Insider Brief
- Quantum Blockchain Technologies has retained Dr. Lov Kumar Grover as a special consultant to assess the company’s quantum mining algorithm.
- Grover authored the first quantum algorithm for database searches while he was a scientist at AT&T Bell Labs.
- Grover’s Algorithm improves the speed, accuracy and efficiency of using large databases by employing quantum computing, which is relevant to mining Bitcoin, according to the company.
PRESS RELEASE — The board of Quantum Blockchain Technologies (AIM: QBT) announced that it has retained Dr. Lov Kumar Grover as a special consultant for the theoretical assessment of the company’s proprietary quantum version of SHA-256, a quantum mining algorithm.
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 markedly improves 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.
Grover has been retained by QBT on an initial contract of 3 months and has been granted 5 million warrants.
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.”
Grover commented: “QBT is lucky to have, what is, perhaps, the best management team in the area of quantum. Both Francesco and Rita 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, 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.
For more market insights, check out our latest quantum computing news here.
