Quantum Blockchain Technologies PLC (AIM:QBT) (QBT) said it has hired Dr Lov Kumar Grover, a pioneer in quantum computing, to advise on its proprietary quantum version of the SHA-256 bitcoin mining algorithm.
Grover, who authored the first quantum algorithm for database searches while working as a scientist at AT&T Bell Labs, will work with QBT for an initial three-month period, during which he has been granted five million warrants exercisable at 5p per share before October 31, 2023.
In a statement, QBT chairman Francesco Gardin said: “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.”
The company also announced that the Quantum Mining algorithm, developed by its quantum computing research and development team, has progressed to the patent filing stage.
Final theoretical checks on the algorithm are being carried out before QBT drafts its patent application.
