Cryptocurrency Litecoin Down More Than 3% Within 24 hours – Litecoin (LTC/USD) – Benzinga

Litecoin's LTC/USD price has decreased 3.95% over the past 24 hours to $50.18, continuing its downward trend over the past week of -9.0%, moving from $54.24 to its current price.

The chart below compares the price movement and volatility for Litecoin over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has climbed 31.0% over the past week, moving opposite, directionally, with the overall circulating supply of the coin, which has decreased 0.62%. This brings the circulating supply to 71.38 million, which makes up an estimated 84.97% of its max supply of 84.00 million. According to our data, the current market cap ranking for LTC is #22 at $3.58 billion.

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Cryptocurrency Litecoin Down More Than 3% Within 24 hours - Litecoin (LTC/USD) - Benzinga

TRON selected to issue Dominica’s national cryptocurrency – Finbold – Finance in Bold

As the cryptocurrency industry continues to expand, more countries and institutions are hopping on the bandwagon, and some of them even want to have their own official digital assets, including one Eastern Caribbean nation.

Indeed, the Commonwealth of Dominica is launching the Dominica Coin (DMC) in partnership with the TRON Protocol (TRX) after the nation passed the Virtual Asset Business Act in its Parliament earlier in 2022, according to TRONs press release on October 12.

The purpose of issuing the coin is to aid in promoting the country as a place with great tourist capacities and its rich natural heritage, driving its economic advancement. Commenting on this development, Dominicas Prime Minister Roosevelt Skerrit explained what it means for his country:

This is a historic step for Dominica in its drive to enhance economic growth by embracing digital innovation and appointing TRON Protocol as its designated national blockchain infrastructure.

Meanwhile, TRONs founder Justin Sun conveyed his teams excitement and optimism over the established partnership, stressing that:

The TRON team and myself are delighted that Prime Minister Roosevelt Skerrit trusts TRON to develop the blockchain infrastructure that will empower their participation in the decentralized financial future. () We hope it is the first of many technological partnerships with sovereign governments to come.

It is worth noting that the partnership between the blockchain and the Caribbean state has also brought the official approval of TRON-issued digital currencies as medium of exchange in Dominica.

As Justin Sun stated on Twitter, all digital assets issued on the TRON blockchain have been granted statutory status as authorized digital currency and medium of exchange in Dominica, also posting an official document that proves it.

In the meantime, the total number of transactions on the TRON blockchain has recently surpassed 4 billion after rumors started of its founder being the real buyer of crypto exchange Huobi, whereas Justin Sun himself announced his appointment as a member of the exchanges Global Advisory Board.

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TRON selected to issue Dominica's national cryptocurrency - Finbold - Finance in Bold

Lawsuit Challenging Taxation Of Cryptocurrency Tokens Generated Through Staking Dismissed As Moot – Fin Tech – United States – Mondaq

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The early dismissal of a federal lawsuit that could haveresolved whether certain cryptocurrency tokens can be taxed asfederal income feels like business as usual for an industryaccustomed to uncertainty. At issue in this taxpayer-initiatedlawsuit was whether cryptocurrency tokens generated through thestaking process are properly taxed as income. Resolution of thisissue was poised to make a significant effect on the digital assettax scheme, particularly after Ethereum - the world's secondlargest cryptocurrency by market cap - recently transitioned to aproof-of-stake consensus protocol.

Plaintiffs, two Tennessee taxpayers, engaged in a cryptocurrencystaking operation involving Tezos, a cryptocurrency that uses theproof-of-stake mechanism to validate transactions. Transactionvalidators for proof-of-stake platforms must first"stake" or pledge as collateral a number of their owntokens as their "buy in" to be chosen as a validator. Ifchosen, the staker-validator then uses their computing power tovalidate transactions, or blocks of data, that are added to ablockchain. Successful validators are rewarded with thecryptocurrency tokens that are created when the new blocks of dataare validated and added to the blockchain.

In 2019, Plaintiffs' Tezos staking efforts created 8,876 newTezos tokens. When tax season arrived, Plaintiffs initiallyreported $9,407 in "other income" from the new Tezostokens on their 2019 tax returns. Later claiming that the new Tezostokens were not subject to federal taxation as income, Plaintiffsrequested a nearly $4,000 refund from the IRS.

According to Plaintiffs, the creation of Tezos tokens throughthe proof-of-stake validation process was no different from a bakerbaking a cake where that freshly baked cake is considered newproperty, not income subject to taxation. Not until Plaintiffs soldthose new tokens - just like the baker selling the cake - wouldthey be subject to federal income tax based on that realized gain,or so Plaintiffs argued.

The Government initially rejected Plaintiffs' claim thattokens generated through staking were not income and denied therefund request. But as the court case progressed, the Governmentchanged its tune and agreed to issue a full refund - every pennyPlaintiffs requested - to resolve the case. The Government did notexplain why it decided to issue the refund or whether tokensgenerated through staking are indeed taxable.

Determined to secure a judgment that the newly created tokenswere not income for tax purposes, Plaintiffs rejected the refund.From Plaintiffs' perspective, if they accepted the refund forthat year, they would be forced to fight with the IRS every yearover whether the tokens they generated that year from staking weretaxable.

Plaintiffs tried to reject the refund "offer," but theGovernment issued it anyway and then moved to dismiss the case asmoot. The Government argued the case was moot becausePlaintiffs' complaint only raised whether the denial of refundin tax year 2019 was proper. Because the Government issued a fullrefund to Plaintiffs for tax year 2019, the issue (refundeligibility for 2019) was moot and incapable ofrepetition.As the Government saw it,Plaintiffs' lawsuit did not actually implicate the broaderpolicy question of whether tokens generated through staking aretaxable as income.

The Court agreed with the Government's position, rejectingPlaintiffs' contention that a live issue remained or that thisissue would reoccur every year that Plaintiffs continued to engagein staking. The Court also disagreed with Plaintiffs (supported byan amicus brief from Coin Center) that the issue was of significantpublic importance needing judicial resolution.

Barring an appeal in this case, those who had hoped forclarification on this issue remain disappointed. What is certain isthat the Government was careful not to leave too many clues aboutwhether it has changed its position on whether tokens generatedthrough staking were taxable income. Buried in a footnote in theGovernment's motion to dismiss, it noted that "the grantof a refund for one taxpayer for one year is neither a prospectivenor universal statement of IRS policy about the many individualitems reported on a tax return for any given year." Thisappears to respond to a statement from the "Proof of StakeAlliance" that the IRS's decision to issue a refund inthis case was an indication that it no longer considered tokensgenerated through staking as income.

This case was also particularly significant because thepopularity of proof-of-stake protocols is on the rise, due at leastin part to the perception that they are more energy efficient thanproof-of-work consensus protocols (e.g., Bitcoin). But how the IRSwill treat tokens generated from staking remains unclear. In 2014,the IRS issued guidance that cryptocurrency "mining" ortokens issued to validators who successfully validate transactionson proof-of-work platforms (no staking required) were income.See IRS Notice 2014-21 ("when a taxpayer successfully'mines' virtual currency, the fair market value of thevirtual currency as of the date of receipt is includible in grossincome") (https://www.irs.gov/pub/irs-drop/n-14-21.pdf).Interestingly, absent from the Government's answer toPlaintiffs' complaint or in its motion to dismiss was anyforceful argument leveraging this older guidance for the point thatany tokens created or received from validating blockchaintransitions are taxable income, whether or not those tokens aregenerated through a proof-of-work or proof-of-stake protocol.

We may not get our answer unless and until Plaintiffs file arefund request next tax season!

The content of this article is intended to provide a generalguide to the subject matter. Specialist advice should be soughtabout your specific circumstances.

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Supontis vs Dogecoin, Which Cryptocurrency Has Greater Longevity In The Market? – Coinpedia Fintech News

Supontis (PON) and Dogecoin (DOGE) are two very different coins.

One is a technical cryptocurrency created to improve the cross-chain transfer of various digital currencies like Ethereum, Binance, and Tron. The other is a meme coin that prides itself on seamless peer-to-peer transactions and a lively community.

Nonetheless, both have one thing in common. They are part of a growing change in the crypto economy that is not entirely focused on financial gain.

Because traditionally, investors immersed themselves in the crypto universe for the sole purpose of making a healthy return in the future.

And if you look at the trajectory of Bitcoin (BTC), the masses had a point. Less than one year ago, Bitcoin peaked at $67,549.74. This means that savvy investors who exchanged Bitcoin for fiat during this time walked away with a huge profit.

Indeed, the goal of making money from crypto is unlikely to cease. But its fair to say that not all crypto geeks are actively looking to withdraw their finances. In actuality, some people want a bit of crypto to remain in their wallet for trading or communal purposes.

The interesting predicament now is, which type of modern crypto will trend in the market for the longest time? Will investors continue to gravitate towards meme currencies or will more technical coins be better off in the long run?

Dogecoin is statistically the most popular meme coin of all time. At the time of writing, it is ranked number 10 on coinmarket and possesses a market cap of $7,915,648,509.

Its funny how Dogecoin started as just a meme. No one in the crypto world expected it to become so lucrative until an extremely rich and famous dude known as Elon Musk, decided to tweet about the coin in April 2019 and the rest is history.

Dogecoin undoubtedly gained a massive boost from the multi-billionaire. Nevertheless, the coin deserves credit for offering its users enough value from super fast and cheap transactions to keep them invested.

In contrast to Dogecoin, Supontis was not invented as a meme.

The cryptocurrency consists of a bridge platform that is built on the BNB Smart Chain and facilitates the cross-chain transfer of different assets. This is ideal for crypto nerds who like to seamlessly move their coins from one market to another.

But this is just the tip of the Supontis tsunami. Supontis also provides its users with a high level of security, extremely fast transactions, and low transaction costs.

Supontis quick transaction speeds are particularly notable as this allows it to compete with the likes of Dogecoin and Solana.

Final Thoughts

Supontis and Dogecoin both represent coins that deviate away from cryptocurrencys original concept.

You only need to look at Dogecoins market cap to see that it has no shortage of investors. However, the currency is experiencing a downward trend which could imply that individuals are moving away from meme coins.

Meanwhile, Supontis is still very new on the crypto scene and may have better potential. After all, with crypto on the rise, the need for easy and smooth exchange between different currencies is becoming more crucial.

If you would like further information about Supontis, check out the links below:

Presale: https://register.supontis.com

Website: http://supontis.com/

Telegram: https://t.me/SupontisTokenOfficial

Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.

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Russian users BANNED from top cryptocurrency platform and told to withdraw funds ASAP – Euro Weekly News

Russian users BANNED from top cryptocurrency platform and told to withdraw funds ASAP. Image: Production Perig/Shutterstock.com

Notifications from users of the cryptocurrency platform have been shared on social media on Friday, October 14, with the screenshots showing that all accounts will be blocked from October 28.

The notification reads: As a result of EU sanctions, Blockchain dot com is currently restricted from providing custodial and rewards services to Russian nationals.

Please withdraw your custodial funds (including rewards) by October 27, 2022, after which date your account will be locked. Effective immediately, rewards accruals are now blocked, but can still be withdrawn by October 27.

@Flash_news_ua shared the news alongside an image of a users notification.

Today, Blockchain coms cryptocurrency platform stopped working with Russian users,

Users of the exchange began to receive reports that the site could no longer provide storage and remuneration services due to new EU sanctions. All accounts will be blocked from the 28th.

Today, Blockchain coms cryptocurrency platform stopped working with Russian users.

Users of the exchange began to receive reports that the site could no longer provide storage and remuneration services due to new EU sanctions. All accounts will be blocked from the 28th. pic.twitter.com/Kn7TDlF9Os

FLASH (@Flash_news_ua) October 14, 2022

Earlier this year, US President Joe Biden signed an executive order to prevent Russia from using cryptocurrency to evade sanctions.

Thank you for taking the time to read this article, do remember to come back and checkThe Euro Weekly Newswebsite for all your up-to-date local and international news stories and remember, you can also follow us onFacebookandInstagram.

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Explained: Fully diluted market cap and what it says about the future value of a cryptocurrency – CNBCTV18

Mini

Fully diluted market cap also known as fully diluted valuation (FDV) - refers to the market cap of a project once all its tokens have been released into circulation. It is basically an estimation of a project's future market capitalisation. If a cryptocurrency has an unlimited supply, or it has reached its maximum supply, the FDV will be equal to its market cap.

Anyone who has dabbled with cryptocurrency has probably heard of the term 'market capitalisation.' The market cap of a project refers to the total value of its coins currently in circulation. For instance, Bitcoin currently has a market cap of roughly $375 billion. Market capitalisation helps the community ascertain the current size of the project.

But what if we are trying to ascertain the future success of a crypto project? In that case, one simple indicator that could be helpful is a fully diluted market cap. While FDV isn't a very commonly used metric amongst analysts, it can provide some valuable insights into the future of a cryptocurrency. So, tag along as we explain what a fully diluted market cap is and how it can be helpful to investors.

What is a fully diluted market cap?

Fully diluted market cap also known as fully diluted valuation (FDV) - refers to the market cap of a project once all its tokens have been released into circulation. It is basically an estimation of a project's future market capitalisation. If a cryptocurrency has an unlimited supply, or it has reached its maximum supply, the FDV will be equal to its market cap.

How is a fully diluted market cap calculated?

Calculating the fully diluted market cap of a crypto project is pretty simple. All you have to do is multiply the maximum supply of a cryptocurrency by its current market value. The resulting figure is the fully diluted market cap of that particular coin or token.

For instance, the current market value of Bitcoin is $19,689.67, and its maximum supply is 21,000,000 coins. Therefore, Bitcoin's FDV is around $413 billion. This would be Bitcoin's market cap once all its 21 million coins are released into circulation.

What can we tell from the fully diluted market cap?

It is important to note that a fully diluted market cap does not predict future prices. It just gives us an estimate of a cryptocurrency's future market cap. If we wish to draw inferences from FDV, we must compare it with the market cap of that particular cryptocurrency.

Ideally, the difference between a project's market cap and its FDV should be pretty low. A significant difference can be a warning sign that a coin's current value is overinflated. A general rule is that if the FDV is more than ten times a token's current market cap, it could be associated with two problems.

Firstly, it could point to inflationary tokenomics. A high FDV indicates that current buyers are paying a lot for the current, limited number of coins. However, if more coins flood the market, supply will increase, which will drive down a coin's value unless it's in high demand. A high FDV can also lead to increased selling pressure. If the FDV metric becomes popular, investors will see a higher FDV as a negative sign and assume the token is overvalued. This often encourages owners to sell their tokens, resulting in price drops.

Conclusion

Every bit of information is essential when planning your crypto investments. If there are more signs pointing to a price increase or decrease, the chances of that prediction being true are increased. However, the crypto market is highly volatile, and even the strongest indicators can sometimes turn out to be false. Therefore, you should only invest as much as you are comfortable losing entirely.

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Explained: Fully diluted market cap and what it says about the future value of a cryptocurrency - CNBCTV18

The world, and todays employees, need quantum computing more than ever – VentureBeat

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Quantum computing can soon address many of the worlds toughest, most urgent problems.

Thats why the semiconductor legislation Congress just passed is part of a $280 billion package that will, among other things, direct federal research dollars toward quantum computing.

Quantum computing will soon be able to:

The economy and the environment are clearly two top federal government agenda items.Congress in July was poised to pass the most ambitious climate bill in U.S. history. The New York Times said that the bill would pump hundreds of billions of dollars into low-carbon energy technologies like wind turbines, solar panels and electric vehicles and would put the United States on track to slash its greenhouse gas emissions to roughly 40% below 2005 levels by 2030. This could help to further advance and accelerate the adoption of quantum computing.

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Because quantum technology can solve many previously unsolvable problems, a long list of the worlds leading businesses including BMW and Volkswagen, FedEx, Mastercard and Wells Fargo, and Merck and Roche are making significant quantum investments. These businesses understand that transformation via quantum computing, which is quickly advancing with breakthrough technologies, is coming soon. They want to be ready when that happens.

Its wise for businesses to invest in quantum computing because the risk is low and the payoff is going to be huge. As BCG notes: No one can afford to sit on the sidelines as this transformative technology accelerates toward several critical milestones.

The reality is that quantum computing is coming, and its likely not going to be a standalone technology. It will be tied to the rest of the IT infrastructure supercomputers, CPUs and GPUs.

This is why companies like Hewlett Packard Enterprise are thinking about how to integrate quantum computing into the fabric of the IT infrastructure. Its also why Terra Quantum AG is building hybrid data centers that combine the power of quantum and classical computing.

Amid these changes, employees should start now to get prepared. There is going to be a tidal wave of need for both quantum Ph.D.s and for other talent such as skilled quantum software developers to contribute to quantum efforts.

Earning a doctorate in a field relevant to quantum computing requires a multi-year commitment. But obtaining valuable quantum computing skills doesnt require a developer to go back to college, take out a student loan or spend years studying.

With modern tools that abstract the complexity of quantum software and circuit creation, developers no longer require Ph.D.-level knowledge to contribute to the quantum revolution, enabling a more diverse workforce to help businesses achieve quantum advantage. Just look at the winners in the coding competition that my company staged. Some of these winners were recent high school graduates, and they delivered highly innovative solutions.

Leading the software stack, quantum algorithm design platforms allow developers to design sophisticated quantum circuits that could not be created otherwise. Rather than defining tedious low-level gate connections, this approach uses high-level functional models and automatically searches millions of circuit configurations to find an implementation that fits resource considerations, designer-supplied constraints and the target hardware platform. New tools like Nvidias QODA also empower developers by making quantum programming similar to how classical programming is done.

Developers will want to familiarize themselves with quantum computing, whichwill be an integral arrow in their metaphorical quiver of engineering skills. People who add quantum skills to their classical programming and data center skills will position themselves to make more money and be more appealing to employers in the long term.

Many companies and countries are experimenting with and adopting quantum computing. They understand that quantum computing is evolving rapidly and is the way of the future.

Whether you are a business leader or a developer, its important to understand that quantum computing is moving forward. The train is leaving the station will you be on board?

Erik Garcell is technical marketing manager at Classiq.

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The world, and todays employees, need quantum computing more than ever - VentureBeat

Keyed in to quantum computing lab testing at Keysight World – VentureBeat

Its oft said, but bears repeating: The money in the 49er Gold Rush was made by the suppliers much more than the miners. Enduring companies were built by selling picks, shovels and blue jeans.

The story plays out again today. Behind each breakthrough in quantum computing qubit-counts is a large collection of laboratory test equipment. Signal generators, arbitrary waveform generators, digitizers, oscilloscopes, spectrum analyzers and network analyzers are vital as quantum players coax ions, photons and superconducting qubits into calculating problems.

Thoughts along this line piqued our interest as we took part in the quantum computing portions of Keysight Technologies online Keysight World Innovate conference, held recently. Keysight, and competitors such as Anritsu and Tektronix, are busy coming up with tooling to scale the quantum cliffs.

Theres a lot of excitement about this technology and governments all around the world are investing in the research and development required to scale this up, Shohini Ghose, Ph.D., a quantum physicist at Wilfrid Laurier University, said in a keynote at Keysight World.

Its a very exciting time, [but] its not quite clear where this technology will go, she said.

Ghoses emphasis on large-scale investment is borne out by the numbers. Estimates of government and private efforts to spur quantum science and technology, according to Quantum Resources and Careers (QURECA), point to current worldwide investments reaching almost $30 billion, with the overall global quantum technology market projected to reach $42.4 billion by 2027.

Quantum R&D labs likely make up a small portion of the overall test and measurement market, which is expected to increase modestly from $27.7 billion in 2021 to $33.3 billion in 2026. But the market for testing tools used in quantum R&D labs will grow if the promise of quantum computing is to be successfully tapped.

A central part of Keysights test bed for development of quantum computers, sensors and network equipment is its Quantum Control System (QCS), which was introduced in June. QCS components support direct digital conversion of signals and include low-noise distributed clocking. A Keysight manager explained how that works and why it matters in testing.

QCS leverages FPGA timing and synchronizations for multichannel and multichassis operations, said Giampaolo Tardioli, vice president for Keysights Communications Solutions Group, speaking at the event.

Such traits are important as the quantum community looks to scale up its qubit counts. Important as well is software support, added Tardioli, who pointed to Keysights work to support QCS with Python APIs.

Keysights credentials for the quantum quest could not feature more vaunted lineage, as the company grew out of the original Hewlett-Packard test equipment that sprung from the Palo Alto, California, garage of Messrs. Hewlett and Packard in the 1930s. The garage is regularly cited as the birthplace of Silicon Valley.

Keysight has pursued quantum lab tech both organically (almost 100 scientists and engineers were involved in the creation of QCS) and through acquisition. Its quantum road map includes acquisition of modular measurement startup Signadyne in 2016, qubit control software maker Labber in 2020 and error diagnostics specialist Quantum Benchmark in 2021.

Although they still lag behind classical computers by most measures, quantum computers have made steady and perhaps increasing progress in recent years.

But many challenges lie ahead before quantum computers can be integrated into business operations, according to Patrick Moorhead, CEO and chief analyst, Moor Insights and Strategy, who spoke at Keysight World.

The biggest hurdle to jump over is error correction, Moorhead said, noting that a classic computer can do trillions of calculations before it gets an error, but such errors in quantum systems today tend to occur after about 100 to 200 calculations.

Much of Keysights quantum test focus these days is on understanding the impact of errors and how current techniques can remove or elude them. Its an important part of understanding just where the industry is on the road to quantum adoption.

For his part, Moorhead said his analyst firm is expecting a major breakthrough in error correction sometime this year. Even then, there is more prospective work ahead.

If error correction research is progressing at the rate we believe, it could take three to five years until it is usable in systems, he said.

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Cancer to Be Treated as Easily as Common Cold When Humans Crack Quantum Computing – Business Wire

DUBAI, United Arab of Emirates--(BUSINESS WIRE)--Breakthroughs in quantum computing will enable humans to cure diseases like cancer, Alzheimers, and Parkinsons as easily as we treat the common cold.

That was one of the major insights to emerge from the Dubai Future Forum, with renowned theoretical physicist Dr. Michio Kaku telling the worlds largest gathering of futurists that humanity should brace itself for major transformations in healthcare.

The forum concluded with a call for governments to institutionalize foresight and engrain it within decision making.

Taking place in Dubai, UAE at the Museum of the Future, Amy Webb, CEO of Future Today Institute, criticized nations for being too pre-occupied with the present and too focused on creating white papers, reports and policy recommendations instead of action.

Nowism is a virus. Corporations and governments are infected, she said.

One panel session heard how humans could be ready to test life on the Moon in just 15 years and be ready for life on Mars in another decade. Sharing his predictions for the future, Dr. Kaku also said there is a very good chance humans will pick up a signal from another intelligent life form this century.

Dr. Jamie Metzl, Founder and Chair, OneShared.World, urged people to eat more lab-grown meat to combat global warming and food insecurity.

If we are treating them like a means to an end of our nutrition, wouldnt it be better instead of growing the animal, to grow the meat? he said.

Among the 70 speakers participating in sessions were several UAE ministers. HE Mohammad Al Gergawi, UAE Minister of Cabinet Affairs, Vice Chairman, Board of Trustees and Managing Director of the Dubai Future Foundation, said ministers around the world should think of themselves as designers of the future. Our stakeholders are 7.98 billion people around the world, he noted.

Dubais approach to foresight was lauded by delegates, including HE Omar Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, who said: What makes our city and nation successful is not natural resources, but a unique ability to embrace all ideas and individuals.

More than 30 sessions covered topics including immortality, AI sentience, climate change, terraforming, genome sequencing, legislation, and the energy transition.

*Source: AETOSWire

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Podcast with John Prisco, President and CEO of Safe Quantum – Quantum Computing Report

John Prisco, President and CEO of Safe Quantum, a quantum security consulting firm is interviewed by Yuval Boger. John and Yuval talk about the maturity of PQC, QKD, quantum networks, and their timing overlap, national and international testbeds for quantum security, successful case studies and more.

Yuval Boger: Hello John, and thanks for joining me today.

John Prisco: Hello, how are you?

Yuval: Im doing well. Who are you and what do you do?

John: Well, Im John Prisco, and I am the president of Safe Quantum and I consult in the areas of quantum key distribution and quantum internet.

Yuval: There have been a lot of buzzwords floating around: post-quantum cryptography, quantum key distribution, and the quantum internet. Could you make some sense for me in these?

John: Yes, I think were in a very early stage in a number of areas that would be based on quantum. Obviously, quantum computers are just at the beginning of development, and they dont have very many qubits yet, but eventually, they will. And when they do, then well have something to worry about with having our encryption schemes broken that we depend on today. However, the work thats being done at NIST to develop post-quantum cryptographic algorithms will become quantum resistant. The hope is that these mathematically based algorithms will prevent quantum computers or at least slow them down in terms of being able to decrypt secret information.

On the other side of the equation is quantum key distribution, which doesnt depend on arithmetic or mathematical rigor. It is relying on quantum mechanics and physics principles. Its a very interesting technique, it uses keys that are made of individual photons of light, and because of the various quantum mechanical properties, youre not really able to even observe these keys without changing their state. Once the state has changed, the key no longer works, it no longer unlocks the secret information and therefore provides the protection that one would want when transmitting very secure and sensitive information.

Yuval: If Im an enterprise and I hear about post-quantum cryptography as an interim step, and then quantum key distribution is something that could be a little bit better and maybe about the quantum internet is the best thing, is it feasible for me to jump right to the best thing?

John: Well, unfortunately, its not at the moment, and thats because theres a lot of work to be done, actually, in all three areas. Jumping ahead to the quantum internet is probably a misnomer. We should probably first talk about a quantum network, which is not as far-reaching as the internet. And there are a number of test beds around the world that are today working in this area. And at this point, these systems are relying on creating quantum repeaters and using quantum memory. But at this point of development, the repeaters are repeating one photon of information. So when you consider gigabit per second type transmission rates, theres a long way to go before we could have a complete quantum internet.

But there are many advances going forward throughout the world on quantum networking. And one in particular that I follow closely because its right here in the United States, is a company called Qunnect. And what I find interesting about them is that theyre attempting to build quantum network, the basis for quantum internet, using room temperature apparatus. Which is terrific because when you try to commercialize something, its very difficult to commercialize a product that has a dilution refrigerator, which is a room full of refrigeration equipment to get superconducting properties out of quantum setup in milli-Kelvins of temperatures. When you have high vacuums, and very low temperatures, you have a long way to commercialization, so I like following companies that are trying to do things at room temperature because I think we get there sooner with that kind of approach.

Yuval: If we start from post-quantum cryptography, I understand that NIST has announced for finalists or candidates for standards, but some of them have already been cracked. How is that process going, and what do you anticipate will happen with it?

John: Well, its a long-term process. It started six years ago, and I think it started with something like 88 algorithms that were presented. NIST has been diligently working on looking at the veracity of each one of these algorithms, and theyd come up with four finalists. In addition to the four, there were others in the finalist category, and one of them was hacked a couple of months ago, I think in March. And then, more recently, another had been broken. But thats all part of the process working. It is open to the public so that people will try to, in some way, bypass the protections that the algorithm offers.

And when you look at an arithmetic approach, which is all of post-quantum cryptography, you have to understand that these algorithms will have a shelf life, just like the RSA algorithms are coming to the end of their useful shelf life. Well, post quantum cryptography may have a 30-plus year shelf life, but eventually, it will be cracked by something. So its very important to understand that that approach is a quantum-resistant approach. Im probably more in line with the QKD basing its protections on laws of physics, but I think you need both of them. I think its important to have a defense in-depth strategy, and I think its important to have two totally different approaches so that if one fails, its not likely the other will have the same failure mechanism and therefore, youd have more survivability.

But I do think post-quantum cryptography is going to require crypto agility just for the reasons we mentioned, you may be heading down the road with a finalist candidate algorithm, and then something happens where a mathematician comes up with an algorithm that defeats that approach. Well, you have to be able to turn on a dime and adopt one of the other algorithms that are in their golf bag, so to speak.

Yuval: I think quantum key distribution uses a side channel to transfer decryption or encryption keys to both parties outside the main channel. And I believe that a previous company that you were involved with did QKD as a service. If I understand QKD, what does as a service mean in that context?

John: Well, it means that you are providing a transmission pathway for a customer to secure data in motion. And that could be between two of the customer premises locations. It could be from a customer to the cloud. And when you say as a service, it means that you secure the fiber rights of way between points A and point B. You install the hardware, which is producing the keys and sharing the keys. And its a complete service, if there is maintenance required, you provide that as well.

And one of the most important things about this approach is that you can separate the encryption key from the data. Today we make it awfully easy for people to harvest information and the key thats used to encrypt that information. And even though they may not be able to break that key today, they can simply and inexpensively store the data and the key. And then in the future, when they have the means to break that key, like with a more powerful quantum computer then we currently have, now suddenly all that secure, sensitive information is subject to being read in plain text.

There are an awful lot of things to consider. The time it takes to convert from a classical encryption approach to a quantum encryption approach is measured in decades. The last time there was a conversion like this, it took over 20 years for companies to completely convert to the RSA algorithms. Its probably going to take more like 20 to 30 years this time around because we have so much more data that were storing and transmitting. What was happening in the seventies is much, much smaller than whats happening in the 2020s. This is not going to be an overnight plug-and-play kind of project, its going to take a long time. And you have to constantly be watching to see, are nefarious actors able to crack the new algorithms, and will our sensitive information soon be read by enemies?

Yuval: So its not a three-stage rocket where first you have PQC and then you move to the second stage with key distribution and then maybe to a quantum network, these are overlapping stages, if I understand correctly?

John: They are, and I think you know, have QKD today, which is probably the best approach to preventing harvesting attacks, because its available today, and it will give you the quantum mechanical security that boasts. PQC is probably two years away from being standardized for the first few algorithms. And then of course that conversion to PQC, which is an enormous task, will probably take at least 20 years.

But the quantum internet is going to require a fair amount of development. Today what we do is we entangle photons and then we try to swap that entanglement in a quantum repeater or quantum memory. And as I mentioned before, each photon is transmitted individually, and it has one bit of information, a one or a zero, could be polarization, could be phase whatever, but one and a zero. Now youre talking about having billions and billions of photons in order to complete a simple telecommunications transaction. And the hardware and infrastructure has to be put in place for this. But fortunately, we do have test beds springing up all around the world, and breakthroughs are being made on a fairly monthly basis. So well get there, but it will probably be on the order of 20 to 25 years before any substantial networks for substantial distances with substantial data rates will be prevalent.

Yuval: Youve probably consulted with a lot of companies and looked at many others, are there any examples that you could give of someone that you felt was doing a good job in preparing for this next type of risk?

John: Yes, in fact, Ive had the pleasure of working with a number of companies, JPMorgan Chase, for one. And what I really think they did right is that they hired quantum experts, their quantum business is run by a fellow named Marco Pistoia, came out of IBM and hes a friend of mine, and I always tell him that hes a quantum rockstar, and he is. We did a project when I was consulting for Toshiba that was based on securing a blockchain application. I think if you generalize this to companies and what they might do, I think its important to have people who understand what quantum is, what quantum science information technology is all about.

And then you have to start doing some proof of concept tests. Ive done a number of QKD proof of concepts. One of my first ones was, again, working with Toshiba and we did a Verizon 5G network security. This is all public, there have been press releases on both the companies Ive just mentioned. But thats really what you have to do, you have to get started, you have to make an investment. And theres an equal investment to understanding the PQC algorithms. And the first thing you have to do is take an inventory of your data, what data? Whats the shelf life of the data? Whats the sensitivity of the data? And you have to work from the most sensitive and longest shelf life to the least sensitive and the shortest shelf life. But just knowing that is going to take a long time in a large corporation. So getting started now is important.

The federal government is a totally different situation because the information is always very sensitive. And when you look at some of the executive orders that came out last month about when government agencies should be converted to quantum encryption, they were talking about 2032 to 2035. Now, what worries me about that is the harvesting attacks, thats going to be 10 to 13 years of people sniffing cables. Even the submariner cables crossing the ocean have been tapped. Its very difficult to know when youre tapping an optical fiber because you just simply bend it, and the light leaks out of the core and then you detect that light. The thing is that with conventional classical telecommunications, when you detect that light, you also get all the information thats being sent over that fiber. So you can imagine an optical fiber carrying tremendous amounts of data and all of it being recorded inexpensively and kept somewhere. And then eventually, when you can break that encryption, now all of these very sensitive bits of data are revealed.

I dont think we have as much time as people think that, Well, we can do this over 20 years, 25 years. Sure, it may take that long, but I think you have to take measures before that, especially if your information is a long shelf life and is extremely sensitive. And QKD actually is the only thing that can really protect you at the moment.

Yuval: You mentioned governments and security is obviously not just a corporate issue but also a national issue. Which countries, in your opinion, are ahead in quantum security? And which countries are perhaps behind?

John: Well, I think that the United States has caught up with China. We do some things better than they do. They do other things better than we do. But in terms of quantum computing, I think the US leads. I actually think that some of the QKD implementations in China lead the US. But theres a lot going on in Europe as well. Theres British Telecom thats now doing a metro scale network using Toshiba QKD and thats a very large project and very interesting in terms of seeing a large telecommunications company make that bet. The Netherlands is, and the group at Delft is doing a wonderful job on quantum networking, and theyre just a lot of things going on like Barcelona, Germany, theyre all doing a lot in the field of quantum networking,.

But this is going to be a public-private partnership in the United States, just like the moon launch was in the sixties. And thats the way to really win this race. And people, a few years ago, started to have that Sputnik moment where they said, Wow, look at Chinas just invested 10 billion in quantum. We better do something about that. And I think we have, and I think in fact that the NSF has been funding universities and a lot of basic research as well as the venture community funding startup companies. I think that combination is a winning combination. It won once before during the sixties and the Space Race, and I think itll win again.

Yuval: As we get close to the end of our conversation today, you mentioned a couple of test beds in Europe, I think in the US, I think theres a big one in Chicago. Are there others that people could get involved with or should pay attention to?

John: Well, theres Chicago Quantum Exchange, thats the one that you are referencing. And of course, that has Department of Energy laboratories working along with very fine universities and terrific researchers. Recently, NIST announced that theyre going to build a DCQ Network, a quantum network that will initially deploy quantum networking on the NIST campus, but then will bring to bear several other agencies like NASA, NSA, CIA. That will be an interesting one to watch. And there is all sorts of rumors about a network coming into Boston and another one coming into New York, and probably another on the West Coast. But none of that has really been publicly announced yet, so well see which ones of those occur. But I think its really important that we have these partnerships, test beds, that have universities involved and that have venture capital involved and government involved. Government is looking for the private sector to come with ideas. Many of these companies have been working on networking for a couple of years, three years, and they can bring to bear a lot of experience.

Yuval: Excellent, John, how can people get in touch with you to learn more about your work?

John: Well, you can go to my website, which is SafeQuantum.com, and all my information is there. I am leading the use cases TAC (technical advisory committee) at QEDC. And if youre a company that wants to join QEDC, I would recommend it. Theres a tremendous amount of knowledge within the group and its a very good place to learn. You can also look at me in Forbes Technology Council. I try to publish one paper a month there. Thats how you can find me. And LinkedIn.

Yuval: Thats perfect. Well, thank you so much for joining me today.

John: Well, thank you.

Yuval Boger is a quantum computing executive. Known as the Superposition Guy as well as the original Qubit Guy, he most recently served as Chief Marketing Officer for Classiq. He can be reached on LinkedIn or at this email.

October 12, 2022

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Podcast with John Prisco, President and CEO of Safe Quantum - Quantum Computing Report