The idea, dubbed "S-money" was inspired by quantum theory and relativity, according to Cambridge University's Professor Adrian Kent
Researchers at the University of Cambridge have proposed a theoretical form of virtual money that, they claim, would be highly secure, fast to transfer, and could also enable financial transactions on galactic scale.
The framework, dubbed "S-money," is the brainchild of Professor Adrian Kent from the Cambridge University's Department of Applied Mathematics and Theoretical Physics and the lead author of the study.
The idea of S-money was inspired by quantum theory and the theory of relativity, according to Kent.
S-money refers to virtual tokens designed for high-value fast transactions. It proposes the creation of a financial network in which ultra-secure virtual tokens would appear at just the right place and at right time.
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It would enable people to respond to events much faster than other forms of money, both digital and physical, which have to follow certain paths through space. "It's a slightly different way of thinking about money," says Kent.
According to Kent, money is not something that could be held only in hands or in bank accounts. Instead, it may also be thought of as something needed to get to a specific point in space-time, in response to data coming from multiple points (in space-time).
Kent believes that virtual forms of currency can ensure more secure authentication of financial transactions compared to any existing technology.
This new approach would also protect funds from potential attacks by quantum computers in the future. Moreover, it would enable funds to be transferred over essentially any distance, even across the solar system and beyond, Kent suggested, at some point in the far future.
Kent plans to carry out some proof-of-concept experiments on his S-money idea later this year. "We're trying to understand the practicalities and understand the advantages and disadvantages," said Professor Kent.
The detailed findings of the study are published in the journal Proceedings of the Royal Society A.
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