First cryptocurrency fund approved in Switzerland – Cointelegraph

Cryptocurrency adoption continues gaining momentum in Switzerland as local financial authorities grant more regulatory approvals for crypto investment instruments.

The Swiss Financial Market Supervisory Authority (FINMA) has approved the Crypto Market Index Fund as the first crypto fund according to Swiss law, the authority officially announcedon Wednesday.

The fund is launched by Swiss asset manager Crypto Finance and is administered by investment management firm PvB Pernet von Ballmoos AG with custody by regulated custodian SEBA Bank AG.

FINMA noted that the newly approved fund is restricted to qualified investors, investing primarily in cryptocurrencies or digital assets based on the blockchain or distributed ledger technology.

The regulator said that the Crypto Market Index Fund may only invest in leading cryptocurrencies with a sufficiently large trading volume. According to Crypto Finance, the fund will track the performance of the Crypto Market Index 10, a product administered by the SIX Swiss Exchange.

The objective of the Crypto Market Index 10 is to reliably measure the performance of the largest, liquid crypto assets and tokens and to provide an investable benchmark for this asset class, Crypto Finance noted.

Related: SEBA Bank granted the first Swiss digital asset custody license

FINMA added that it would require investors to invest only through established counterparties that are based in a member country of the Financial Action Task Force and are subject to corresponding Anti-Money Laundering regulations.

In conjunction with the fund approval, FINMA has also approved SEBA Bank AG as an institutional-grade custodian service by granting the firm a CISA license. Previously, the authority officially allowed SIX Swiss Exchange to launch a digital marketplace and central securities depository built on distributed ledger technology in early September.

Originally posted here:
First cryptocurrency fund approved in Switzerland - Cointelegraph

Inside the worlds first Bitcoin rehab clinic where traders who have lost MILLIONS battle cryptocurrency… – The US Sun

A REHAB clinic in Scotland claims to be the first in the world to treat cryptocurrency addiction.

Castle Craig, a private hospital in Peeblesshire near Edinburgh, has seen admissions for Bitcoin addicts increase by a factor of 10 in the past year.

2

2

The clinic is overseen by therapist Tony Marini who claims to be the first physician to recognise that crypto trading is very similar to gambling.

He says most addicts start by occasionally trading before frequent wins feed dopamine cravings and dreams of earning millions.

However, such habit-forming behaviour where users can lose large sums of money can lead to disaster and even suicide, he adds.

Tony told Decrypt: If you say to somebody doing crypto, so you're occasionally gambling, they're gonna go no, Im not.

"So take out the word gambling and say occasionally trading.'"

One of Tony's patients began trading in cryptocurrencies while working in finance.

He says the addiction led the man to stealing more than 1million from his employers.

The therapist says Bitcoin addicts are often addicted to drugs and booze.

He said: "Commonly, people start because they want to buy stuff off the dark web. And the only way to do that is with cryptocurrency.

The biggest problem is this cross addiction [with crypto] startingthrough drugs and alcohol.

Since 2017, Tony has treated 15 people who have been addicted to crypto.

He says that often people are referred to the clinic for drugs or alcohol but their treatment often uncovers other behavioural obsessions, and foremost among these is crypto addiction.

Tony says that around nine of his current patients being treated at the 18th century country house are addicted to online trading.

He says they are usually aged between 20 and 45 and have a "bit of spare cash" when they start dabbling in crypto.

From 2017 and 2019, Tony claims Castle Craig was the only facility in the world which was treating cryptocurrency addiction.

Users travel from the likes of the United States, Dubai, Malta and the Netherlands to get treatment at the clinic.

Tony says that too many stories about Bitcoin are about people who have made fortunes - and not the traders who have gambled their lives away.

He said: "Were not hearing about the people that have lost lots of money. People are so ashamed. They feel so guilty. They don't want to be talking about it. They feel stupid.

We pay for your stories!

Do you have a story for The Sun news desk?

More here:
Inside the worlds first Bitcoin rehab clinic where traders who have lost MILLIONS battle cryptocurrency... - The US Sun

Kosovo’s parliament expects to approve law on cryptocurrency by year-end – bne IntelliNews

Kosovos parliament is expected to approve the law on cryptocurrency by the end of the year, local media reported on October 3.

Kosovos central bank says investments in cryptocurrencies are risky and demands that this industry, which operates illegally in Kosovo, to be regulated once and for all.

The parliamentary committee for economy, which launched the legal initiative in July this year, has passed the first stage of the draft, while the public hearing on this legal initiative is due to start this week, KosovaPress reported.

The Chairman of the Committee on Economy, Ferat Shala, was cited as saying that the most activities related to cryptocurrency are registered in northern Kosovo.

This phenomenon in the north, and associated energy costs, according to him, pushed the committee to accelerate the drafting of the law to regulate the sector.

"The good thing about this is that all operators in this sector will know that we are working, monitoring and at some point will be subject to applicable law, he was cited as saying.

Shala said that the pre-election campaign for the October 17 local election, which reduced the activities of the parliament, delayed the adoption of the draft.

BIRN reported in May that mining for Bitcoin in northern Kosovo, mainly populated with ethnic Serbs, is flourishing as people in the region pay nothing for the electricity since the end of the Kosovo-Serbia conflict in 1999.

Read the rest here:
Kosovo's parliament expects to approve law on cryptocurrency by year-end - bne IntelliNews

Trump on cryptocurrency: Im a big fan of the dollar – Yahoo News

Donald Trump, the 45th President of the United States, joins Yahoo Finance's Adam Shapiro to discuss the rising popularity of cryptocurrencies.

- Now, a great many of our viewers here on the Yahoo Finance platform are into cryptocurrencies. And the well-known Bitcoin investor Anthony Pompliano was just on my program talking about China's crackdown on crypto. He says that's a big gain for the United States. You have a relationship with the Chinese President Xi Jinping. What do you think Xi Jinping is up to? And is this crackdown on crypto good for the US?

DONALD TRUMP: Well, I think he wants to do his own currency, whether it's crypto or otherwise. And one of the reasons that we have to be very careful is we have a currency right now, the dollar. And I'm a big fan of the dollar. I'm a big fan of our currency. And I don't want to have other currencies coming out and hurting or demeaning the dollar in any way. And China is looking to do-- China is certainly not looking to back the dollar. But right now, they're based on the dollar and they would probably have to stay that way unless we do something very foolish in our country.

I mean, the problem that I have with so much has happened, whether you look at the border, the horror Show at the border, or the horror Show of the Afghan withdrawal is our country is losing credibility. And if you look at a monetary system based on the dollar, if you start losing credibility, all of a sudden you're going to lose that strong monetary system. And we have to be very careful about that.

See original here:
Trump on cryptocurrency: Im a big fan of the dollar - Yahoo News

Brock Pierce, Cryptocurrency Pioneer Has Had No Involvement with Tether Since 2015 – PRNewswire

NEW YORK, Oct. 5, 2021 /PRNewswire/ -- Brock Pierce, cryptocurrency pioneer and former US Presidential candidate, clarifies his position vis--vis Tether, a stablecoin company which launched in 2014 as the "first stablecoin." Tether is currently being investigated by New York State Attorney General after an appellate division of the U.S. Supreme Court published an opinion on July 9, 2020 allowing further investigation.

Pierce states, "I was one of the principal founders of Tether, but I was never a director, nor officer of the business. I was passively involved. In 2015, I transferred 100 percent of my ownership to our minority partners in exchange for zero consideration. I have never made one cent from Tether." Pierce adds emphatically.

The original intention for the business was to show the world how this technology could benefit them. Tether has done well to demonstrate the utility of a stablecoin. It has inspired governments and central banks all over the world to implement their own strategies based on this proven success.

About Brock Pierce:

Brock Pierce is an entrepreneur and venture capitalist with an extensive track record of founding, advising and investing in disruptive businesses. He's credited with pioneering the market for digital currency and has raised more than $5B for companies he has founded. Pierce is the Chairman of the Bitcoin Foundation and co-founder of EOS Alliance, Block.one, Blockchain Capital, and Mastercoin (first ICO).

Pierce is an early investor in Bitcoin and one of the largest investors in the Ethereum crowd sale. He is the founder of IMI Exchange, the world's leading digital currency marketplace for games, with annual sales exceeding $1B and investors such as Goldman Sachs, which was sold in 2016 for more than $100M. Pierce founded ZAM, one of the world's largest media properties for gamers, which was acquired by Tencent in 2012. He founded IGE, the pioneer of digital currency in online games, achieving revenues exceeding $100 million in 2006 and sold in 2007. Pierce is also a co-founder of D10e, GoCoin, Blade Payments, Five Delta, Xfire 2.0, Playsino, Evertune, GamesTV, and DEN. He also advises Airswap, Bancor, BitGo, BitGuild, BlockV, Bloq, DNA, Element Group, Metronome, Shyft, and tZERO.

Media Contact:S Osmena323.365.8000[emailprotected]

SOURCE Brock Pierce

Read the original here:
Brock Pierce, Cryptocurrency Pioneer Has Had No Involvement with Tether Since 2015 - PRNewswire

‘Quantum computer algorithms are linear algebra, probabilities. This is not something that we do a good job of teaching our kids’ – The Register

Let's say, for the sake of argument, that quantum computers will exist in some useful fashion in the not too distant future.

And if that is the case, fundamental changes will be needed in education, supply chains, and national policies for us to use the machines to solve complex problems, panelists said a forum hosted by R Street Institute this week.

"We need ... to prepare people to think about computation in a fundamentally different way," said Chris Fall, senior advisor at the Center for Strategic and International Studies, during the discussion.

On conventional computers, information is encoded in strings of 0s and 1s, while in quantum computers, information is encoded in quantum bits that have a value of 0, 1, or a superposition of both states. This allows quantum computers to store much more information than a classic machine and process it in less time, in theory. There are limitations, such as the fact that they are unstable and prone to error despite efforts to address that, and may hit a wall if unprotected from background radiation. Encryption-breaking quantum computers are forever 15 years away.

Sorry, yes, we're assuming they will eventually work.

Google, D-Wave, IBM, Intel, Microsoft, Honeywell, and so on, are building qubits in different ways. Their goal is to build fault-tolerant machines that can run super-fast calculations by tempering qubit behavior and correcting errors introduced from the environment.

"The routine manipulation of the properties of single atoms in people's devices, devices, cars that is going to change everything. We don't have a full understanding of how that's going to happen." Fall said.

Starting now, education needs to be better for people to take advantage of the quantum processing breakthroughs as the hardware journey matures, the panelists said. Problem solving and algorithms will look very different in areas like finance and science, for example.

"The language of quantum algorithms are linear algebra and probabilities. This is not something that we do a good job of teaching our kids from a very early stage. That is kind of where we need to get started now," Fall said.

Quantum computing is a different problem-solving system and calculates differently from conventional computers, was the gist of the discussion.

Governments will need to drive change if quantum computing is a matter of national interest and public need, said Scott Friedman, a senior policy advisor of the House Homeland Security Committee.

Global legislation to protect semiconductor supply chains, like the CHIPS for America Act and Europe's Chips Act, needs to factor in quantum computing infrastructure, panelists said.

Most cryogenic refrigerators for quantum computers are made in Europe, and the United States needs to work with allies to secure those supply chains, said Allison Schwartz, global government relations and public affairs leader at quantum computer maker D-Wave Systems.

The government also needs to facilitate collaboration and bridge a gap between educators, developers, and scientists involved in algorithms and developing hardware, the panelists said.

The US introduced legislation called QUEST (Quantum User Expansion for Science and Technology) for increased access of quantum hardware and resources for research and further education. A National Quantum Initiative Act (NQI) was signed into law in 2018 to supercharge quantum computing development and research, but activity around these have stalled.

"The advisory committee for the NQI hasn't met in a while ... on the executive branch side. An easy next step to bring more focus in this area would be to convene that again and get broader input from the community," said Kate Weber, policy lead for quantum, robotics, and fundamental research at Google, which hopes to a build a fault-tolerant computer by 2030.

The moderator, R Street Institute senior fellow Miles Taylor, raised the idea of quantum computers creating sentient beings, much like the machines in the Terminator movies.

"I don't know if we're going to have a sentient computer," CSIS's Fall said, adding, "we're learning to manipulate single atoms at ... industrial scale. That's not a laboratory project. It'll change the world."

See the original post here:
'Quantum computer algorithms are linear algebra, probabilities. This is not something that we do a good job of teaching our kids' - The Register

QunaSys to participate in IEEE International Conference on Quantum Computing and Engineering (QCE21) – KEVN Black Hills Fox

Published: Oct. 4, 2021 at 10:00 AM MDT

TOKYO, Oct. 4, 2021 /PRNewswire/ -- QunaSys Inc. is a sponsor of Quantum Week 2021 (Oct 17 - 21) the leading quantum computing event that bridges the gap between the science of quantum computing and the development of the surrounding industry.

QunaSys researchers are deeply engaged in the event with an exhibit booth, a hands-on tutorial, and a panel:

"Japan's technology ecosystem is actively advancing quantum computing. QunaSys is a key player in driving business, government, and academia collaboration to enable the quantum chemistry ecosystem and boost the adoption of this technology." Tennin Yan, QunaSys Inc. CEO, and Hausi Mller, General Chair IEEE Quantum Week 2021 and Co-Chair IEEE Quantum Initiative.

"Companies are getting ready by learning the skills to develop and test quantum algorithms. Collaboration within an ecosystem and a multi-platform approach is key to expand use case proliferation that in turn advances the technology." Tennin Yan, QunaSys Inc. CEO.

"As organizers, we are very pleased with the outstanding contributions from the international quantum community for IEEE International Conference on Quantum Computing and Engineering (QCE). We look forward to welcoming 800+ participants from 45+ countries and 220+ companies." Hausi Mller.

Register now for the conference and learn how to maximize the power of quantum computing, understand the industry use cases potential and how to implement algorithms to solve chemistry related complex problems, please register here: https://qce.quantum.ieee.org/registration/registration-overview

Additional resources

About QunaSys Inc.

QunaSys is the world's leading developer of innovative algorithms in chemistry focused on accelerating the development of quantum technology applicability. QunaSys enables maximization of the power of quantum computing through its advanced joint research that addresses cutting-edge technologies providing Qamuy, the most powerful quantum chemical calculation cloud software; fostering development of collaboration through QPARC industry consortium; and working with research institutions from academia and government. QunaSys software runs on multiple technology platforms with applicability in all chemical related industries to boost quantum computing adoption.

About IEEE event

IEEE is the world's largest technical professional organization dedicated to advancing technology for the benefit of humanity. IEEE is actively contributing to the global R&D efforts to understand the power and promise of quantum computing. IEEE Quantum Week is bridging the gap between the science of quantum computing and the development of an industry surrounding it.

HIroki Okaoka@qunasys.com/ pr@qunasys.com+81-9060589550

View original content to download multimedia:

SOURCE QunaSys Inc.

The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.

Go here to see the original:
QunaSys to participate in IEEE International Conference on Quantum Computing and Engineering (QCE21) - KEVN Black Hills Fox

Quantum Networking and Clustering What Is It? Why Should You Care? Who’s Aliro? – HPCwire

Taking those questions in reverse order, Aliro Quantum is a young Harvard lab spin-out seeking to deliver the quantum networking technology many believe is critical to scaling up quantum computers. Aliro contends that clustering moderate size quantum computers, say 1000-qubit systems (still not buildable, though IBM says perhaps soon) or bigger, is the most likely way to create something resembling a monolithic 1M-qubit-or-more-sized quantum computer large enough to solve practical problems.

That thesis is at the core of our business model and of many others, said Prineha Narang, Aliro CTO, founder, Harvard professor. People, mostly from the hardware side, are trying to do this with us. Were interfacing down to the hardware getting down to the FPGAs were just not building the quantum hardware. We see the path to scale being through these networks, and those types of networks being part of the bigger picture of these entanglement-generating and entanglement-using large scale networks.

Whether these connected quantum computers end up being called clusters or distributed computing (both terms have currency now) or something else isnt yet clear, she said. Narang and Harvard colleague, John Philbin, have an interesting recentpaper(Computational Materials Insights Into Solid-State Multiqubit Systems) in the APS journal PRX Quantum.

There are, of course, many other quantum networking applications, but in essence they all connect some sort of quantum device (e.g. a sensor) to another quantum device. It should be noted not everyone agrees that clustering is the only or best path to scale-up quantum computers. PsiQuantum, for example, says its photonics-based quantum computer thats leveraging semiconductor fabrication techniques will scale to a million or more qubits.

That said, there is broad agreement that practical, scalable quantum networking is an important ingredient in the development of a robust quantum information sciences landscape. DOE has several related projects and there are similar efforts around the globe.

How do these devices work? Broadly, a quantum network must interface with a quantum computer (or other quantum device), capture and faithfully transmit a qubit-based information stream to another device able to use the data. Accomplishing that requires dealing with familiar quantum challenges: generating entanglement, managing coherency duration, enacting error correction, using quantum memory, and to reach any distance (WANs) reliable repeaters. Also, dont forget there are currently numerous qubit technologies such as semiconductor-based superconducting, trapped ions, cold atom, photonics, etc. A generalizable quantum network would need to be able to interface with any of them.

A positive for quantum networks is mature optical technology; high-quality optic fiber is a good transmission medium and the most viable current option. Aliro is focused on quantum network control plane and protocol development. It is leveraging quantum and traditional networking hardware. Think of Aliro as a little like Mellanox for quantum networking, said Narang.

Putting aside, for a moment, remaining technical challenges, consider Narangs ambitious milestones for Aliro and forecast for quantum networking:

Aliro was spun out of Narangs Harvard lab in 2019 where her research focuses on a variety of quantum topics spanning quantum materials, quantum information, and quantum molecular dynamics. The Aliro headcount is roughly 20 and growing, and Narang cites the greater Boston areas wealth of high tech resources (university, networking tech expertise, talent) as an important factor in deciding to set up shop there.

Weve been developing a control plane. Some of the things Im going to say are very similar to the language youd hear from classical networking. Were thinking about the quantum version in the same way. It has various layers, including a physical layer, like a classical network. The temptation is always, even in classical networking, to say lets do everything in the physical layer because the hardware is becoming better, said Narang.

But the reason classical networking has been so successful is that the details of the physical layer are abstracted away into some of these other layers. This is why every time theres a hardware upgrade, how I think about the internet doesnt change. That abstraction is what enables us to think about issues of timing, synchronization, and connecting these devices in the control plane. Thats really where the key value is.

The idea is to hide the underlying complexity such as qubit modality. Whats the right architecture for connecting to superconducting and trapped ion systems? What amount of architecting with a control plane is needed versus how much is overkill? So what can you do over a quantum channel versus what can you do over the classical channel in order to get the timing right or to get some of the synchronization problems solved? said Narang citing key questions.

We want people to come into this field and not have to figure out all of these other pieces, but to be able to easily interface with these systems. The phrase plug-and-play gets used a lot in the sales. [Quantum networking] is still not plug-and-play but its certainly become much more accessible to a broader set of engineers and scientists than five years ago, she said.

Besides clustering quantum computers, there is a major push to develop a so-called quantum internet. Among potential applications identified in a 2018 Science article are: secure communication, clock synchronization, extending the baseline of telescopes, secure identification, achieving efficient agreement on distributed data, exponential savings in communication, quantum sensor networks, as well as secure access to remote quantum computers in the cloud. (Figure from Science article, 10-31-2018, shown below.)

From a hardware standpoint, key components are missing at the moment, quantum repeaters being a significant one. This is an area where my lab does a lot of work in looking at how we think about third-generation quantum repeaters that actually can enable the kind of capacity you need to have a meaningful large-scale quantum network using solid state components. Theres a lot of talk about this now. DOE has announced a very big roadmap and blueprint to connect the various DOE labs, which, of course, are all across the country. Essentially, this is the quantum version of the ARPANET. And there are some hardware advances needed before we can talk about connecting something as big as that.

Having said that, a metropolitan area network is definitely much more achievable. This is where youre within the repeater-less bound. Theres actually fiber between Harvard, MIT, and Lincoln Labs and these things can be connected. Now, over a network like that, youre not having a very high bandwidth conversation with your buddies on the other side. But these are entanglement using and generating networks, theyre a proof of concept, testbeds. We have one here. Theres one at Argonne and Fermi Lab in the Chicago area, thats getting a lot of attention. These are attempts at figuring out what are the components, both hardware and software, that will become part of a larger scalable network, said Narang.

Narang noted that codesign is important in quantum networking development. As much as we are abstracting away from the hardware, there are also many hardware choices that need to be made that are informed by the protocols (software), said Narang.

Theres a temptation from the hardware community to say, Were going to build out the hardware, these folks are going to throw some software on there and its all going to be great. It turns out theres some hard constraints that are imposed on the hardware, based on some of the protocols and algorithms of interest. So codesign has been a really key component here. Were collaborating very closely with the DOE labs, in particular ESnet based out of LBNL though they (ESnet) have fiber all across the country. [We are working with them] on thinking about how we can emulate these long-haul links because thats where we see the value. We dont see value in simple quantum key distribution (QKD). There are people doing it, but you can look up very public documents from the DOD and NSA that say that they dont view the path in secure communication to be at all related to QKD. So for entanglement generating and using networks, the biggest value really is from having these components and getting to getting to scale.

Aliro envisions being able to spec out the entire network. This would entail having Aliro boxes at both ends and gaining access to existing high-quality fiber in between. Generating entanglement and sharing entanglement are core capabilities required. Quantum memory is also important (needed for repeaters). Routing is also a challenge and Aliro has put forward a set of protocols for routing, said Narang, who is working with the Quantum Internet Research Group (IETF Quantum IRG) seeking to set standards and is active in the NSF-affiliated Center for Quantum Networks.

She expects there to be a variety of node types, think smart and less so. Fees for entanglement-as-a-service would likely be based on both transmission fidelity and transmission rates. Big customers such as a bank might want exotic boxes and pay a premium; others might not require that. The Aliro website lists quantum-secure communications, improved GPS precision and reliability, and accurate positioning, navigation and timing as potential application for its entanglement-as-a-service (EaaS). That seems less connected to the idea of scaling up quantum computers via clustering. To some extent, the promotion may be aspirational as the quantum network world is still nascent.

Were partnering with hardware vendors that weve established relationships with. Im being intentionally a little vague here. Its a tight rope here, said Narang. Currently, if you deliver a network, its going to be slow, the entanglement rates are very slow. And its very small in the sense of the geography because were waiting for repeaters to come online to take this across the country. However, there are a lot of things that we can do to anticipate what kinds of repeaters well have. Were working with various types of architectures at testbeds like, the folks at Argonne, and the folks at Brookhaven. They have different realizations of what a repeater would look like.

Like many, Narang thinks moving quantum processing out of icy cold dilution refrigerators (a few degrees Kelvin) will be an important step. Theres a strong push in my research to look at quantum memories that are at temperatures above four Kelvin that can operate with reasonable fidelity at that temperature, because we think that [operating] with liquid nitrogen cooled (77 kelvin) is no problem, but as soon as youre talking about, you know, these ultra-low temperature, pumped-helium systems, and there are. Shes a fan of solid state memory citing diamond and silicon carbide (color centers) which could offer higher temperature operating ranges.

Choosing partners and technologies is tricky. Weve been in deep conversations with both Google and Amazon and they have very different roadmaps going forward and we havent ourselves decided if would try to achieve both or pick one. There are reasons to pick and there are reasons to not pick, she said.

Likewise, photonics expertise will be critical. Xanadu and PsiQuantum are among the more prominent quantum computer companies trying to develop optically-based systems. PsiQuantum has been very direct about its plans to launch a million-qubit quantum computer.

We have talked with them, said Narang. We dont currently have a signed partnership with them. Were being very cautious to not get tied to one particular photonic platform. We think that we will need a long-term photonic platform partner, whether its going to be PsiQuantum or Xanadu, or another, were not sure. They, on their roadmaps, dont have plans for integrating quantum repeaters.

Thats okay, said Narang, but Aliro would prefer somebody on the photonics side thats interested both in these connected photonic processors, and how you bring in the repeater into the picture.

Stay tuned.

More:
Quantum Networking and Clustering What Is It? Why Should You Care? Who's Aliro? - HPCwire

Quantum AI: Are We Ready? – Datamation

Miles Tayler, senior fellow at the R Street Institute, recently moderated a fascinating panel on quantum computing.

Several others were with him on the panel: Chris Fall, Ph.D., senior adviser, presidents office, Center for Strategic and International Studies; Scott Friedman, senior policy adviser, House Homeland Security Committee; Allison Schwartz, global government relations and public affairs leader, D-Wave Systems; and Kate Weber, Ph.D., policy lead for quantum, robotics, and fundamental research, Google.

They spoke about the practical applications of quantum computing, how the U.S. was falling behind several companies on this technology, and why that could be a terrible thing.

Lets talk about quantum computing and how it will be a game-changer for everything from simulation and modeling to artificial intelligence (AI). Im pretty sure we arent ready for a quantum AI:

While we are still at least a decade from when we get to a point when quantum computers can even begin to reach their full potential, quantum emulators and current generation quantum computers are beginning to do some real work.

We are learning that quantum computers are naturally better when emulating and interacting with reality, because nature doesnt consist of just 1s and Os. The more complex a problem, the better able a quantum computer can deal with it.

Initial applications are increasingly focused on logistic types of problems with many moving parts. For instance, it is being used heavily by foreign governments that use it for logistics management, such as Australias military using autonomous vehicles that dont put soldiers or contractors at risk. Current generation computers were not powerful enough, and since the military lives or dies on logistics, having a far more effective tool using quantum computing could.

Australia would have an increasing advantage over time if it came to open conflict due to a quantum tool to aid in logistics. In addition, applied to emerging intelligent weapons, like drone swarms, quantum computing should position the drones collectively for maximum impact more effectively. Together, these two implementations would give a military unit with this capability a significant advantage over those that do not.

Other examples are emergency response modeling and execution. The quantum computer is first asked to create a plan for a major disaster. It then assists in getting the available resources to those that most need them and mapping out and dynamically changing the plan for evacuations depending on then-current conditions.

See more: IBM Partnering with University of Tokyo on Quantum Computer

But things get interesting when we add quantum computing capability to an AI. Quantum computing can provide AIs with the ability to emulate emotions and act like they are feeling them. While this alone wouldnt represent sentience, it would be hard to tell the difference. And a quantum AI would be better able to respond to complex signals, like expressions, eye movement, and body language that traditional computers find challenging.

An AI with a quantum back end could perform the role of therapist, say on a submarine or space exploration vessel that couldnt justify a human therapist. And it would be far less likely to be biased, assuming it was properly trained.

A quantum AI would have a significant advantage as a 100% audit function. It would look at every transaction and see whether it was likely fraudulent or in violation of policy from the related metadata. Current human-driven audit organizations dont have the bandwidth for 100% audits and miss a lot of actual crimes because they have to operate from far smaller samples.

Another area where quantum AI would make a considerable difference is government, as it could almost immediately identify graft and bribery. The relevant AI would be able to distribute the limited day-to-day resources daily more effectively, especially during a catastrophe, and assess liability for complex decisions far more accurately.

See more: IBM and the Promise of Quantum Hybrid Deep Learning AI

While quantum computing is still far from its potential, with only a tiny fraction of the number of qubits needed to demonstrate that potential, it is already showing viability in several areas.

Those areas are military, such as in logistics and weapons, smart cities, government, emergency response, modeling, and simulation, where the complex problems are beyond conventional computers capabilities.

These capabilities will be a competitive game-changer for the armed forces, governments, and companies that effectively use this technology first. There will be such a significant advantage in any highly complex market, like stock trading, that those that dont have access to this technology could quickly be eclipsed and made redundant by those that do. Fortunately, there is still time but that time is running out. Should a critical mass of governments, companies, or individuals get access to this technology, theyll have massive advantages over those that dont.

We are not ready for quantum AI, and we are running out of time.

See more: Top Performing Artificial Intelligence Companies

Read more:
Quantum AI: Are We Ready? - Datamation

IonQ becomes the first quantum computing hardware firm to go public – Yahoo News

IonQ on Friday became the first quantum computing hardware company to go public, via a special purpose acquisition company (SPAC).

Why it matters: Quantum represents the next generation of computing, and while the industry is likely still years away from producing widely reliable hardware, IonQ's performance should be an indicator of how the market views the technology's potential.

Stay on top of the latest market trends and economic insights with Axios Markets. Subscribe for free

What's happening: IonQ began trading on the New York Stock Exchange Friday morning, and it ended the day down about 10%.

How it works: Maryland-based IonQ, which was founded in 2015, employs powerful lasers to trap ions from the rare Earth metal ytterbium, and uses them to form quantum bits or qubits the basic unit of quantum computing.

The company already produces a 22-qubit quantum computer that it sells access to through AWS, Microsoft Azure and Google Cloud platforms.

Fidelity is using IonQ's hardware to create algorithms that can crunch historical data to determine the likelihood of a borrower defaulting on a loan, while Goldman Sachs uses it to determine how the movement of one company's stock price is affected by changes in another company's price.

What they're saying: "It's still early in the overall lifecycle of the quantum market, but this is like asking investors whether they would have wanted to invest in Apple when the Apple II computer came out," says Peter Chapman, IonQ's CEO.

The catch: IonQ doesn't disclose its revenues though the company has said publicly it's in the "eight figures" and even some quantum computing experts believe the industry's promises have outpaced its accomplishments.

What to watch: Chapman says IonQ will use the capital raised from going public to fund its efforts to build a 64-qubit chip by the end of 2023.

Story continues

He claims those chips will eventually be able to be networked together to provide more than 1,000 qubits of processing power the level many experts believe is required before quantum computers can reliably outperform cloud-accessible classical supercomputers.

What's next: The XPRIZE Foundation announced yesterday that it would work with the Geneva Science and Diplomacy Anticipator to launch a global quantum computing innovation contest.

"The world faces massive computational problems, and we believe quantum computers can really help," says XPRIZE's Amir Banifatemi.

More from Axios: Sign up to get the latest market trends with Axios Markets. Subscribe for free

Read the original post:
IonQ becomes the first quantum computing hardware firm to go public - Yahoo News