Technology

Is there a new cryptocurrency coming to town?

Crypto-geeks, assemble! If you’re like me, you love to keep on top of the latest news in cryptocurrency. And as an investor with stocks and shares, that also means keeping an ear to the ground for whispers and ‘gossip’ to make sure you’re trading with the best and most up-to-date knowledge in the crypto universe.

While I mainly use Twitter to share my thoughts and educated guesses on all things digital currency, I keep tabs on the myriad subReddits for crypto, as well as filling my RSS feed with several blogs on the subject. At this point, I’m far past no0b arguments of Litecoin vs Dogecoin and spend my time more on how to make our favourite digi-investments more sustainable and watching out for any companies developing their own cryptocurrencies.

Recently, I came across a company that piques my other main interest: cybersecurity, namely, encryption. Say hello to Arqit Quantum, Inc. I first heard about this hitherto-unknown British company when I read about its insane, cool, ambitious plan to build the world’s first QKD satellite constellation.

This is significant as it potentially puts Britain back on the cybersecurity satellite map and has potential to give China a run for its money. The project aims to have two of these satellites launched from Cornwall, UK by 2023.

If you’re not au fait with satellite QKD, this description from Space.com is super helpful:

“QKD is a protected communication method that uses the quantum possessions of photons, the elementary atoms of light, to encrypt top-secret keys that can be communal by two gatherings to protect their infrastructures. The method, deemed unhackable (since any attempt to eavesdrop on the statement vicissitudes the state of the photons and abolishes the keys), already works in fibre optic chains but only for comparatively short detachments of about 60 miles (100 kilometres) as the signal progressively wanes. Nevertheless, in the vacuum of space, the information-carrying photons can effortlessly travel across detachments of hundreds of miles. A cable orbiting at the altitude of 430 miles (700 km), such as the Arqit QKD satellites, can provide a good quality transmission down to Earth.”

This, coupled with the company’s major clients and partnerships (think seven of the world’s most formidable governments and departments of defence, BT, Virgin, qt labs, etc) and again, the amazing trading month it’s enjoyed mean it’s smack dab in the centre of my crosshairs.

But wait, there’s more!

I’ve recently heard a rumour I can confirm came from reputable sources, that Arqit is currently working on its own cryptocurrency and that it will most likely be launched imminently. This is very, very exciting news. Why? Firstly, because of the tech Arqit provides, and secondly, what they could provide once their own digicoin is launched.

The company’s main offering is QuantumCloud, a fully scalable, satellite-based, symmetric key encryption that’s been built with the cloud, blockchain and the Internet of Things in mind. A full, yet cost-effective update to current, outdated PKI encryption, the technology doesn’t just protect against all current types of decryptions – it also offers protection against the clear and present danger of quantum computers and their frightening ability to decrypt instantly. The company has ambitious plans for huge growth, mainly because, as everyone begins to take the threat of quantum computers seriously, they’ll need a solution like Arqit’s.

“But”, I hear you ask, “with so many projects on the go, why would they need to take on an even bigger challenge?”

Let me put it this way: if you had developed a technology that is specifically brilliant at protecting blockchain and knew that most cyber security bosses and crypto-crazies wanted your technology – why wouldn’t you want to trade on that?

Further, the main reason I’m so excited, and will be first in line to snatch it up, is that you can guarantee that the cryptocurrency Arqit develops will be quantum-safe by default. While Bitcoin and other forms may be difficult to hack because of blockchain technology, it’s relatively easy to hack at point of sale, hack into a user’s ‘wallet’ or find out their private key and get in that way.

What Arqit may be developing is a crypto that is harder (verging on impossible) to hack than any other current type of digicoin. The possibilities – and the earning potential – are endless.

You heard it here first, kids!

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