One of the most important research laboratories in quantum computing and a publicly traded company might have just made a major new breakthrough for quantum algorithms.

‍What’s happening:‍

• IonQ (NYSE: IONQ) and Oak Ridge National Laboratory have announced a new breakthrough in quantum computing focused on a novel method for scaling quantum computing
  

The big idea:‍

• IonQ and Oak Ridge National Laboratory have developed a novel method for scaleable quantum computing that leverages IonQ’s trapped-ion technology to develop an entirely new method known as Quantum Imaginary Time Evolution
  
• Quantum Imaginary Time Evolution is much faster than traditional quantum optimization algorithms and also requires less complex quantum circuits
  

Why it matters:‍

• Quantum Imaginary Time Evolution could represent a large scale breakthrough in the potential of quantum computing to solve highly difficult and deeply complex optimization problems that could be applied to areas such as energy grid management, drug discovery and even financial risk modelling
  

Going deeper:‍

• IonQ has been making a flurry of advancements of late, including recently installing a quantum computer in Switzerland for the first time ever as well as acquiring a quantum networks startup

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