$BTC "Bitcoin is a wooden door that is going to catch fire," says China as it creates its own quantum attack-proof blockchain.
EQAS replaces traditional cryptography with SPHINCS and promises greater security against the advances of quantum computing.
Claiming that current blockchains, such as Bitcoin, are inefficient to meet the new demands of the digital world and fragile against quantum computing, Chinese scientists from the University of Science and Technology of Beijing have developed a new blockchain storage technology called EQAS.
According to Wu Tong, associate professor at the University of Science and Technology of Beijing, EQAS replaces the current cryptography of blockchains, based on mathematics, with a signing tool known as SPHINCS, revealed in 2015 at an international cryptography conference.
Tong explains that it uses quantum-resistant hash functions – or simpler mathematical verifications – instead of complex problems, which they claim can withstand attacks from quantum computers.