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