- The proposed research paper opens a new dimension for blockchain technology
- Multiple upgradations are being recommended across the blockchain network
A team from Universities in Australia and the United States has chosen to collaborate with quantum technology company BTQ. This team has released a joint research paper proposing a proof-of-work consensus mechanism. This proof of work consensus will be based on boson sampling and quantum computing techniques for validating consensus. The researchers claim that this newly proposed proof-of-work system will rely on quantum computing techniques for faster and more efficient consensus validation. This will be a dramatic improvement compared to computation carried out by previous hardware.
A detailed analysis of the quantum POW research paper proposed
Previous proof-of-work consensus mechanisms used for Bitcoin were known for their slow processing speed and huge energy consumption. The researchers of this newly proposed quantum proof-of-work consensus mechanism claim that it will be much more energy efficient and have faster processing speeds.
Moreover, upon implementing this consensus, the mining process will face multiple difficulties. Because numerous quantum mining machines would join the server, making it congested and establishing a proper block mining time. More quantum miners would be encouraged to participate in the program as it creates a huge advantage for them.
This new quantum consensus mechanism would bring plenty of benefits but it lacks a pre-computing feature that was available in previous proof-of-work consensus mechanisms. Thus, it repeats those same processes whenever a similar problem comes around the blockchain.
Impact of boson sampling in this new quantum POW network
Although boson sampling is not a novel concept in quantum computing, it provides a unique opportunity for blockchain technology for its effective application. Previously, boson sampling was only used in a handful of industries due to being a non-universal quantum computing solution.
However, it may be an ideal solution for blockchain networks to evolve consistently. Boson sampling has been mostly implemented within the field of chemistry but it has gained attention in the context of mining as people are trying to reduce the environmental cost of mining.
After the implementation of boson sampling in this newly proposed quantum proof-of-work network, many people might have thought that mining would become difficult for some. However, such new challenges have only motivated quantum miners to solve the problems and collect rewards. The mining procedure might have bumped up in cost, but it hasn’t slowed down the miners in their work.
Conclusion
Whatever thoughts people might have regarding this newly proposed quantum technology mechanism for blockchain, it will surely take the crypto space to new heights. The blockchain network will become more robust, secure, and faster.
