How QSBitcoin (Quantum-Safe Bitcoin) Works

Core Concepts (Similar to Bitcoin)

QSBitcoin shares several fundamental concepts with Bitcoin:

• Decentralized Network: QSBitcoin operates on a peer-to-peer network. There is no central server, bank, or authority controlling the system. Participants (nodes) collectively maintain the network.
• Blockchain: Transactions are grouped into blocks and added chronologically to a public ledger called the blockchain. This ledger is distributed across many nodes, making it transparent and resistant to tampering.
• Mining (Proof-of-Work): New QSBitcoin are created, and transactions are confirmed through a process called mining. Miners use computational power to solve complex mathematical problems. The first miner to find a solution gets to add the next block to the blockchain and is rewarded with newly created QSBitcoin and transaction fees. This process secures the network.
• Public/Private Keys: Users control their QSBitcoin using cryptographic keys. A public key is used to generate addresses for receiving funds (like an email address), while the corresponding private key is kept secret and used to authorize (sign) transactions to spend funds (like a password).

The Quantum-Safe Difference: Post-Quantum Cryptography (PQC)

The primary innovation of QSBitcoin lies in its use of Post-Quantum Cryptography (PQC). Traditional cryptocurrencies like Bitcoin use algorithms (like ECDSA for signatures) that are vulnerable to attacks by powerful quantum computers, should they become available.

QSBitcoin replaces these vulnerable algorithms with PQC alternatives designed to resist attacks from both classical and quantum computers. This includes:

• Quantum-Resistant Signatures: When you send QSBitcoin, your transaction is signed using a PQC algorithm (e.g., based on lattices, hashes, or multivariate equations). This proves you own the funds without revealing your private key, and the signature remains secure even against quantum attacks.
• Quantum-Resistant Key Encapsulation/Exchange (Potentially): Future developments might involve PQC for encrypting communication or establishing secure channels within the network.
• Enhanced Key Management: Protocols may encourage practices like using new addresses for each transaction to minimize the exposure of public keys, further enhancing security.

By implementing PQC, QSBitcoin aims to provide long-term security for user funds and the integrity of the blockchain, anticipating future technological advancements.

Learn more about the specific threats and solutions on our Quantum Safety page and the Innovation page.

Note: As a research project, the specific PQC algorithms and implementation details may evolve based on ongoing research and standardization efforts (e.g., by NIST).

Transaction Lifecycle (Simplified)

1. Initiation: Alice wants to send QSBitcoin to Bob. She uses her wallet software to create a transaction specifying Bob's QSBitcoin address and the amount.
2. Signing: Alice's wallet uses her private key and a quantum-resistant signature algorithm to sign the transaction, proving her authorization.
3. Broadcasting: The signed transaction is broadcast to the QSBitcoin peer-to-peer network.
4. Verification: Nodes on the network receive the transaction. They verify the quantum-resistant signature using Alice's public key and check if Alice has sufficient funds.
5. Mining & Confirmation: Miners include the valid transaction in a new block they are trying to solve. Once a miner solves the block, it's added to the blockchain. The transaction is now confirmed (typically requiring several subsequent blocks for higher security).
6. Completion: Bob's wallet sees the confirmed transaction on the blockchain, and his balance is updated.