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Quantum Blockchain Technologies Plc
(“QBT” or “the Company”)
ASIC UltraBoost:
Filing of the Company’s first breakthrough patent application on Bitcoin mining algorithm optimisation
The board of Quantum Blockchain Technologies (AIM: QBT) is pleased to inform shareholders that, as an initial result of its new research and development (“R&D”) strategy in respect of disruptive proprietary techniques for Bitcoin mining, the Company, following the outstanding research work of its cryptography expert, has filed an application for its first patent– the ASIC UltraBoost.
The application made to the UK patent office (then to be extended internationally while maintaining the priority date, set via the UK application) represents a major breakthrough in Bitcoin mining, as a result of a very material optimisation of the mining algorithm.
The ASIC UltraBoost can be described as an improvement of the Bitcoin mining process (building on all other existing optimisations in the market, including ASIC Boost) eliminating redundant computation of a key part the Bitcoin mining algorithm, resulting in a faster and more efficient mining process.
The optimisation starts from the initial consideration that currently, Bitcoin miners attempt to find the winning hash acceptable to the Bitcoin Network by calculating multiple midstates (by rolling the Version), passing them through further hashing (by rolling the Nonce) to obtain a final hash value that is less than or equal to the Target.
ASIC UltraBoost looks to improve the algorithmic efficiency of Bitcoin mining by proposing 3 specific variants to the SHA256 message scheduler for the 3 instances of SHA256 in Bitcoin mining. These Optimal SHA256 Message Schedule Variants result in faster and more efficient Bitcoin mining by eliminating the redundant computations within the SHA256 message schedule specific to Bitcoin mining.
As such, the calculation of the midstates alongside the calculation of the message digest is significantly optimised.
ASIC UltraBoost reduces the Message Schedule calculations for the 3 iterations of SHA256 by approximately 20%.
The SHA256 function being a combination of the message schedule and the compression function, when considering the optimisations of ASIC UltraBoost for the entire SHA256 function, the number of operations across the 3 iterations of SHA256 are reduced by approximately 7%.
More accurate results, including an overall percentage improvement will be available when ASIC UltraBoost is implemented in hardware.
The Company, following the research programme of the cryptography expert, and other members of QBT’s R&D team, is working on other findings that are expected to be patentable in the coming months.
Francesco Gardin, CEO and Chairman commented: “Filing the ASIC UltraBoost patent application is the first milestone resulting from our R&D programme, achieved in just four months. It is the first of many patents the Company is working on and plans
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