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Sunday, May 14, 2017

Bitcoin, digital currencies rally, caution prevails; virtual currency in property

Bitcoins As Digital Currency's Rally Crushed Every Other Currency in 2016
A collection of bitcoin tokens. Bloomberg—Bloomberg via Getty Images


Digital currencies rally, but caution prevails 


While investing in the future is the way to go, it comes with risks and rewards. The best strategy would be to not be in a rush. Do your homework.

THIS week, the rally in crypto currencies is at its all-time high.

Bitcoin, the pioneer in digital currency, surged to over US$1,700 per coin in anticipation of a reversal in United States financial regulators’ ruling to allow for an exchange-traded fund for Bitcoin and other factors.

Bitcoin was trading at US$935 on March 24. It rose 82%, pushing its market capitalisation to over US$28bil.

Ether, another such currency, surged from US$8 on Jan 1 to US$90 this week, gaining 1,125% in five months.

The market capitalisation of the 700-over currencies is over US$50bil. The promoters believe it is the currency of the future, hence the rise, but the naysayers believe it is entering a speculative bubble.

But there are some who are ditching gold to mine Bitcoins.

It is a fact that crypto currencies are gaining traction from their inception in 2009. Now, at least 150 organisations including Apple, Walmart, Sears, eBay, Overstock.com, Microsoft, Steam, Expedia and even Subway accept them in exchange for goods.

So, what is Bitcoin then?

It is a form of digital currency, created and held electronically, not blocked by any nation or government, not printed like dollars and ringgit but produced by people. Crypto currencies are digital currencies that use encryption to secure transactions and control how new coins are made.

You and I can get Bitcoins by “mining” computers that validate blocks of transactions using software to solve mathematical puzzles every 10 minutes. If you solve it first, you are rewarded with new Bitcoins.

Bitcoin is the mother of all crypto currencies – also known as virtual currencies, digital currencies and private currencies.

Other than Bitcoin and Ether, there is also Dogecoin, Augur, Chinacoin, Litecon, Dash, Waves and Zcash. There are over 40 exchanges globally to trade in Bitcoins.

All this came about because of fintech, the financial services technology that is disrupting the financial services sector with faster, cheaper and so-called “reliable” transactions for money transfers, bank exchange rates and other money-related transactions. The average clearance is a 12-hour period, which apparently the banks cannot match.

In Brazil, people use Zcash to pay for their taxes, electricity bills and purchases.

This week, Australia said there would be no double taxation for crypto currencies and to treat it just like other currencies from July 1, paving the way for greater usage.

Many are betting on crypto currencies because of the lure that they are the currency of the future. Would you?

Since 2009, there have been gainers and losers, so you decide.

All these digital currencies came about because of the Internet and data. The value of data and digital services is becoming more apparent, and in the digital era, data is the new currency.

Amid all this is blockchain, which is simply a digital ledger that keeps track of Bitcoin transactions and transfers it globally. It boasts of instantaneous transactions, transparent and cheaper than the traditional ways. This is why banks are hurriedly getting their acts together in the area of fintech so as to not miss the boat.

There is a growing number of mergers and acquisitions and crowdfunding for blockchains. Last month, music-podcast-video streaming service Spotify bought over blockchain technology company Mediachain Labs to help reward online content owners with royalty payments.

Other telcos and IT firms are getting into blockchain because they don’t want to miss out on anything. Other payment companies are getting into the act too. There is just too much interest in this new wave of doing things.

The journey of crypto currencies, however, is not without hurdles, and there are plenty out there that cannot be ignored. Even blockchain’s growth cannot be ignored, especially since it is being positioned by those championing it as the de facto technology of the future.

But will it really be all that or will it just add another layer to the overall cost?

All these transfers do not need regulation as yet, something that central bankers don’t like. In fact, Bank Negara is already in the thick of things where fintech is concerned.

While investing in the future is the way to go, it comes with risks and rewards. The best strategy would be to not be in a rush. Do your homework, as there is also the other side of Bitcoin – fake websites, fake online gaming sites, trading, etc.

I bet you would know of someone who has lost money mining Bitcoin or Ether. You honestly wouldn’t want to be put in a spot like those caught up in the recent forex scam and the earlier gold scam.

It would be good too to bear in mind that the sweet spot of crypto currencies has been linked to terrorism financing, money laundering, tax evasion and fraud.

Trust and transparency have been the bedrock of financial institutions all these years. Ensure your bedrock is solid, but at the same time, remember what the former US Federal Reserve chairman Ben Bernanke had said in a letter to US senators about virtual currencies, that they “may hold long-term promise, particularly if the innovations promote a faster, more secure, and more efficient payment system”.

Do you think blockchain will bring trust and transparency to the world of crypto currency? Share your thoughts with me at bksidhu@thestar

Source: The Star by b.k. sidhu

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  • It’s the blockchain not the bitcoin

  •  

    Property in a digital era


    WITH digital technology all the rage and taking the world by storm, we look at how science and automation has managed to change and revolutionise the way we do things, in this section, property.

    While the internet has changed the way we receive information and connect with others and the smart phone transformed the whole concept of a phone, we now look at the evolution of finance and how purchasing items, including a house, is going through reform with the introduction of bitcoin.

    Introducing bitcoin

    When people hear terms like "bitcoin" and "blockchain", many are vague while some may not even be familiar with these words. But for the technology industry adept, bitcoin and blockchain is common as these new-age technology concepts and modus operandi have been around, perhaps less widely known in Southeast Asia as it is in the West and China.

    For the uninformed and in the dark, bitcoin is a technology that has established a new electronic payment method using "digitised money" made with digital cryptography, otherwise known as cryptocurrency.

    This system of payment is carried out when a user uses "bitcoin currency" (or cryptocurrency) to pay for goods by transferring the currency to another user (seller) within the bitcoin community.

    Each transaction is recorded in a public data ledger known as "blockchain" and it is here where all the transactions that have taken place within the bitcoin community are stored.

    The amazing thing about this system is that anyone in the bitcoin community is able to validate transactions that take place without the need of an intermediary.

    Sound too good to be true and a little risky? Well, the reason there is no intermediate party necessary is due to the network bitcoin technology is regulated on.

    Modus operandi and more

    The bitcoin network is founded on a "peer-to-peer network system (P2P network)" which is explained as "a network of computers/ mobile configured to allow certain files and folders to be shared with everyone or with selected users".

    As a result, the "participants" are in control of their transactions, making everyone equal within the bitcoin community, which is also transparent.

    It is said that bitcoin technology was first created in 2008 by a person or a group of persons under the pseudonym "Satoshi Nakamoto" in a research paper. The research stated that there was need for a new electronic payment method, one using digitised money. The analysis also included the future of bitcoin, its benefits, capabilities and potential.

    The system was implemented on Jan 3, 2009. And after just a few years, bitcoin grew to become a whopping US$12 billion (RM52.7 billion) globalised economy.

    Bitcoin attributes

    While not much has been said about bitcoin in this part of the region, the system has been around, slowly developing and growing. Like many things that are cloudy and not often talked about, people are weary hence, there will be sceptics who dissuade others about the system they themselves are unclear about.

    With that, theSun's Brian Chung shares what he learnt of this new method of transaction and currency when he attended a talk by renowned entrepreneur, author and expert on bitcoin Andreas M. Antonopoulos.

    Below, Antonopolous shares important information on bitcoin.

    1) Bitcoin is an open system of payment: It is a system that anyone can access, participate and innovate, and does not require permission. Bitcoin allows anyone to join in and use the system, validate the transaction and create different kinds of cryptocurrency.

    2) Bitcoin is borderless: Like the internet, bitcoin is not restricted to a country's rules and regulations as it has its own protocol with no distinction across countries.

    3) Bitcoin is neutral: Bitcoin does not take the identity of the participant into any consideration. It only validates the transaction that takes place between participants. This attribute also allows participants to remain anonymous.

    4) Bitcoin is censorship resistant: Every transaction in the bitcoin network cannot be frozen, censored or canceled. Like the internet, the bitcoin system is a global digital economy with one currency.

    5) Bitcoin is a decentralised system: The bitcoin network has no central institution or centre point of control. This trait ensures that there is no one major target for hackers to concentrate their attacks on. Instead, hackers have to create attacks on every single participant's software with different forms of virus and codes to hack into one computer.

    6) Bitcoin is scarce and limited: Bitcoin is a system of value like gold but in digital form. This makes it a system that is not based on credit and debit. It also makes bitcoin a singular global currency with no exchange rate between countries.

    7) Every bitcoin transaction is permanent and immutable: The transaction of everyone in the community is verified by everyone in the system. Once it is verified, the transaction will be permanently recorded in the blockchain.

    8) Bitcoin is a constantly innovative technology: The open source nature of the bitcoin technology allows other people to further improve on it. There are many other cryptocurrencies based on the bitcoin technology. Moreover, the bitcoin technology is dependent on the internet, which makes improvement and innovation necessary.

    Bitcoin transactions can be done via smart phones and computers by downloading the application and software. Users do not need to register themselves to be part of the bitcoin network as all "participants" are referred to by codes and "signature of one's device".

    However, iPhone users need to remember their iTunes password to download the application. In addition, the device that one has downloaded the bitcoin software on must remain connected to the internet in order for one to use the bitcoin method of payment.

    Follow our column next week on the application of bitcoin in property.

    [Note: All charts courtesy of Bitcoin Malaysia.]

    The application of bitcoin in property



    WHILE last week, we introduced the term bitcoin to those oblivious of this new age cryptocurrency and system of payment, this week, we share bitcoin whiz Andreas M. Antonopoulus' insights on how this technology is applied in property. Here is what he had to say:

    Permanent records

    "One very common application is the registration of assets or ownership of tangible and non-tangible things like the registration of title over land and the ownership of assets like homes.

    When you record something on blockchain, it cannot be modified ... it is immutable. Once recorded on the blockchain, the system of trust prevents anyone from reversing or overwriting it. That makes a record on blockchain permanent, an immutable record which is really important in real estate transaction as it allows one to pass the title of a piece of land from person to person independently with no one being able to falsify the record or steal land through paper," Antonopoulos said.

    Moreover, he mentioned that this technology can benefit the industry tremendously as it is able to resolve a huge problem in real estate and property transactions – the falsification of strata titles and property documents.

    His view is further enhanced with the emergence of another bitcoin-based system, ethereum. Like bitcoin, ethereum has its own cryptocurrency known as ether. However, ethereum adopts a different technology that is based on the blockchain public ledger system known as Smart Contract.



    According to Antonopoulos, a smart contract is an electronic contract with all the contractual obligations of the buyer and seller. The contract is written and coded into an application, which will ensure both parties fulfill their obligations.

    Like blockchain technology that is built on trust and verification, these contracts are encoded in a public ledger in the ethereum community. If anyone tries to forge the contract, the ledger will reject it. As such, this smart contract cannot be rewritten and altered as it is a permanent and immutable contract.

    Direct transactions

    Besides the use of a contract, the technology will make transactions direct, fast and secure.

    Antonopoulos also shared about the removal of third parties and its altered role. He said, "Another example relevant to real estate application is the function of escrow. In order to do make transactions for real estate today, people have to use a third party agent, an escrow agent. This escrow agent charges a significant amount of money in most countries. During the process, that agent holds custody of the entire fund, which is dangerous. This means that the escrow agent has to be carefully vetted and have foresight.

    Bitcoin can replace all of this by using multi-signature, which allows the seller and buyer to transact escrow programmatically, with the third party acting as mediator only in the case of a dispute.

    Buyer and seller will be able to execute a transaction on their own without the need of an escrow agent and without any of the parties having custody of the entire fund. Through bitcoin, you do not need to spend that additional one percent of the sale of the house – the escrow agent is no longer necessary.

    It can also change the speed of escrow by doing it in hours instead of a month and changes the security because no one of the three parties can run away with the money. It is faster, cheaper and secure. It can be done in other industries related to real estates like purchasing assets, corporation, mergers and acquisitions.

    International property purchase

    With the use of decentralised digital currency, one can assume that purchasing items and properties is a little easier, and it is.

    The chance of purchasing international property is further reinforced by the fact that bitcoin is not controlled by anyone, not even political and banking institutions. This attribute of bitcoin makes it easier for people buying property from another country. Although each country has its regulations, the use of bitcoin to purchase property abroad saves time and money as one does not need to change currency.

    The Australia Real Estate website has stated that there are properties in the United States and Latin America being sold using bitcoin. The Wall Street Journal wrote an article in 2014 regarding a Lake Tahoe property, which was sold for US$1 million in bitcoin.

    Follow our column next week for more interesting information on bitcoin, its challenges and how stable a cryptocurrency it is.

    By rian Chung

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    Wednesday, May 10, 2017

    The Malaysian Anti-Corruption (MACC) movement underway on zero tolerance for graft


    WE HAVE long grumbled that there should be stronger and swifter action against high-ranking officials who use their positions for personal gain instead of serving the public interest.

    The Malaysian Anti-Corruption Commission’s (MACC) ongoing streak of arrests and court cases involving senior officers in civil service and the private sector is encouraging, but even that may not satisfy the cynics, who are likely to point out that there are plenty more big fish out there and that there is no sign of a decline in corruption and abuse of power.

    That is an easy thing to do – blame others when things do not go well and then expect the corruption fighters to clean up a huge and complex mess. But it surely cannot be the only thing we are capable of doing.

    The MACC has a suggestion: to join the “revolutionary movement” against corruption.

    That sounds like a lot of work, but Gerakan Revolusi Anti-Rasuah (Gerah) is actually a nationwide awareness campaign to change how people view corruption and abuse of power.

    The ultimate aim is to enlist the support of the people in the war against corruption by shaping society to “hate, reject and fight corruption”.

    “Our intention is to create a sense of fear and uneasiness so that wrongdoers will feel the heat. They should, for they are gambling away the peace, security and harmony of society, as well as jeopardising the country’s growth,” MACC chief commissioner Datuk Dzulkifli Ahmad told Sunday Star.

    The commission will mobilise 2,000 officers from all over the country to meet the people and foster closer rapport and cooperation.

    This is not a mere public relations exercise. Efforts to stamp out corruption cannot just focus on those who take the money. In treating corruption and abuse of power as the country’s No. 1 enemy, we also have to acknow­ledge that we are partly responsible for sustaining this enemy.

    Every time we offer a bribe, refuse to be a whistleblower or blithely dismiss corruption as “the Malaysian way”, we are strengthening the very thing that threatens to choke our nation’s development.

    It is therefore fitting that Gerah incorporates the month-long 3J campaign, which the MACC launched on Monday in a partnership with Star Media Group Bhd.

    The 3J name is shorthand for “Jangan Hulur, Jangan Kawtim, Jangan Settle”, which means “Don’t Give and Don’t Settle”.

    It is a clever use of colloquial words that are synonymous with corruption, and there is little chance of misunderstanding the intent of the campaign.

    “We hope this will pave the way for people to say no to corruption and create a society that has the courage to stand up and fight not only against corruption, but the corruptors,” said Dzulkifli at the launch.

    Here is our choice: Be part of the “revolutionary movement” or do nothing and yet expect life to be better.

    Source: Stay Say

    Top zakat official among 11 held




    Wide net: MACC officers escorting Penang Tithes Management Centre personnel to the court in George Town to obtain their remand order.

    GEORGE TOWN: A high-ranking Datuk from Pusat Zakat Negeri Pulau Pinang (ZPP) has been accused of misappropriating tithe money, including approving an annual scholarship for one of his children.

    He is also alleged to have pocketed payments from contractors as an inducement to provide them with jobs involving ZPP community prog­rammes.

    The man is among 11 people, including staff and contractors, who have been detained in a swoop by the Malaysian Anti-Corruption Commission (MACC) yesterday following an investigation that began last December.

    The 50-year-old Datuk was picked up at the ZPP office in Bandar Perda, Bukit Mertajam, at 10.40am yesterday.

    Three of his co-workers, including two ZPP department heads, and seven ZPP contractors were also detained in the operation codenamed Ops Miskin.

    Penang MACC director Datuk Abdul Aziz Aban said the Datuk was detained on suspicion of accepting valuable items, cash and cheques from several companies and suppliers as inducements to award certain projects or works related to the state zakat community development programmes.

    He added that the Datuk, who has held the position in ZPP since 1995, was believed to have also approved the annual scholarship without going through the Penang Religious Affairs Department for approval.

    “We believe the four ZPP officials have been sharing the illegal payments among themselves between 2014 and 2016.

    “We have been watching them since December last year,” Abdul Aziz said during a press conference at the state MACC headquarters here yesterday.

     
    Wide net: MACC officers escorting Penang Tithes Management Centre personnel to the court in George Town to obtain their remand order.

    Every Muslim with a certain amount of wealth is required to give zakat or alms to the poor and needy.

    Abdul Aziz said the seven contractors, aged between 41 and 52, were believed to have often received projects or tenders from ZPP with the help of the Datuk.

    He declined to elaborate on the amount of money seized in the operation, saying that it would be revealed after the investigation had been completed.

    Apparently, the amount collected by the suspects totalled several million ringgit.

    Abdul Aziz said the 11 suspects, who were remanded for a week, would be investigated under Section 17(a) and (b), as well as Section 23 of the MACC Act 2009.

    “The offence carries a jail term of up to 20 years and five times the amount of bribes involved,” he added.

    Earlier, the 11 were brought to the magistrate’s court here by the MACC at 3pm to be remanded.

    Magistrate Mohamad Amin Shahul Hamid granted a seven-day remand, which began yesterday.

    Source:  The Star by sharanpal singh randhawa, g.c. tan, sardi mahorm, logeiswary thevadass, chong kah yuan, hemananthani sivanandam, royce tan


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    Tuesday, May 9, 2017

    Mereka Rasuah Kita Bayar! 3J drive: Jangan Kautim, Jangan Hulur, Jangan Settle!



    Working together: Dzulkifli (third from left) and Wong (centre) sharing a light moment with The Star team after launching the 3J Campaign at Menara Star.

    Star teams up with MACC for 3J drive


    It is an arduous task but the battle against corruption involves all Malaysians.

    For that reason, Star Media Group has partnered with the Malaysian Anti-Corruption Commission (MACC) for the nationwide “Jangan Hulur, Jangan Kawtim, Jangan Settle” (Don’t Give and Don’t Settle) 3J Campaign.

    “The battle is neither quick nor easy. But with public support, this fight will end with us winning and our integrity intact,” said Star Media Group managing director and chief executive officer Datuk Seri Wong Chun Wai.

    The Star, he said, would be focusing on the youth as they were the “most crucial group”.

    Speaking at the launch of the campaign at Menara Star yesterday, Wong cited an MACC study conducted last year among students which found that 16% of students in institutions of higher learning were willing to offer bribes.

    The number was worrying as it had gone up from the 10.7% rate in 2015, he said.

    To educate the next generation on values like integrity, The Star will be going all out to highlight the message of the campaign.

    Other than spreading the word via Twitter and Facebook, Wong said it would be combining its media platforms such as The Star newspaper, The Star Online and StarTV as well as its Bahasa Malaysia news portal mStar and radio Suria FM.

    Suria FM, which is part of the Star Media Radio Group, will broadcast the campaign message to the public via its road show team – the Suria FM Wheelers.

    The month-long 3J Campaign came under the umbrella of the nationwide Gerakan Revolusi Anti-Rasuah or Gerah campaign, which was launched at the MACC headquarters in Putrajaya yesterday.

    MACC chief commissioner Datuk Dzulkifli Ahmad said the battle against corruption and abuse of power would fail without a concerted effort.

    “This is why I believe the fight should be our journey, our cause and our war together,” he said.

    Dzulkifli voiced his hope for Malaysians to come together under the 3J Campaign and play an active role in battling the “cancer of corruption”.

    He said the words “hulur, kawtim and settle” are synonymous with corruption and the MACC used these terms so that the people were aware of the aim of the campaign.

    “We hope this will pave the way for the people to say no to corruption and to create a society that has the courage to stand up and fight not only against corruption but the corruptors too,” he said.

    Dzulkifli said he made a bold promise to Malaysians earlier this year when he vowed that the MACC would make one arrest every week, but this had been delivered so far, he added.

    He also commended the media for its role as “an important watchdog over corruption” and its effort in exposing such cases.

    MACC – two campaigns and a swoop 

     

    Ready for war: MACC chief commissioner Datuk Dzulkifli Ahmad (centre) and his officers pledging at their headquarters in Putrajaya to wipe out corruption.

    PETALING JAYA: Two anti-corruption awareness campaigns were launched nationwide and, to show how serious the fight against corruption is, a swoop on corrupt Immigration officers was carried out too.

    An aide of a chief minister, who is a Datuk, was also arrested and is expected to be charged today.

    Sources said two senior immigration officers based in Complex ICQ Padang Besar, Perlis, were detained at about 11am yesterday under Ops Lavish.

    The suspects, aged 35 and 37, were summoned to the Kedah Malaysian Anti-Corruption Commis­sion (MACC) office on suspicion of accepting bribes in relation to the approval of expatriate passes to hire skilled and professional workers. Also arrested was a 48-year-old contractor.

    The contractor is believed to have abetted in the dealings since 2015 and acted as a middleman to transfer a huge sum of money into several bank accounts.

    The amount involved was said to be over a million ringgit.

    MACC deputy chief commissioner (operations) Datuk Azam Baki confirmed the arrests.

    The anti-graft officers also seized four luxury cars, a high-powered bike, a fixed deposit account with RM1mil, 13 luxury bags and 13 watches worth RM130,000.

    All three suspects will be investigated under Section 17(a) of the MACC Act 2009, which carries a jail term of up to 20 years and five times the amount of bribes involved.

    It is learnt the 37-year-old suspect, while taking charge of the expatriate services division in the Putrajaya Immigration Depart­ment, carried out the dubious dealings.

    He was the division head from Feb 2015 to Dec 2015 and tasked with supervising, approving and cross checking all applicants information in the data system.

    Star Media Group managing director and chief executive officer Datuk Seri Wong Chun Wai and Dzulkifli go on a ride in the MACC FM mobile after launching the 3J Campaign at Menara Star in Petaling Jaya. — AZMAN GHANI/The Star

    Within the short period there, he was said to have approved 339 applications involving 18,626 applicants.

    “Some applicant companies were said to be non-existent.

    “Initial investigations showed the suspect took a minimum of RM1,500 per applicant from agents as an inducement to approve their applications,” said a source.

    Checks also showed that the suspect’s wife had played a role in the dealings by using her registered companies to issue cheques and to transfer money.

    The latest move signalled a clean up of the Immigration Department by the anti-graft body.

    Thumbs up: MACC enforcement officers meeting members of the public at various public places to spread the 3J anti-corruption campaign message of ‘Jangan hulur, jangan kawtim, jangan settle’ (Don’t give and don’t settle.

    In March, at least 10 immigration officers who took up to RM5,000 each to allow illegals to enter Sarawak were nabbed. Six of them were women.

    Early this year, four Selangor immigration officers were rounded-up to assist in investigations into dubious applications for international passports, causing losses of over RM1mil.

    In Malacca, the former special officer to Malacca Historical City Council’s mayor implicated in a corruption case was arrested at 7.30pm yesterday at the Malacca MACC office.

    The 56-year-old suspect faces 11 charges under the Anti-Money Laundering, Anti-Terrorism Finan­cing and Proceeds of Unlawful Activities Act and another four under the Penal Code.

    On Nov 28, the officer was arrested to help with a probe over alleged corruption and money laundering.

    The MACC also seized more than RM100mil from the officer, comprising cash, assets and several vehicles.

    Source: The Star/ANN


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    Saturday, May 6, 2017

    The Death of the iPhone


    When I first predicted the "death of the iPhone" in January 2016, most people just laughed.

    But when Apple reported its first-ever decline in iPhone sales just three months later, many began to quiet down and listen.

    Now, even Tim Cook is recognizing the slowdown, after posting a surprise sales decline in second-quarter earnings this week.

    According to Apple's own CEO:

    "We're seeing what we believe to be a pause in purchases on iPhone."

    Cook has his own theories, but he's missing the bigger picture. Apple has failed to innovate, and it's costing the company a fortune.

    Many are banking on the iPhone 8, but the truth is even it won't stand up to what's coming next::

    Simply put, the age of the iPhone is coming to an end...

    And the age of augmented and virtual reality is just around the corner.

    For investors, that means a once-in-a-lifetime opportunity you don't want to miss.


    Good Investing,
    Stutman sig

    Friday, May 5, 2017

    Chinese scientists make quantum leap in computing; jumbo passenger jet C919 liftoff !

    Chinese leading quantum physicist Pan Jianwei, an academician of the Chinese Academy of Sciences, and his colleagues announced they have built world's first quantum computing machine at a press conference in the Shanghai Institute for Advanced Studies of University of Science and Technology of China on Wednesday. -- People's Daily

    CHINESE scientists have built the world's first quantum computing machine that goes far beyond the early classical -- or conventional -- computers, paving the way to the ultimate realization of quantum computing.

    Scientists announced their achievement at a press conference in the Shanghai Institute for Advanced Studies of University of Science and Technology of China on Wednesday.

    Scientists believe quantum computing could in some ways dwarf the processing power of today's supercomputers. One analogy to explain the concept of quantum computing is that it is like being able to read all the books in a library at the same time, whereas conventional computing is like having to read them one after another.

    Pan Jianwei, an academician of the Chinese Academy of Sciences and a leading quantum physicist, said quantum computing exploits the fundamental quantum superposition principle to enable ultra-fast parallel calculation and simulation capabilities.

    In normal silicon computer chips, data is rendered in one of two states: 0 or 1. However, in quantum computers, data could exist in both states simultaneously, holding exponentially more information.

    The computing power of a quantum computer grows exponentially with the number of quantum bits that can be manipulated. This could effectively solve large-scale computation problems that are beyond the ability of current classical computers, Pan said.

    For example, a quantum computer with 50 quantum bits would be more powerful in solving quantum sampling problems than today's fastest supercomputer, Sunway TaihuLight, installed in the National Supercomputing Center of China.

    Due to the enormous potential of quantum computing, Europe and the United States are actively collaborating in their research. High-tech companies, such as Google, Microsoft and IBM, also have massive interests in quantum computing research.

    The research team led by Pan is exploring three technical routes: systems based on single photons, ultra-cold atoms and superconducting circuits.

    Recently, Pan Jianwei and his colleagues -- Lu Chaoyang and Zhu Xiaobo, of the University of Science and Technology of China, and Wang Haohua, of Zhejiang University -- set two international records in quantum control of the maximal numbers of entangled photonic quantum bits and entangled superconducting quantum bits.

    Pan explained that manipulation of multi-particle entanglement is the core of quantum computing technology and has been the focus of international competition in quantum computing research.

    In the photonic system, his team has achieved the first 5, 6, 8 and 10 entangled photons in the world and is at the forefront of global developments.

    Pan said quantum computers could, in principle, solve certain problems faster than classical computers. Despite substantial progress in the past two decades, building quantum machines that can actually outperform classical computers in some specific tasks -- an important milestone termed "quantum supremacy" -- remains challenging.

    In the quest for quantum supremacy, Boson sampling, an intermediate (that is, non-universal) quantum computer model, has received considerable attention, as it requires fewer physical resources than building universal optical quantum computers, Pan said.

    Last year, Pan and Lu Chaoyang developed the world's best single photon source based on semiconductor quantum dots. Now, they are using the high-performance single photon source and electronically programmable photonic circuit to build a multi-photon quantum computing prototype to run the Boson sampling task.

    The test results show the sampling rate of this prototype is at least 24,000 times faster than international counterparts, according to Pan's team.

    At the same time, the prototype quantum computing machine is 10 to 100 times faster than the first electronic computer, ENIAC, and the first transistor computer, TRADIC, in running the classical algorithm, Pan said.

    It is the first quantum computing machine based on single photons that goes beyond the early classical computer, and ultimately paves the way to a quantum computer that can beat classical computers. This achievement was published online in the latest issue of Nature Photonics this week.

    In the superconducting quantum circuit system, a research team from Google, NASA and the University of California at Santa Barbara announced a high-precision manipulation of 9 superconducting quantum bits in 2015.

    Now the Chinese team led by Pan, Zhu Xiaobo and Wang Haohua have broken that record. They independently developed a superconducting quantum circuit containing 10 superconducting quantum bits and successfully entangled the 10 quantum bits through a global quantum operation.

    Chinese scientists aim to realize manipulation of 20 entangled photons by the end of this year, and will try to design and manipulate 20 superconducting quantum bits. They also plan to launch a quantum cloud computing platform by the end of this year.

    Source: Xinhua

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