A novel quantum computing-based proof-of-work (PoW) scheme for blockchain consensus has been proposed by researchers from universities in Australia and the United States in collaboration with the quantum technology company BTQ. The system, called "Proof-of-work consensus by quantum sampling," aims to provide significant speed and energy savings compared to classical hardware computation. By leveraging the concept of boson sampling, a quantum computing solution with applications in various domains, the researchers believe it can enhance blockchain applications and potentially reduce the environmental impact of mining on cryptocurrencies like Bitcoin.
The current PoW algorithms used in blockchain mining are computationally intensive and slow. The proposed quantum PoW scheme offers a quantum advantage, making mining more difficult and incentivizing the participation of quantum miners as the number of miners increases. Additionally, quantum hardware has an advantage over classical computers in the context of blockchain mining because classical precomputation, which benefits classical supercomputers in solving regular problems, is essentially wasted in the mining process.
While quantum computing is challenging to develop and expensive to maintain, it has the potential to validate consensus more efficiently than classical systems for blockchain applications. The researchers argue that their quantum PoW scheme using boson sampling could future-proof blockchain technology and contribute to a greener and more sustainable approach to mining cryptocurrencies.
