A quantum computing breakthrough might eventually undermine the cryptography that safeguards the nearly$ 1.7 trillion in assets held by the Bitcoin blockchain. A BTC wealth is then putting that risk to the test.
The first group to decrypt a simplified version of Bitcoin’s elliptical curve encryption, or ECC, using a quantum computer, won a prize of 1 BTC, which is currently valued at close to$ 85 000.
The safety of Bitcoin depends on elliptical curve cryptography. Shor’s engine will eventually break it, Project 11 wrote on X. We’re evaluating the threat’s urgency.
The QDay Prize is available to both individuals and teams until April 5, 2026.
Project 11 was founded in 2024 by Alex Pruden and Conor Deegan, and it studies the connections between crypto and quantum technology with an emphasis on the dangers these systems pose to bitcoin techniques.
A set of ECC codes that are available from 1 to 25 bits has been created for Project 11. Teams must show their options using a code of the desired length, such as by breaking a 4-bit major if aiming for that level. It’s only a small portion of the current 256-bit crypto used by Bitcoin.
Elliptical slope crypto is frequently used in bitcoin for its efficiency and security, but experts warn that quantum computing may destroy it by breaking the asymmetry that prevents it from being safe. Additionally, it’s possible that someone who can figure out how to break Bitcoin’s encryption will win with significantly more than the 1 BTC prize.
This is not a way to “break” Bitcoin, Pruden wrote on X. ” Someone with a quantum computer already has a great opportunity to use it to build a personal and, consequently, steal money from addresses with exposed public keys.”
A quantum computer uses the concepts of quantum mechanics to address issues that are beyond the scope of conventional computers, potentially putting a risk on Bitcoin by compromising the encryption that safeguards its customers ‘ private keys.
A classical computer could potentially split Bitcoin’s encryption in minutes, which adds to this fear.
Other sites ‘ blockchain programmers are also working toward a quantum future. Solana Winternitz Vault, a quantum-resistant technology developed by Solana developers in January, created a new key for each transaction that uses hash-based names to shield customer funds from possible quantum attacks. Vitalik Buterin, the co-founder of Ethereum, suggested a painful fork to shield Ethereum from related quantum threats in March 2024.
We don’t actually know how far apart we are, Pruden continued, “despite our belief that this hasn’t already taken place.” We need a plan to make. And we need the details to come up with a plan.
While Project 11 places its emphasis on a significantly scaled-down type of Bitcoin’s cryptography, it also sees it as a crucial indicator of what lies ahead.
” This is only the beginning; if someone breaks a 5-bit key, it will be a breakthrough,” Project 11 declared. That’s much smaller than the 256-bit secrets used by BTC, but quantum computers will also use that. When that occurs, we need to be aware.
edited by Andrew Hayward
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