- BTQ Technologies Corp. co-authors groundbreaking research paper on "Proof-of-Work Consensus by Quantum Sampling," introducing a novel approach that has the potential to revolutionize blockchain consensus algorithms.
- The research paper showcases the application of coarse-grained boson-sampling (CGBS) as a quantum Proof-of-Work (PoW) scheme, enabling users to perform boson-sampling and commit their samples to the network based on current block information.
- The proposed CGBS scheme incentivizes honest nodes through a strategic combination of rewards for miners submitting honest samples and penalties for miners submitting dishonest samples, leading to a Nash equilibrium and offering dramatic speedup and energy savings compared to classical hardware computation.
VANCOUVER, BC, June 5, 2023 /PRNewswire/ - BTQ Technologies Corp. (the "Company" or "BTQ") (NEO: BTQ) (FSE: NG3) (OTCQX: BTQQF), a global quantum technology company focused on securing mission-critical networks, is proud to announce its co-authorship of the groundbreaking research paper titled "Proof-of-work Consensus by Quantum Sampling."
The, co-authored by BTQ Technologies, introduces a novel approach called coarse-grained boson-sampling (CGBS) as a quantum Proof-of-Work (PoW) scheme for blockchain consensus. Since its inception in 2011, boson-sampling has emerged as a prime candidate for demonstrating quantum advantage due to its simplicity and near-term requirements in comparison to other quantum algorithms.
The research team proposes the utilization of CGBS as a PoW scheme for blockchain consensus. Users engage in boson-sampling using input states that are dependent on the current block information, and subsequently commit their samples to the network. The team also determines CGBS strategies that can be employed to validate samples and reward successful miners. By combining rewards for miners committing honest samples and penalties for miners committing dishonest samples, a Nash equilibrium is achieved that incentivizes honest nodes.
The paper presents a groundbreaking solution to the classical Proof-of-Work (PoW) problem. By introducing a quantum consensus mechanism, the paper addresses the limitations of classical systems that rely on brute force methods to solve the inverse hashing problem. Instead, the proposed approach utilizes NISQ (Noisy Intermediate-Scale Quantum) hardware to achieve Proof-of-Work mining. This scheme not only offers a more efficient alternative to classical Bitcoin mining but also ensures resistance to attacks by quantum computers, providing post-quantum security.
This groundbreaking scheme is applicable to both Fock state boson sampling and Gaussian boson sampling, delivering remarkable speedup and energy savings when compared to classical hardware computation. The findings also suggest that Boson Sampling could serve as the first commercial application for NISQ devices, which holds immense implications for the field of quantum computing. This technological advancement effectively bridges the gap between quantum computing and blockchain, opening up new possibilities and demonstrating the promising future of this emerging technology. The research paper marks a significant step forward in the field of quantum technology and blockchain consensus algorithms.
"We take great pride in our contribution to this pioneering research paper on Proof-of-Work consensus by quantum sampling. The transformative nature of this innovative approach holds the promise of revolutionizing blockchain consensus algorithms by harnessing the immense power of quantum technology. This remarkable research serves as a testament to our unwavering commitment to providing cutting-edge solutions in the era of post-quantum security." - Olivier Roussy Newton, CEO of BTQ
BTQ was founded by a group of post-quantum cryptographers with an interest in addressing the urgent security threat posed by large-scale universal quantum computers. With the support of leading research institutes and universities, BTQ is combining software and hardware to safeguard critical networks using unique post-quantum services and solutions.
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ON BEHALF OF THE BOARD OF DIRECTORS
Olivier Roussy Newton
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Forward Looking Information
Certain statements herein contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the business plans of the Company, including with respect to its research partnerships, and anticipated markets in which the Company may be listing its common shares. Forward-looking statements or information often can be identified by the use of words such as "anticipate", "intend", "expect", "plan" or "may" and the variations of these words are intended to identify forward-looking statements and information.
The Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the development of post-quantum algorithms and quantum vulnerabilities, and the quantum computing industry generally. The foregoing list of assumptions is not exhaustive.
Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements and information are based on assumptions and involve known and unknown risks which may cause actual results to be materially different from any future results, expressed or implied, by such forward-looking statements or information. These factors include risks relating to: the availability of financing for the Company; business and economic conditions in the post-quantum and encryption computing industries generally; the speculative nature of the Company's research and development programs; the supply and demand for labour and technological post-quantum and encryption technology; unanticipated events related to regulatory and licensing matters and environmental matters; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting blockchains); risks related to the direct and indirect impact of COVID-19 including, but not limited to, its impact on general economic conditions, the ability to obtain financing as required, and causing potential delays to research and development activities; and other risk factors as detailed from time to time. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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