We’re proud to have Project Eleven as our first One Step from Zero grantee—leading an effort to mitigate the risks quantum computing poses to Bitcoin’s cryptographic security. The project aims to evaluate and reinforce Bitcoin's resilience against future quantum attacks, raising critical questions about the cryptocurrency's long-term viability in an era where quantum computers could potentially compromise existing cryptographic systems. Through Project Eleven, we are working hand-in-hand to bolster Bitcoin’s quantum defenses. It does this by combining a new body of research with national challenges and grassroots community engagement.
Addressing Quantum Computing Threats to Bitcoin
Quantum computers take advantage of the unique capacity of quantum mechanics. They can process calculations beyond the reach of classical computers to solve the most complex challenges. This constitutes an enormous existential threat to Bitcoin. It does so through the use of cryptographic algorithms such as Elliptic Curve Cryptography (ECC), which ensure the integrity of transactions and safety of digital property. Shor's algorithm, a quantum algorithm, can potentially break the ECC used by Bitcoin, making it imperative to assess and mitigate the risks.
Elliptic curves are the basis for Bitcoin’s security. For example, a 256-bit ECC provides the same level of security as a 3072-bit RSA key. This difference leads to a substantial efficiency advantage.
Although practical quantum computers capable of breaking Bitcoin's cryptography do not currently exist, major players like IBM, Google, and AWS are actively developing quantum computing systems, signaling the industry's progression in this field. The post-quantum threat is a real one and should be taken seriously, not only by Bitcoin but by the whole global encryption infrastructure.
The QDay Prize: Incentivizing Quantum Research
Project Eleven is shaking things up in the world of quantum computing! To encourage participation, they have set up a 1 BTC reward, dubbed the QDay Prize, for anyone able to crack Bitcoin’s public key before April 6, 2026. This initiative is meant to encourage the robust research and development of quantum computing, while at the same time, stress-testing Bitcoin’s cryptographic defenses. Now designed to crack the largest possible ECC key, Project Eleven seeks to take this understanding further. We’ll deploy Shor’s algorithm on a functional quantum computer to do just that.
A number of other platforms—AWS, IBM, and more—give the public access to quantum computers. This access would enable far-reaching breakthroughs in quantum computing and cryptography. Cracking even a 3-bit key would be a major milestone in the context of Project Eleven's initiative, demonstrating tangible progress in quantum computing's ability to compromise cryptographic systems.
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Strategic Implications for Bitcoin's Future
Ultimately, Project Eleven stands to be a critically important initiative towards bolstering the long-term resilience and cryptographic integrity of Bitcoin. Even more exciting is how the project engages with the quantum threat. It extends its goal of maintaining the security and viability of Bitcoin in the face of swiftly changing technology. This innovative mindset is critical to ensuring that we continue to inspire trust and confidence in Bitcoin as a decentralized global digital currency.
The person behind the project interacts with the larger community. It builds community. It encourages interaction and knowledge-sharing between researchers, developers, and enthusiasts, a vital factor in driving innovation and developing effective solutions to the quantum challenge. Project Eleven is here to remind everyone about the implications of Bitcoin’s cryptographic foundations in an age of quantum computing.
