A groundbreaking study recently released by the team at BTQ, an innovative startup focused on developing quantum-resistant blockchain technology, puts forth a new approach to the traditional Proof of Work (PoW) algorithm utilizing quantum technology.
Proof of Work serves as the backbone of the Bitcoin network, with participants solving complex mathematical problems to validate transactions. While some criticize its energy-intensive nature, others argue in favor of its security.
Quantum computing represents a shift from the binary system of classical computers, leveraging quantum bits (qubits) capable of existing in multiple states simultaneously. This unparalleled computational power poses a threat to current encryption methods reliant on binary code and transistors.
In their recent paper, BTQ researchers introduce an innovative quantum-based alternative known as Coarse-Grained Boson Sampling (CGBS). This method utilizes bosons (light particles) to generate unique patterns that reflect the current state of the blockchain, moving away from hash-based puzzles.
By randomly sampling these patterns, encryption is established, akin to how random numbers underpin classical computer encryption.
Boson sampling was originally developed to showcase quantum supremacy, indicating when a mathematical problem surpasses the capabilities of classical computers.
These samples are organized into bins, facilitating result validation and confirming a miner’s work.
This revolutionary approach replaces the traditional cryptographic puzzles of PoW with quantum sampling tasks, significantly reducing energy consumption while upholding network security and decentralization.
While BTQ’s proposal holds immense theoretical promise, its implementation would demand a significant overhaul of the Bitcoin network. Miners and nodes would need to transition from ASIC-based hardware to quantum-ready infrastructure, potentially leading to a fork reminiscent of the historic Blocksize Wars.
Read more: The Blocksize Wars Revisited: How Bitcoin’s Civil War Still Resonates Today
