While much has been discussed in cryptocurrency circles regarding Google’s latest quantum computing breakthrough and its affect on the dominant Proof of Work (PoW) mining, a new researcher believes it can perfect the Proof of Stake (PoS) instead.
Scott Aaronson, a researcher working in the field of Quantum Computing Theory at the University of Texas told Fortune that a big computing entity like Google’s new quantum computing giant Sycamore can actually perfect the whole PoS mining process.
PoS differs from the more dominant PoW mining concept in which actual encryptions need to be decoded through actual computing power. The more computing power one has, the more returns from mining exploits one will receive. However, this method is costly, consumes a large amount of electricity and has serious long-term consequences for the environment.
However, the PoS mining relies on random picking of users with “staked” or deposited coins to help chose the receiver of the new blocks. While some cryptocurrency networks have adopted PoS mining in a limited capacity to move away from the energy-intensive PoW, the process is fundamentally flawed with the current technology available. The reason is that a true random number picking is not yet possible with the existing computing chips in mass production and thus without it, there is genuine skepticism regarding the process.
However, according to the researcher, the Sycamore quantum computer operating at 54-qubit processor with quantum logic gates — took just 200 seconds to sample to an equation one million times. Therefore, the computer can be used to generate certifiably random numbers which wasn’t possible before.
But, his claim remains to be seen as one giant centralized quantum computer may not be the answer to a decentralized network’s mining issues. PoW mining on the other hand remains largely unaffected by the latest development according to Bitcoin Core developer Peter Todd.
Nevertheless, as quantum computing advances, the cryptocurrency industry is likely to benefit from it and not face any damning issues as many claim.
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