Quantum Advantage on Proof of Work
- URL: http://arxiv.org/abs/2105.01821v1
- Date: Wed, 5 May 2021 01:27:31 GMT
- Title: Quantum Advantage on Proof of Work
- Authors: Dan A. Bard, Joseph J. Kearney, Carlos A. Perez-Delgado
- Abstract summary: We make the case that quantum devices provide a computational advantage in performing Proof-of-Work (PoW) in the context of Bitcoin.
This has strong consequences regarding both quantum-based attacks on the integrity of the entirety of the blockchain, as well as more legitimate uses of quantum computation for the purpose of mining Bitcoin and other cryptocurrencies.
- Score: 0.0
- License: http://creativecommons.org/licenses/by/4.0/
- Abstract: Proof-of-Work (PoW) is a fundamental underlying technology behind most major
blockchain cryptocurrencies. It has been previously pointed out that quantum
devices provide a computational advantage in performing PoW in the context of
Bitcoin. Here we make the case that this quantum advantage extends not only to
all existing PoW mechanisms, but to any possible PoW as well. This has strong
consequences regarding both quantum-based attacks on the integrity of the
entirety of the blockchain, as well as more legitimate uses of quantum
computation for the purpose of mining Bitcoin and other cryptocurrencies. For
the first case, we estimate when these quantum attacks will become feasible,
for various cryptocurrencies, and discuss the impact of such attacks. For the
latter, we derive a precise formula to calculate the economic incentive for
switching to quantum-based cryptocurrency miners. Using this formula, we
analyze several test scenarios, and conclude that investing in quantum hardware
for cryptocurrency mining has the potential to pay off immensely.
Related papers
- The curse of random quantum data [62.24825255497622]
We quantify the performances of quantum machine learning in the landscape of quantum data.
We find that the training efficiency and generalization capabilities in quantum machine learning will be exponentially suppressed with the increase in qubits.
Our findings apply to both the quantum kernel method and the large-width limit of quantum neural networks.
arXiv Detail & Related papers (2024-08-19T12:18:07Z) - Towards A Post-Quantum Cryptography in Blockchain I: Basic Review on Theoretical Cryptography and Quantum Information Theory [0.0]
The invention of quantum computers was so revolutionary that they bring transformative challenges in a variety of fields.
It becomes inevitable to consider to implement a post-quantum cryptography, which is also referred to as quantum-resistant cryptography.
arXiv Detail & Related papers (2024-07-19T05:59:21Z) - From Portfolio Optimization to Quantum Blockchain and Security: A
Systematic Review of Quantum Computing in Finance [0.0]
We provide an overview of the recent work in the quantum finance realm from various perspectives.
The applications in consideration are Portfolio Optimization, Fraud Detection, and Monte Carlo methods for derivative pricing and risk calculation.
We give a comprehensive overview of the applications of quantum computing in the field of blockchain technology.
arXiv Detail & Related papers (2023-06-12T19:53:23Z) - Simple Tests of Quantumness Also Certify Qubits [69.96668065491183]
A test of quantumness is a protocol that allows a classical verifier to certify (only) that a prover is not classical.
We show that tests of quantumness that follow a certain template, which captures recent proposals such as (Kalai et al., 2022) can in fact do much more.
Namely, the same protocols can be used for certifying a qubit, a building-block that stands at the heart of applications such as certifiable randomness and classical delegation of quantum computation.
arXiv Detail & Related papers (2023-03-02T14:18:17Z) - Interactive Protocols for Classically-Verifiable Quantum Advantage [46.093185827838035]
"Interactions" between a prover and a verifier can bridge the gap between verifiability and implementation.
We demonstrate the first implementation of an interactive quantum advantage protocol, using an ion trap quantum computer.
arXiv Detail & Related papers (2021-12-09T19:00:00Z) - Depth-efficient proofs of quantumness [77.34726150561087]
A proof of quantumness is a type of challenge-response protocol in which a classical verifier can efficiently certify quantum advantage of an untrusted prover.
In this paper, we give two proof of quantumness constructions in which the prover need only perform constant-depth quantum circuits.
arXiv Detail & Related papers (2021-07-05T17:45:41Z) - Quantum-resistance in blockchain networks [46.63333997460008]
This paper describes the work carried out by the Inter-American Development Bank, the IDB Lab, LACChain, Quantum Computing (CQC), and Tecnologico de Monterrey to identify and eliminate quantum threats in blockchain networks.
The advent of quantum computing threatens internet protocols and blockchain networks because they utilize non-quantum resistant cryptographic algorithms.
arXiv Detail & Related papers (2021-06-11T23:39:25Z) - Vulnerability of Blockchain Technologies to Quantum Attacks [0.0]
Quantum computation represents a threat to many cryptographic protocols in operation today.
It has been estimated that by 2035, there will exist a quantum computer capable of breaking the vital cryptographic scheme RSA2048.
arXiv Detail & Related papers (2021-05-05T01:01:42Z) - Quantum crypto-economics: Blockchain prediction markets for the
evolution of quantum technology [0.623435010579444]
In due course, quantum technology will have the ability to directly compromise the cryptographic foundations of blockchain.
We build financial models for quantum failure in various scenarios, including pricing quantum risk premiums.
arXiv Detail & Related papers (2021-02-01T06:19:45Z) - Quantum Multi-Solution Bernoulli Search with Applications to Bitcoin's
Post-Quantum Security [67.06003361150228]
A proof of work (PoW) is an important cryptographic construct enabling a party to convince others that they invested some effort in solving a computational task.
In this work, we examine the hardness of finding such chain of PoWs against quantum strategies.
We prove that the chain of PoWs problem reduces to a problem we call multi-solution Bernoulli search, for which we establish its quantum query complexity.
arXiv Detail & Related papers (2020-12-30T18:03:56Z)
This list is automatically generated from the titles and abstracts of the papers in this site.
This site does not guarantee the quality of this site (including all information) and is not responsible for any consequences.