Ethereum creator Vitalik Buterin reflected on the importance of account abstraction in making cryptocurrencies resistant to quantum computing.
Quantum computing has become one of the biggest current fears in the crypto community, and although it is a risk that remains latent, much has been said about how this type of computing could break the encryption that protects and keeps secure and reliable to cryptocurrencies.
As the era of digitalization develops, the threat posed by quantum computing to cryptography-based systems such as blockchain networks grows.
Two years ago, researchers from the University of Cambridge, Tecnológico de Monterrey and the innovation laboratory IDB Lab, of the Inter-American Development Bank Group, published a report on the potential threats that exist for blockchain networks in the face of the growing development of quantum computing. In that report, the researchers noted that public-key or asymmetric cryptography was vulnerable to attacks by quantum computers, which could put at risk “communication between nodes and the integrity of digitally signed transactions.”
In the face of these potential threats, the researchers highlighted the need to create new solutions that guarantee the security and integrity of blockchain networks.
In relation to this, Vitalik Buterin, creator of Ethereum and one of the most influential people in the crypto world, has pointed out the potential of account abstraction to keep cryptocurrencies safe.
During an AMA (Ask Me Anything) session held through the decentralized social network Farcaster, Buterin noted that the ERC-4337 standard, the account abstraction standard, “gives us a clear idea of how to make a user account user is quantum resistant.”
Account abstraction can add extra layers of security to a user account to ensure its protection. This, according to Buterin, can be quite useful to mitigate the risk that quantum computing can break the encryption of cryptocurrencies.
Last month, the Ethereum Foundation announced a series of grants focused on the development of this standard.
As Bit2Me News reported, the Ethereum Foundation will subsidize a total of 18 projects which are focused on accelerating the adoption of the account abstraction standard in order to increase security and improve the flexibility of the Ethereum ecosystem.
Among the projects to be subsidized are TokenSight, which proposes a solution to solve the challenges related to the security of on-chain smart contract wallets; Rhinestone, focused on the development of a standard for the registration of modules and certifications that expands the functionality of smart accounts, optimizes security and improves the user experience without compromising the principles of Web3; and Clubs, which seeks to develop tools that guarantee a highly secure user experience, like that offered by physical hardware, in mobile wallets.
In addition to reflecting on account abstraction and quantum computing, Buterin also noted that he was meditating on Artificial Intelligence, open Internet infrastructure, and the privacy of cryptocurrencies. He noted that his main motivations are the crypto community and the ecosystem that is being built on Ethereum and that he was thinking about how decentralized social networks, like Farcaster and Lens, could become as big as Meta Platforms.
Continue reading: Vitalik Buterin, Creator of Ethereum, Praises Ordinals and BRC-20 Tokens in Bitcoin
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