Key Takeaways:
- Project Eleven has successfully raised $6 million to protect Bitcoin from the risks associated with quantum computing.
- The project is set to introduce Yellowpages, a directory for quantum-safe cryptographic proofs.
- Unlike other methods that depend on consensus, Project Eleven’s strategy aims to implement defenses without necessitating protocol alterations.
Project Eleven has acquired $6 million to secure Bitcoin from potential threats posed by quantum computing, which raises concerns about the future viability of the network’s core cryptography.
The funding round was co-led by Variant Fund and Quantonation, with additional investment from Castle Island Ventures, Nebular, and Formation.
“As quantum computing capabilities advance, the threat to systems like Bitcoin is no longer theoretical; it’s imminent,” stated Alex Pruden, CEO of Project Eleven. He emphasized that this funding is crucial for staying proactive against these future threats.
Additionally, Project Eleven has initiated the Q-Day Prize, a challenge offering 1 BTC to the first group able to crack Bitcoin’s elliptic curve cryptography utilizing a quantum computer.
Conor Deegan, co-founder of Project Eleven, noted, “We define Q-Day as the moment when quantum computers become capable of breaking elliptic-curve cryptography that secures private keys for Bitcoin.”
With the launch of Yellowpages, users will be able to create hybrid key pairs and link these to their existing Bitcoin addresses, establishing a cryptographic proof and timestamp within a public record maintained off-chain. This system will not alter any Bitcoin blockchain transactions but aims to provide measurable proof of wallet ownership for potential future risks.
Unlike other proposals, such as QRAMP, which necessitate consensus for migration to quantum-safe addresses, Project Eleven’s approach circumvents these stringent requirements, facilitating broader acceptance of quantum defenses.
As emphasized by Rick Maeda from Presto Research, timely development of quantum defenses is critical, as delaying proactive measures risks the integrity of digital assets once an actual threat appears.
Project Eleven’s recent initiatives indicate their commitment to addressing these emerging challenges head-on.
