Cryptocurrencies

Bitcoin emerged as a decentralized alternative to traditional fiat currency in 2008. Despite detractors, the value of one bitcoin has ballooned in size. General Physics supports the development of electronic currency that is encrypted to the point where the decentralized ledger on the blockchain cannot be effectively hacked. Due to the distributed ledger of the cryptocurrency, named because of a complex algorithm involving elliptic functions and large numbers encoding account information, a single point attack will not be verified by the cryptocurrency network. However, a sophisticated agent, working to factor large numbers and deconvolute the elliptic functions and hash at the end of the transaction string may be able to write a code that can percolate through the entire blockchain and cause accounting errors. This could be prevented by the use of quantum computers where no-cloning algorithms and data protection are tied to the nature of quantum states, thus decaying if measured or perturbed by bad actors. Crypto, the quantum computer revolution, prime number and elliptic function generation, and the relations of this to international banking will revolutionize the way we think of the economy. Of course, the economy is not the universe and is hardly a good example of a physical system. There are geopolitical factors at play. What is important is understanding the future direction of less fees associated with transactions and more effort spent encrypting the data. Hence, quantum computers will provide the necessary encryption schemes for large bank transactions and transfers. These are protected by the coherence of quantum states in a number of readout schemes. General Physics supports the development of single molecule magnet qubits read out by scanning probe microscopy and spectroscopy where sensitive stylus voltages and currents create quantum superpositions which entangle within the molecule and then are operated upon by Hadamard gates or whatever algorithm one chooses. The result of molecular magnet quantum computers will be a smaller qubit capable of interacting with an ensemble of circuits in a cryogenic sink where qubits are prepared and manipulated. Of course, the long distance transmission of qubits will require sophisticated optical photonic entangled states and here the no-cloning theorem will provide value in preserving the fidelity of quantum photon polarizations traveling to account holders.

What is also interesting to imagine, is the nature of bitcoin mining. Here new prime numbers and elliptic functions generate new cryptocurrency. Is this counterfeit bitcoin production? The legalization of increasing amounts of bitcoin through trading and exchange to fiat currency or government currency means that, through mining, bitcoin algorithms are producing their own value. General Physics supports the backing of currency through the promises of governments and international regulatory agencies with official oversight.

Bitcoin essentially sells its product, an encryption scheme, as a reaction to the standard centralized encryption algorithms of the industry. It is in the business of producing large undecipherable numbers.