum strategy for Ethereum that “targets a full transition in coming years with zero loss of funds and zero downtime,” according to Drake.
He also suggested artificial intelligence will play a big role in the coming work. Two weeks ago, a researcher at the foundation ran a maths-focused AI for eight hours, after which it solved “one of the hardest lemmas in the foundations of hash-based snarks,” something he called “mind-blowing.”
“Applied cryptography will never be the same,” he said.
The EF isn’t the only organisation in Ethereum sphere to announce plans to prepare for a quantum world.
Karl Floersch, co-founder of Ethereum layer 2 blockchain Optimism, said his company, OP Labs, would swap out certain quantum-vulnerable technology within the next 10 years.
“Users don’t need to take any action today,” he wrote. “This announcement is about setting expectations and timelines.”
The exact quantum-resistant technology Optimism chooses will depend in large part on what Ethereum does, Floersch said. To that end, he’s been talking to engineers at the EF.
“The final choice of schemes and timelines will be a community decision, but our position is clear: PQ‑safe consensus is not optional.”
Top DeFi stories of the week 🤖
Latest from DL Research
This week in DeFi governance ⚖️
Post of the week 💥
According to L2BEAT, there are more than 100 chains that claim to function as a layer 2 blockchain for Ethereum. Clearly, lots of developers saw a goldmine. It seems they were mistaken.
Got a tip about DeFi? Reach out at [email protected]
DL News is an independent news organisation that provides original, in-depth reporting on the largely misunderstood world of cryptocurrency and decentralised finance. From original stories to investigations, our journalism is accurate, honest and responsible.
Forwarded by a friend? Subscribe here.
