Not yet reviewed by Pith; the record is open.

Most quantum key distribution (QKD) protocols can be classified as either a discrete-variable (DV) protocol or continuous-variable (CV) protocol, based on how classical information is being encoded. We propose a protocol that combines the best of both worlds -- the simplicity of quantum state preparation in DV-QKD together with the cost-effective and high-bandwidth of homodyne detectors used in CV-QKD. Our proposed protocol has two highly practical features: (1) it does not require the honest parties to share the same reference phase (as required in CV-QKD) and (2) the selection of decoding basis can be performed after measurement. We also prove the security of the proposed protocol in the asymptotic limit under the assumption of collective attacks. Our simulation suggests that the protocol is suitable for secure and high-speed practical key distribution over metropolitan distances.