The cryptocurrency world is still in its early stages and already we are seeing someone looking at replacing it.
Researchers are working on a payment system using quantum technology as a replacement for the present blockchain system. There reasoning is simple: Blockchains take a while to verify and complete. By virtue of quantum informational theory, no coin can be double spent and is secure.
Here is a piece of the article:
The novelty of qBitcoin compared to Bitcoin or other quantum money schemes can be summarized as follows.
- Quantum teleportation is used to transmit a coin. This prevents from double spending in a simple way without help of a blockchain.
- Quantum digital signature is used to verify transaction. This requires other participants to be involved in verifying signatures, hence it is compatible with P2P.
- Transaction data is stored not in a block but in a point, hence transaction is immediately completed once if signature is verified. In other words, a blockchain is replaced by a quantum chain.
What is ironic is that people still question technology and how quickly things are moving. No sooner is something starting to be implemented before something else is in the works.
But do not fear Bitcoin holders, quantum is still a number of years (if not decades) down the road.
Here is the original article:
https://www.nextbigfuture.com/2017/09/quantum-bitcoin-qbitcoin-online-quantum-cash.html#more-136436
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thanks for sharing. Followed and upvoted. Feel free to follow back. With all these quantum computer talks... this would seem like a logical answer. Cheers
Followed you too.
Awsome times are ahead of us ;)
I read a lot about the current coins preparing for the quantum-age, but this is the first that actually builds upon this new technology ! especially the entanglement aspect is mind-blowing, setting aside the blockchain.
We really need to keep an eye on this. Thanks for sharing !
It is encouraging that coins are preparing for the quantum age especially when you consider how far they really are away from it. I estimate that it is at least 10 years before we see a major impact from quantum computing. It is just too early at this point. A lot of things to work out.
Sure, it will still be quite sometime before this sees the light.
But if i ran such a platform, i would want it to be future-proof. The first quantum computer of its kind, is almost certainly going to be used against crypto, the pot is just way too big.
Or if a government gets its hand on it, before anyone else, likely scenario, they would not use it to benefit any of us, i see them using it to kill everything but their own devilish coin. So, rather ten waiting for that moment to arise, i personally would rather have taken precautions. ;)