qBitcoin: A Peer-to-Peer Quantum Cash System

TL;DR

qBitcoin introduces a decentralized quantum cash system utilizing quantum teleportation and digital signatures, ensuring secure, fast transactions without double-spending, and replacing traditional blockchain with a quantum chain for improved efficiency.

Contribution

The paper presents a novel quantum cash system that leverages quantum teleportation and digital signatures, replacing blockchain with a quantum chain for enhanced security and speed.

Findings

Prevents double-spending through quantum information theory.

Achieves faster transactions than Bitcoin using a quantum chain.

Guarantees security via quantum digital signatures.

Abstract

A decentralized online quantum cash system, called qBitcoin, is given. We design the system which has great benefits of quantization in the following sense. Firstly, quantum teleportation technology is used for coin transaction, which prevents from the owner of the coin keeping the original coin data even after sending the coin to another. This was a main problem in a classical circuit and a blockchain was introduced to solve this issue. In qBitcoin, the double-spending problem never happens and its security is guaranteed theoretically by virtue of quantum information theory. Making a block is time consuming and the system of qBitcoin is based on a quantum chain, instead of blocks. Therefore a payment can be completed much faster than Bitcoin. Moreover we employ quantum digital signature so that it naturally inherits properties of peer-to-peer (P2P) cash system as originally proposed in Bitcoin.