Q-Pay (BitMint) Could Mark the Next Sea Change in Finance
"DigFin tends to stay away from hype. But this story ticks so many boxes that I think it’s worth highlighting. Could this be the path for banks in China to compete against internet giants? And what does that imply for banks – and regulators – elsewhere?
I do believe, though, that this combination of payments, quantum security and digital assets could mark the beginning of a new wave in fintech innovation.
BitMint (Q-Pay) Coins are:
Coins that could be exchanged peer-to-peer across mobile phones, with no need of an internet connection; or, if the telecom network fell, could be represented as printed-out QR codes that phones could read. And the values would instantly be changed in the parties’ bank accounts.
Coins whose identity is developed not by an algorithm but by “quantum randomness”, reflecting “pure” randomness that leaves no pattern, so that not even a quantum computer could ever use brute force to crack it – unlike crypto-currencies.
Coins that could be traded over a blockchain, if you wished, but are generated and authenticated by a central issuer, be it a bank, or a company, or a government.
Coins that could let China’s commercial banks compete today against Alibaba and Tencent, and global banks tomorrow.