Blockchain Technology enters the Quantum Era

UX Network announces the creation of QX Labs and a major development in the domain of quantum computing technology

QX Labs was founded through a collaboration between 0rigin, the founding team of UX Network, and world-renowned quantum computing experts at ETH Zurich, as well as a team of quantitative analysts from the financial services industry.

QX Labs has developed quantum computing-enabled hash functionality and the ability to attach a quantum signature to any blockchain, NFT, or comparable technology, in what is thought to be a first in the crypto business.

This will enable the construction of ‘Quantum’ smart contracts on the UX Network that are both secure against quantum attacks and energy efficient through the development of a ‘Quantum proof of power’ that complements and eventually replaces the Proof of Work / Stake mechanism.

Additionally, UX Network will have quantum computational capabilities on-chain for applications that require ever-more sophisticated calculations, systems, and processes. These will be accessible via the ‘QPU’ token, which is anticipated to emerge as a UX Network resource token from genesis in 2022.

This will occur concurrently with the official debut of QX Labs on the UX Network chain as a research and development company focused on quantum and other emerging technologies connected to blockchain and smart contracts. Additionally, QX Labs will incubate and fund qualified applications and business ideas on UX Network.

This breakthrough is significant because it enables any external blockchain or protocol to obtain a quantum signature or other UX Network resources via the 0rigin IBC protocol (‘Trustless bridge’).

Daryn Soards, CEO of 0rigin, stated, ‘Our long-term objective has been to construct crucial infrastructure that can serve as a secure platform for enterprise use of blockchain technology. The quantum signature enhances the IT platform’s creditworthiness. Additionally, the introduction of quantum resources on the blockchain begins to address the basic blockchain trilemma. Now, with UX Network, decentralisation, security, and scalability can all be achieved without sacrificing any of these characteristics.’

‘This exciting project will enable us to deliver quantum enabled smart contract capability on blockchain for the first time,’ said Simon Gold, head of commercial development at QX Labs. ‘ The applications of this technology are numerous and diverse, extending beyond the realm of cryptocurrency to the broader area of financial services.’ According to Zhikuan Zhao, the project’s principal scientist, ‘This is a natural extension of the technological path for blockchain and pushes forward the early adoption of quantum technology, potentially speeding up the development for quantum hardware.’

Learn more about UX Network on the Website, tag us on Twitter, join us in Telegram or speak directly at Info@uxnetwork.io. To find out more about QXLabs please email Hello@qxlabs.io. For business enquiries please email Joe@0rigin.one.

Source: https://medium.com/@UX_Network/blockchain-technology-enters-the-quantum-era-d3652b52f039?source=rss——cryptocurrency-5