Project Eleven, a quantum computing The research group has launched the Q-Day Prize. It is a global competition that offers 1 BTC for the first team to successfully break a elliptic-curve cryptographic key (ECC), using Shor’s algorithm, on a quantum-computer. The team that achieves this breakthrough by September 25th, 2025 will receive 1 BTC.
The Elliptic Curve Digital Signature Algorithm is the target of this challenge. This algorithm underpins Bitcoin’s security. Project Eleven is a practical initiative that encourages cryptographic vulnerability demonstrations. While theoretical discussions of quantum threats persist, Project Eleven wants to make them measurable by encouraging real world examples.
According to the initiative more than 6.2 millions BTC are held by wallets which have public keys exposed. This could lead to a risk of losing these BTC if quantum technology advances further.
“We have no clear idea how close we are to a quantum ‘doomsday’ scenario for existing cryptography,” Alex Pruden said, Project Eleven’s CEO and cofounder. “The Q-Day Prize is designed to take a theoretical threat from a quantum computer, and turn that into a concrete model.”
Recent advances in quantum computing are accelerating the pace of the project. Google’s ‘Willow’ chip recently solved a complex computation in five minutes that would take supercomputers 10 septillion years, demonstrating progress in error correction. Amazon’s ‘Ocelot’ and Microsoft’s ‘Majorana 1′ chips have also made significant strides, while PsiQuantum raised $750 million in Q1 2025, citing developments in photonic chip design and optimization of Shor’s algorithm.
Cloud-based computing services are also becoming more available to researchers, thanks to providers like IBM, AWS and Google.
Q-Day Prize is a continuation of a long tradition. cryptographic Benchmarking challenges similar to those used in the RSA Factoring Challenge of 1991 or Hal Finney’s SSL cipher Challenge, 1995, which both played a key role in measuring cryptographic robustness.
“This is an open call to the boldest minds in quantum,” Pruden added. “Prove what’s possible, and help us secure the future of digital assets.”
You can register and find out more details at QDayPrize.org.
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Source: bitcoinmagazine.com
