Project Eleven is a firm that focuses on developing post-quantum encryption. It raised $6 million in order to secure Bitcoins and other digital assets from future quantum computing threats.
A Thursday announcement made available to Cointelegraph revealed that the round of funding was led by Quantonation and Variant Fund, two leading investors in quantum technology. Quantonation has made its first crypto investment.
Project Eleven CEO Alex Pruden says the funding will enable the company to build “the tools, standards and ecosystem required to ensure digital assets remain secure in a post-quantum world.”
Project Eleven cites Eleven Labs’ and YCharts’ data. “There are currently 10,095,693 Bitcoin addresses with a non-zero balance and an exposed public key, putting a total of 6,262,905 BTC — worth about $648 billion — at risk of a potential quantum attack.”
Related: Bitcoin must upgrade or fall victim to quantum computing in 5 years
Yellowpages by the company is a first-release cryptographic database that allows users to link their existing Bitcoin addresses to secure new ones using a proof resistant to quantum computing, all without depending on activity on onchain. Pruden explained that the registry would act as a backup in case quantum computers compromised existing Bitcoin keys.
Pruden stated that Yellowpages has been audited and the results will be posted shortly. Project Eleven is also in discussions with Bitcoin Core developers to discuss possible future upgrades.
Bitcoin’s quantum threat
Adam Back was cited in Bitcoin by Satoshi (BTCWhite paper previously indicated that quantum computing tension may force Bitcoin’s creator to reveal whether they’re alive.
Some argue that the quantum threat is only a theoretical one and does not require dedicated resources. Many still view the quantum threat as a serious issue.
The US National Security Agency “intends that all National Security Systems will be quantum-resistant by 2035,” according Documents dated late in 2024 will be required. Under those plans, new acquisitions will require quantum-resistant encryption by 2027, and legacy gear will be phased out in 2030–2031.
US National Institute of Standards and Technology stated Its goal is to reach it by the end of 2024. “achieving widespread [post-quantum cryptography] adoption by 2035.”
“It’s not a question of whether or not it’s theoretical, it’s at what point it becomes practical,” Pruden tells Cointelegraph.
Rand, a US-based nonprofit think tank and research institute that focuses on global public policy and international relations and the Rand Public Sector Consulting firm conducted a survey of experts in 2020. A survey of experts was conducted in 2020 by the US nonprofit, global policy think-tank and research institute Rand as well as public sector consultancy firm Rand. report estimated that the average time until a cryptography-breaking quantum computer emerges is 2033, but noted that “earlier and much later development are possible,” Starting in 2027, the timeframe is a range.
Related: The Q-Day Prize challenge, explained: Can quantum computers really break Bitcoin?
Rand’s research was conducted before a study released Google’s reduction of the required number of noisy qubits to 1 million for RSA-2048 to 20 million in May still works well. beyond Today’s capability, which is a mere few hundred stable quantum bits.
Classical computer still reigns supreme
Pruden said to Cointelegraph, “Quantum computers can already factor small ECDSA public keys.” Nevertheless, it is also true that classic computers are still available.
A 2022 paperResearchers shared their achievement in factoring 261,980.999.226,229 on a 10 qubit computer. D-Wave used Using a hybrid search of quantum and classical methods, a quantum-annealing computing system can factorize a semiprime 50 bit number.
To put this in context, it was achieved by a supercomputer that had 2,700 core-years of CPU power and was able factor a key with 829 bits RSA, involving a prime number 415 bits. It is the equivalent of about 3 months on a medium HPC cluster.
Magazine: Bitcoin vs. the quantum computer threat: Timeline and solutions (2025–2035)
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Source: cointelegraph.com
