Project Eleven Launches Q-Day Prize
In an ambitious initiative aimed at assessing the potential risks of quantum computing to Bitcoin, Project Eleven, a firm dedicated to quantum computing research, has launched a contest. On April 16, the organization unveiled the “Q-Day Prize,” which rewards participants with 1 Bitcoin, valued at around $84,100, for successfully cracking a significant portion of a Bitcoin key using quantum technology within the next year.
Urgency of Quantum Computing Threat
Project Eleven emphasizes the urgency of addressing the looming threat that advancements in quantum computing might pose to Bitcoin’s security, particularly concerning elliptic curve cryptography (ECC). With more than 10 million Bitcoin addresses reportedly exposing public keys, the firm has estimated that upwards of 6 million Bitcoin—totaling approximately $500 billion—could become vulnerable if quantum capabilities reach a sufficient threshold.
Contest Details
The contest allows individuals or teams to join and tasks them with utilizing Shor’s algorithm on a quantum computer to break the highest number of bits from a Bitcoin key, ultimately aiming to demonstrate the feasibility of scaling this method for a full 256-bit ECC key in the future. Project Eleven has made it clear that participants must rely solely on quantum methods, without any classical computational shortcuts.
Current State of ECC Key Security
Notably, no ECC key from real-world applications has ever been successfully broken, and Project Eleven believes that the winner of this contest could achieve recognition in the field of cryptography. They highlighted that access to quantum computing resources is increasingly available through platforms like Amazon Web Services and IBM.
The Quibbles and Future Predictions
Current projections suggest that breaking a 256-bit ECC key would require about 2,000 error-corrected logical qubits. Presently, IBM’s Heron chip and Google’s Willow offer 156 and 105 qubits, respectively. Project Eleven speculates that the development of a 2,000-qubit quantum system could be realistic within the next ten years.
Community Reactions and Future Outlook
Despite concerns over the viability of quantum computing to disrupt Bitcoin security, some experts in the Bitcoin community caution against immediate alarm.
Cypherpunk Jameson Lopp has described the situation as an unanswerable dilemma but doesn’t view it as an immediate crisis.
Meanwhile, Tether CEO Paolo Ardoino expressed optimism that quantum-resistant Bitcoin addresses will be developed well ahead of any significant threat.
