Hold the phone!
When I first got a whiff that quantum experts Arqit might have a brand new cryptocurrency in the works, I genuinely had to pick my jaw up off the floor.
Now, I do have to preface this blog by stating that at this point everything is pure speculation. But as the rumours have been making their way across Twitter and Reddit, I had to do some digging to see if there was any truth in this exciting possibility!
First, let’s look at who Arqit is…
When it comes to quantum encryption technology, Arqit is a London-based startup company that’s really making waves in the industry. The expert team at Arqit have managed to develop a type of encryption that doesn’t need third-party certificates, since it relies entirely on the cloud instead. Its main product is called QuantumCloud™ – a quantum encryption Platform-as-a-Service which secures the communication links of any networked device against current and future forms of attack (yes, that also means from a quantum computer).
As organisations are increasingly turning to remote-based structures and relying more and more on cloud-based infrastructures to stay connected, this type of cyber security is SO important to make sure you’re protected
This solution, known as QuantumCloud™, allows organisations to simplify and strengthen their encryption without reliance on any infrastructure at all. It’s creators, Arqit, say they’re “moving away from a complex PKI infrastructure, and the need to trust third parties” to provide a solution that is designed especially for the world of remotely-connected devices we are living in right now.
What this means is that companies will also be protected against the quantum threat once it raises its head over the horizon. I mean, why wouldn’t you want a cyber security solution that not only protects you against the threats of today, but also the threats of tomorrow?
So, yeah. Arqit is a pretty big deal.
Why would we want a cryptocurrency from Arqit?
Well, tech big shots like Google, IBM and Microsoft have confirmed that quantum computers are likely to be a reality in the next ten years. And with that advanced technology, so will the looming quantum threat.
Popular cryptocurrencies like Bitcoin and Ethereum use blockchain technology that relies on Elliptic Curve Cryptography for authentication. However, when quantum computing enters the scene, the cryptographically secure private keys currently used to keep transactions secure will be rendered useless as quantum cybercriminals will be able to crack these encryptions easy-peasy.
Whilst Arqit’s QuantumCloud™solution I mentioned earlier would be able to protect current cryptocurrencies against quantum computers, wouldn’t it make more sense to create a new cryptocurrency that’s naturally quantum safe?
A new altcoin by the only organisation to provide a solid quantum security solution would hands down be the safest bet against the quantum threat.
So, is there any truth in the rumour?
Whilst nothing has been officially released by the quantum company yet, the recent announcement from AMC Entertainment on accepting Bitcoin has given me some food for thought.
The theatre giant chairman-CEO, Adam Aron, shared that he wants to start accepting Bitcoin as payment across AMC theatres by the end of this year. And, he’s enlisted the help of Arqit to make sure these payments are secure and that the blockchain technology won’t be compromised by a quantum attack.
I have to preface that this is entirely my own opinion and I’m just putting two and two together… BUT if Arqit is working with AMC to help them put the secure infrastructure in place to start accepting Bitcoin, then surely the next step would be to create their own cryptocurrency to go along with it?
You’ve got to admit, it does seem like a plausible progression for Arqit. Why wouldn’t they take advantage of this opportunity to create the world’s safest cryptocurrency?