Project Eleven Secures $6 Million to Protect Bitcoin From Quantum Computing Risks
Project Eleven has secured $6 million to develop solutions that safeguard Bitcoin from quantum computing threats. Key details include:
- The funding round was led by Variant Fund and Quantonation, with participation from Castle Island Ventures and founding investors Nebular and Formation.
- CEO Alex Pruden emphasized the urgency posed by advancing quantum computing capabilities.
- Project Eleven introduced the Q-Day Prize earlier this year, offering 1 BTC for breaking Bitcoin’s elliptic curve cryptography with a quantum computer.
- The firm is launching Yellowpages, a post-quantum cryptographic registry for generating hybrid key pairs and linking proofs to existing BTC addresses.
- Yellowpages records these proofs on an off-chain verifiable ledger without altering the Bitcoin blockchain.
- This approach contrasts with QRAMP, a hard-fork proposal requiring consensus for migration to quantum-safe addresses, which faces adoption challenges.
- Analysts warn that current slow governance processes may heighten vulnerability to quantum threats.
Project Eleven's initiatives indicate proactive measures within the crypto sector against potential quantum risks.