REG-Quantum Blockchain Technologies Plc: R&D Update - Quantum Computing

Quantum Blockchain TechnologiesAnnouncement

06/01/2023 07:15

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.



Copyright (c) 2023 PR Newswire Association,LLC. All Rights Reserved