Project Eleven has secured $6 million in a seed funding round aimed at protecting the Bitcoin network from the emerging threat posed by quantum computing. This funding round was co-led by Variant Fund and Quantonation, with participation from Castle Island Ventures, Nebular, and Formation. The project focuses on developing quantum-safe cryptography tools, standards, and ecosystems to safeguard digital assets in a future where quantum computers might render current cryptographic methods obsolete.
Quantum computing, which leverages principles of quantum physics, has the potential to process vastly greater amounts of information than classical machines and could break Bitcoin's elliptic curve cryptography, which underpins wallet private keys and network security. Though quantum computers are not yet publicly available, advancements by tech giants such as IBM and Google indicate the threat is approaching rapidly.
Project Eleven is taking proactive measures, including launching the Q-Day Prize that offers 1 BTC to the first team that can break Bitcoin's cryptography with a quantum computer, and introducing Yellowpages, a post-quantum cryptographic registry. Yellowpages allows users to generate quantum-resistant key pairs, link them to existing Bitcoin addresses through cryptographic proofs, and timestamp these proofs on a public off-chain ledger. This approach offers a way to prepare for a post-quantum world without requiring a hard fork or consensus, which could be difficult given Bitcoin’s cautious governance.
Bitcoin’s current network security depends on the difficulty of controlling over 50% of its computing power and remains unbroken to date. Prominent voices like Michael Saylor express confidence that quantum computing risks will be managed responsibly by major tech companies. Project Eleven’s initiatives represent early, essential steps to ensure Bitcoin and other digital assets remain secure against future quantum attacks.