The hunt for a quantum phantom, and making bitcoin legal tender
Dec 22, 2023
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Freelance science journalist Zack Savitsky and host Sarah Crespi discuss the hunt for the elusive Majorana fermion particle, and the mysterious disappearance of its namesake. Professor Diana Van Patten discusses El Salvador's adoption of bitcoin as legal tender and the results of this decision. They explore the challenges and potential benefits of using cryptocurrency in daily transactions.
The hunt for the Majorana fermion particle could lead to more efficient quantum computers by harnessing its unique properties as its own antiparticle.
El Salvador's adoption of Bitcoin as legal tender highlights the importance of addressing barriers such as trust, privacy, and cost of adoption for successful cryptocurrency integration.
Deep dives
Hunt for the Myerana Fermion Particle
Physicists have been searching for the elusive Myerana Fermion particle, which could be crucial for building a functional quantum computer. This particle, proposed by physicist Etorre Myerana in 1937, is unique as it acts as its own antiparticle. Researchers believe that harnessing the properties of Myeranas can lead to more efficient and powerful quantum computers. However, the search for Myeranas has been challenging, as their existence and detection remain uncertain. Various research approaches, such as creating thin wires or using graphene structures, have been pursued, but definitive proof is still lacking.
The Promise and Challenges of Quantum Computing
Quantum computing holds great potential for revolutionizing computation by utilizing the properties of subatomic particles called qubits. Unlike traditional computers that rely on transistors, quantum computers encode information in the properties of atoms or electrons and take advantage of phenomena like entanglement. However, the development of quantum computers faces significant challenges, such as maintaining the delicate balance between qubit entanglement and environmental interference. Current quantum computers are not yet fault-tolerant, meaning that errors increase as more qubits are added. The Myerana Fermion particle, if successfully utilized as qubits, could provide a solution to this challenge, as its unique properties may allow for more reliable and error-resistant quantum computations.
Barriers to Adoption of Cryptocurrency in El Salvador
El Salvador became the first country to adopt Bitcoin as legal tender in 2021, aiming to increase financial inclusion and facilitate remittances. However, the uptake of cryptocurrency has been limited. A survey revealed that only about 68% of the population in El Salvador was aware of the Chivo Wallet app, the government's platform for Bitcoin transactions. Among those who knew about the app, only about 48% attempted to download it, and usage for tax payment and remittances remained extremely low (around 5% and 3% respectively). Lack of trust, privacy concerns, and a lack of understanding were cited as key barriers to adoption.
Lessons Learned from the Bitcoin Adoption Experiment
The case of El Salvador's Bitcoin adoption offers valuable lessons for countries considering similar initiatives or the implementation of central bank digital currencies (CBDCs). The study highlights the importance of trust, privacy, and the cost of adoption in determining the success of cryptocurrency integration. Despite favorable conditions provided by the government, Bitcoin did not become a widely used medium of exchange, underscoring the need to address these barriers effectively. These insights are relevant not only for countries exploring cryptocurrency adoption but also for the development and implementation of CBDCs worldwide.
Seeking the Majorana fermion particle, and a look at El Salvador’s adoption of cryptocurrency
First up on the show this week, freelance science journalist Zack Savitsky and host Sarah Crespi discuss the hunt for the elusive Majorana fermion particle, and why so many think it might be the best bet for a functional quantum computer. We also hear the mysterious tale of the disappearance of the particle’s namesake, Italian physicist Ettore Majorana.
Next in the episode, what happens when you make a cryptocurrency legal tender? Diana Van Patten, professor of economics in the Yale University School of Management, discusses the results of El Salvador’s adoption of bitcoin in 2021.
This week’s episode was produced with help from Podigy.