- BTQ Technologies Corp.'s pioneering research, in collaboration with leading researchers from universities in Australia and the United States, has been featured in the prestigious New Scientist magazine. The collaborative research paper, "Proof-of-Work Consensus by Quantum Sampling," introduces a groundbreaking Quantum Proof-of-Work scheme for blockchain consensus.
- The New Scientist article highlights the potential of the team's approach, which uses coarse-grained boson-sampling (CGBS), to reduce the energy consumption of cryptocurrencies, such as Bitcoin, by an order of magnitude.
- The feature in New Scientist underscores the significance of the team's research, suggesting that Boson Sampling could serve as the first commercial application for Noisy Intermediate-Scale Quantum (NISQ) devices, highlighting the promising future of quantum computing and blockchain technologies.
VANCOUVER, BC, June 21, 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, along with its research partners from universities in Australia and the United States, are pleased to announce their co-authored research paper, "Proof-of-Work Consensus by Quantum Sampling," has been featured in New Scientist magazine, an esteemed science and technology news magazine.
The innovative research paper introduces a quantum Proof-of-Work (PoW) scheme for blockchain consensus, known as coarse-grained boson-sampling (CGBS). The team's ground-breaking approach could potentially reduce the energy consumption of cryptocurrencies, like Bitcoin, by an order of magnitude. Users perform boson-sampling with input states based on current block information, committing their samples to the network.
The team devised a reward and penalty system for miners, creating a Nash equilibrium that incentivizes honest nodes. This approach offers a remarkable speedup and energy savings compared to classical hardware computation.
This quantum consensus mechanism presents a groundbreaking solution to classical Proof-of-Work problems, typically reliant on brute force methods to solve inverse hashing issues. Utilizing Noisy Intermediate-Scale Quantum (NISQ) hardware for Proof-of-Work mining offers a more efficient alternative while ensuring resistance to attacks by quantum computers.
These findings suggest that Boson Sampling could be the first commercial application for NISQ devices, bridging the gap between quantum computing and blockchain, and demonstrating the promising future of these emerging technologies.
To read more, the New Scientist coverage can be found here: https://www.newscientist.com/article/2379058-quantum-computers-could-slash-the-energy-use-of-cryptocurrencies/
"We are incredibly proud to have our pioneering research paper featured in New Scientist. This innovative approach, utilizing the power of quantum technology, promises to revolutionize blockchain consensus algorithms and represents a significant leap in post-quantum security." - Olivier Roussy Newton, CEO of BTQ
About New Scientist
New Scientist is the world's most popular weekly science and technology publication. Our website, app and print editions cover international news from a scientific standpoint, and ask the big-picture questions about life, the universe and what it means to be human. If someone in the world has a good idea, you will read about it in New Scientist.
Since the magazine was founded in 1956 for "all those interested in scientific discovery and its social consequences", it has expanded to include newsletters, videos, podcasts, courses and live events in the UK, US and Australia, including New Scientist Live, the world's greatest festival of science. New Scientist is based in London and New York, with operations elsewhere in the UK, the US and Australia.
About 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.
Connect with BTQ: Website | LinkedIn
ON BEHALF OF THE BOARD OF DIRECTORS
Olivier Roussy Newton
CEO, Director
Neither the NEO nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
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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