6 January
2023
Quantum Blockchain Technologies
Plc
( “QBT” or “the Company”)
R&D Update –
Quantum Computing
The board of Quantum Blockchain Technologies (AIM: QBT) is
pleased to update the market with the latest advances by its
research and development (“R&D”) team, which is working at
developing proprietary methods to mine Bitcoin more cheaply,
quickly and with improved energy efficiency.
QBT is pleased to announce that it has retained dr. Lov Kumar Grover
(https://en.wikipedia.org/wiki/Lov_Grover), as a special consultant
for the theoretical assessment of the company’s proprietary quantum
version of SHA-256 (i.e., the Quantum Mining algorithm).
Dr. Grover is a pioneer in quantum computing research and
development. He authored the first quantum algorithm for database
searches while he was a scientist at AT&T Bell Labs.
‘Grover’s Algorithm’ improves markedly the speed, accuracy
and efficiency of using large databases by employing quantum
computing. This algorithm should have fundamental relevance to the
complex task of mining Bitcoin. 1
Dr. Grover has been retained by QBT on an initial contract of 3
months and has been granted 5 million warrants (included in the
warrants announced on 20 December
2022) over QBT’s ordinary shares, now exercisable at 5p per
share before 31 October 2023 instead
of 6 June 2023 as previously
disclosed.
Francesco Gardin, CEO and
Chairman commented: “We are extremely pleased that dr.
Grover has joined our team. As a leading light in the sector, his
profound knowledge of quantum computing theory and optimisation
will prove essential for further refining the proprietary SHA-256
quantum version developed by QBT.
“In science, like in many other human endeavours, it is the
people who make the difference. In our case, we believe that dr.
Grover’s contribution to verifying the theoretical correctness of
our quantum version of the SHA-256 algorithm will be key to the
success of our project,”
Dr. Lov Kumar Grover
commented: “QBT is lucky to have, what is, perhaps, the
best management team in the area of quantum. Both Francesco
and Rita 2 are thoroughly straightforward, honest and
transparent in their operations and dealings with others - it is a
pleasure to work with them.”
The Company further reports that following the results achieved
by its Quantum Computing R&D team over the last 12 months, with
respect to the so called “Quantum Mining” algorithm (referred to in
the announcements of 11 March 2022,
23 May 2022 and 15 November 2022) focus has now moved to the
patent filing stage. Final theoretical checks on the quantum
computing version of the SHA-256 algorithm, the core engine for BTC
mining, are being carried out before the Company drafts its patent
application.
1 Grover's Algorithm has proved the
intrinsic power of quantum computers over classic ones,
demonstrating the computational search time of one specific word
among ‘N’ number of words in a database, which is reduced from N/2
attempts on a classic machine, to the square root of N on a quantum
computer. For example, in a database of 10,000 words, instead of
5,000 average attempts to find a specific word with a classic
computer, it will be found with an average of 100 attempts using a
quantum computer: the larger the number of words in the database,
the bigger is the quantum computer advantage over a classic
computer.
2 Dr Rita
Pizzi
For further information please
contact:
Quantum Blockchain Technologies Plc
Francesco Gardin, CEO and Executive
Chairman +39 335 296573
SP Angel Corporate Finance (Nominated Adviser &
Broker)
Jeff Keating +44 (0)20 3470 0470
Kasia Brzozowska
Leander (Financial PR)
Christian Taylor-Wilkinson +44 (0) 7795 168 157
About Quantum Blockchain Technologies
Plc
QBT (AIM: QBT) is an AIM listed investment company which has
recently realigned its strategic focus to technology related
investments, with special regard to Quantum computing, Blockchain,
Cryptocurrencies and AI sectors. The Company has commenced an
aggressive R&D and investment programme in the dynamic world of
Blockchain Technology, which includes cryptocurrency mining and
other advanced blockchain applications.