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(Sharecast News) - Quantum Blockchain Technologies updated the market with the most recent advances of its research and development team on Friday, which it said was working at developing proprietary methods to mine Bitcoin more cheaply, quickly and with improved energy efficiency.
The AIM-traded firm said it had retained Dr Lov Kumar Grover as a special consultant for the theoretical assessment of its proprietary quantum version of SHA-256, or 'the Quantum Mining algorithm'.
It described Dr Grover as a "pioneer" in quantum computing research and development, having authored the first quantum algorithm for database searches while working as a scientist at AT&T Bell Labs.
'Grover's Algorithm' improved markedly the speed, accuracy and efficiency of using large databases by employing quantum computing, which the board said should have "fundamental relevance" to the complex task of mining Bitcoin.
"We are extremely pleased that Dr Grover has joined our team," said chairman and chief executive officer Francesco Gardin.
"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."
Quantum Blockchain said Dr Grover had been retained on an initial three-month contract, and had been granted five million warrants, included in those announced on 20 December, over its ordinary shares, now exercisable at 5p each before 31 October, instead of the previous 6 June.
"QBT is lucky to have, what is, perhaps, the best management team in the area of quantum," said Dr Lov Kumar Grover.
"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."
At 1455 GMT, shares in Quantum Blockchain Technologies were up 16.2% at 1.25p.
Reporting by Josh White for Sharecast.com.
