Quantum computing research company Project Eleven offers a 1 Bitcoin prize for the “Q-Day Prize”
Quantum computing research company Project Eleven has provided a prize of 1 Bitcoin for its “Q-Day Prize,” which will be awarded to the first team that can use Shor’s Algorithm to break elliptic curve cryptography (ECC) keys on a quantum computer within a year.
The potential threat of quantum computers to Bitcoin primarily lies in their ability to crack the cryptographic algorithms that protect the security of the blockchain network. Project Eleven points out that Bitcoin uses the Elliptic Curve Digital Signature Algorithm (ECDSA) for transaction signatures, and a quantum computer utilizing Shor’s Algorithm could theoretically derive the private key from the public key, jeopardizing the security of cryptocurrency wallets. The company estimates that over 6.2 million Bitcoins (worth nearly 50 billion USD) are at risk.
Currently, several global tech giants, including Alibaba, Amazon, Google, and IBM, are investing in quantum computing project research. In February of this year, Microsoft disclosed that they achieved significant breakthroughs in quantum accessibility through a topological quantum chip named “Majorana 1.” Some experts estimate that to break the SHA-256 algorithm used to secure Bitcoin mining and transaction hashing systems, a quantum computer would require millions of stable qubits.
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