Vitalik Buterin talks on blockchain vulnerability to quantum computers and signs an agreement with the VEB

During the event in Tatarstan (the Russian region) dedicated to cryptocurrencies and blockchain and hosted by the Russian bank VEB, Vitalik Buterin, the creator of Ethereum, who knows Russian, had a long talk with local representatives of the VEB and government. The future and security were the topics Mr. Buterin referred to many times. He was asked on the future of cryptography. The interviewer told that the world is on the verge of quantum computing technologies introduction and asked how cryptographers will withstand this new and very powerful tool of hacking.

Buterin, being the the lead developer of Ethereum structure, answered that quantum computers will be able to hack many classic cryptography solutions and the market better prepare for it – banks, governmental structures and corporate frameworks can suffer greatly. However, blockchain technologies are already much more secure and designed with possible future threats in mind – this is why during the development the Ethereum team didn’t choose some obsolete solutions they would otherwise implement.

He also noted that the blockchain tech is secure, but as any new solution, it needs to be implemented rapidly – and this is its ultimate paradox. Because as people in Silicon Valley say, to implement something rapidly you should break the barriers – and security sometimes makes blockchain implementation not so swift as it should be.

He also told about blockchain in Southeast Asia where he has just been; technological progress there is impressive, but many technologies there, however new, require improvement, especially accounting software. Surprisingly enough, the network of ETH nodes in Europe (including European Russia) is developed much better than in Southeast Asia.

Vitalik told that blockchain is just a part of a global digitalization trend and the governments of the world will have to adapt to this situation. In the next 50 years, the evolution of protocols might lead to the situation when a person will be able to operate with 10 currencies in the same wallet. One currency for entertainment kind of operations like gaming, another for serious payments, third for corporate bonuses… the possibilities are infinite.

After this event, the Vnesheconombank (VEB) and Ethereum Foundation have signed a cooperation agreement in projects connected with blockchain and the distributed ledger technologies.