The security of bitcoin namely relies on cryptographic signatures, which is based on the computation hardness suggestion,s in terms of conventional computers and the recent innovations in the quantum computing technologies impose great risks on the security of bitcoin. If a quantum computer really exists, it can disrupt the mining process and lead to cracking of the SHA256 hashing algorithm. Even though humanity is still far away from being able to build a quantum computer, no one can deny that potential danger exists. The only way to mitigate this problem is to transplant the whole system on a quantum network and to quantize transactions.
An Overview of qBitcoin:
A recently published paper introduced a novel decentralized P2P quantum based payment system, known as qBitcoin. The system design benefits from quantization of cryptocurrency transactions. Coin transactions take place via the quantum teleportation technology; this prevents the owner of a coin from retaining the coin’s original data following sending it to another user. Quantum teleportation is a protocol that is designed to transfer quantum information to distant locations using conventional information networks.
qBitcoin renders double spending attacks impossible to execute, as security is bullet-proof, thanks to the quantum information theory. qBitcoin relies on a quantum chain, rather than blocks, as the process of generating blocks consumes both time and computing resources. As such, payments can be executed much faster than payments on bitcoin’s network. qBitcoin is a P2P payment system as it employs quantum digital signatures for verification of transactions.
The attempt to build a payment system based on the quantum technology dates back to a prototype that was revealed by Wiesner in 1983. Throughout his scheme, quantum money is secured as it cannot be counterfeited, thanks to the no-cloning theorem.