BTQ Technologies Corp.’s collaborative research paper on proof-of-work consensus by quantum sampling has been featured in the prestigious New Scientist magazine. The paper introduces a groundbreaking Quantum Proof-of-Work scheme for blockchain consensus.
The team’s approach, which uses coarse-grained boson-sampling (CGBS), has the potential to reduce the energy consumption of cryptocurrencies, like Bitcoin, by an order of magnitude. The article in New Scientist highlights the significance of the research, suggesting that Boson Sampling could serve as the first commercial application for Noisy Intermediate-Scale Quantum (NISQ) devices, showcasing the promising future of quantum computing and blockchain technologies.
The team devised a reward and penalty system for miners, creating a Nash equilibrium that incentivizes honest nodes. This approach offers a remarkable speedup and energy savings compared to classical hardware computation. The quantum consensus mechanism presents a groundbreaking solution to classical Proof-of-Work problems, offering a more efficient alternative while ensuring resistance to attacks by quantum computers.
Overall, this research has the potential to revolutionize blockchain consensus algorithms and represents a significant leap in post-quantum security.