Bag Week 2018: The Bitcoin Genesis Block backpack will centralize your belongings

Bag Week 2018: The Bitcoin Genesis Block backpack will centralize your belongings
Welcome to Bag Week 2018. Every year your faithful friends at TechCrunch spend an entire week looking at bags. Why? Because bags — often ignored but full of our important electronics — are the outward representations of our techie styles, and we put far too little thought into where we keep our most prized possessions.
It’s difficult to show people that you love blockchain. There are no cool hats, no rad t-shirts, and no outward signs – except a libertarian bent and a poster of a scantily-clad Vitalik Buterin on your bedroom wall – to tell the world you are into decentralized monetary systems. Until, of course, the Bitcoin Genesis Block Backpack.

Unlike the blockchain, this backpack will centralize your stuff in a fairly large, fairly standard backpack. There is little unique about the backpack itself – it’s a solid piece made of 100% polyester and includes ergonomically designed straps and a secret pocket – but it is printed with the Bitcoin Genesis Block including a headline about UK bank bailouts. In short, it’s Merkle tree-riffic.
The green and orange text looks a little Matrix-y but the entire thing is very fun and definitely a conversation starter. Again, I doubt this will last more than a few trips to Malta or the Luxembourg but it’s a great way to let Bitcoin whales know your ICO means business.
The bag comes to us from BitcoinShirt, a company that makes and sells bitcoin-related products and accepts multiple cryptocurrencies. While this backpack won’t stand up to 51% attacks on its structural integrity, it is a fun and cheap way to show the world you’re pro-Nakamoto.
So as we barrel headlong into a crypto future fear not, fashion-conscious smart contract lover: the Bitcoin Genesis Block backpack is here to show the world you’re well and truly HODLing. To the moon!
Read other Bag Week reviews here.

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Source: Gadgets – techcrunch

Meet the quantum blockchain that works like a time machine

Meet the quantum blockchain that works like a time machine
A new — and theoretical — system for blockchain-based data storage could ensure that hackers will not be able to crack cryptocurrencies once the quantum era starts. The idea, proposed by researchers at the Victoria University of Wellington in New Zealand, would secure cryptocurrency futures for decades using a blockchain technology that is like a time machine.
You can check out their findings here.
To understand what’s going on here we have to define some terms. A blockchain stores every transaction in a system on what amounts to an immutable record of events. The work necessary for maintaining and confirming this immutable record is what is commonly known as mining. But this technology — which the paper’s co-author Del Rajan claims will make up “10 percent of global GDP… by 2027” — will become insecure in an era of quantum computers.
Therefore the solution to store a blockchain in a quantum era requires a quantum blockchain using a series of entangled photons. Further, Spectrum writes: “Essentially, current records in a quantum blockchain are not merely linked to a record of the past, but rather a record in the past, one that does not exist anymore.”
Yeah, it’s weird.
From the paper intro:
Our method involves encoding the blockchain into a temporal GHZ (Greenberger–Horne–Zeilinger) state of photons that do not simultaneously coexist. It is shown that the entanglement in time, as opposed to an entanglement in space, provides the crucial quantum advantage. All the subcomponents of this system have already been shown to be experimentally realized. Perhaps more shockingly, our encoding procedure can be interpreted as non-classically influencing the past; hence this decentralized quantum blockchain can be viewed as a quantum networked time machine.
In short, the quantum blockchain is immutable because the photons that it contains do not exist at the current time but are still extant and readable. This means the entire blockchain is visible but cannot be “touched” and the only entry you would be able to try to tamper with is the most recent one. In fact, the researchers write, “In this spatial entanglement case, if an attacker tries to tamper with any photon, the full blockchain would be invalidated immediately.”
Is this possible? The researchers note that the technology already exists.
“Our novel methodology encodes a blockchain into these temporally entangled states, which can then be integrated into a quantum network for further useful operations. We will also show that entanglement in time, as opposed to entanglement in space, plays the pivotal role for the quantum benefit over a classical blockchain,” the authors write. “As discussed below, all the subsystems of this design have already been shown to be experimentally realized. Furthermore, if such a quantum blockchain were to be constructed, we will show that it could be viewed as a quantum networked time machine.”
Don’t worry about having to update your Bitcoin wallet, though. This process is still theoretical and not at all available to mere mortals. That said, it’s nice to know someone is looking out for our quantum future, however weird it may be.

Source: Gadgets – techcrunch