Quantum Theory may provide a better solution to bitcoin’s double spend problem
What is the current solution to the double spend problem?
The current solution to the double spend problem, takes up 1% of the world’s entire energy. The mining is so cost prohibitive, that a single bitcoin’s price has to be above $4000 (US dollars) for miners to just break even.
How can Quantum Theory Solve this problem?
Information behaves differently at the microscopic level than at the macro level. You may argue that ‘Informatio nis Information’ – it is all zeroes and ones. Not quite true – in the quantum world – a bit of information can be both a zero and a one simultaneously.
One consequence of this fuzzy nature of quantum information is that a quantum bit (a qubit) cannot be duplicated.
Even in principle. a bit of quantum information cannot ever be duplicated. This allows a cleaner solution to the double spend problem – essentially, representing a transaction with quantum bits, guarantees that the transaction will never be ‘photocopied’ . It will be unique – no need to spend mining power to prevent the duplication!
What do you think?
Anuj holds professional certifications in Google Cloud, AWS as well as certifications in Docker and App Performance Tools such as New Relic. He specializes in Cloud Security, Data Encryption and Container Technologies.
Anuj Varma – who has written 1214 posts on Anuj Varma, Hands-On Technology Architect, Clean Air Activist.
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