Chapter
Quantum Computing and Proof of Work in the Crypto Industry
41:44 - 51:21 (09:37)
The crypto industry is preparing for the eventual need to use quantum-proof alternatives to current encryption methods, which will require a thousand real qubits per logical qubit. In the meantime, the industry is using ASICs to perform the computation for proof of work.
Clips
The crypto industry is aware of the inevitability of quantum computing and is ready to switch to quantum-proof alternatives when the time comes.
41:44 - 45:53 (04:09)
Summary
The crypto industry is aware of the inevitability of quantum computing and is ready to switch to quantum-proof alternatives when the time comes. Quantum computing requires fewer computations to solve a problem, which makes it faster and potentially more efficient, while the ASICs used for computation in the current Proof-of-Work system will be deprecated.
ChapterQuantum Computing and Proof of Work in the Crypto Industry
Episode#80 – Vitalik Buterin: Ethereum, Cryptocurrency, and the Future of Money
PodcastLex Fridman Podcast
The Mastercoin protocol can be improved by generalizing it further to create a generic transaction type for financial contracts, where a mathematical formula can be specified for determining the amount of money each side gets.
45:53 - 51:21 (05:28)
Summary
The Mastercoin protocol can be improved by generalizing it further to create a generic transaction type for financial contracts, where a mathematical formula can be specified for determining the amount of money each side gets.