In a bold move to safeguard Bitcoin from the looming threat of quantum computing, Project Eleven has successfully secured $6 million in funding. The fundraising round, which concluded today, was co-led by Variant Fund and Quantonation, with notable backing from Castle Island Ventures, Nebular, and Formation. This initiative aims to fortify Bitcoin’s cryptographic defenses against the emerging capabilities of quantum computers.
Quantum Threats and Digital Defense
Here’s the scoop: Quantum computing, once a distant possibility, is now a palpable concern for the digital currency realm. Alex Pruden, CEO of Project Eleven, underscored the urgency of the situation by stating, “As quantum computing capabilities advance, the threat to systems like Bitcoin is no longer theoretical, it’s imminent.” This sentiment resonates across the crypto community, as the potential for quantum computers to unravel Bitcoin’s elliptic curve cryptography (ECC) could disrupt the very foundation of digital asset security. As explored in IBM’s New Quantum Roadmap Brings the Bitcoin Threat Closer, advancements in quantum technology are accelerating the timeline for potential threats.
Project Eleven isn’t just sounding the alarm; they’re taking action. Earlier this year, they introduced the Q-Day Prize, promising 1 BTC to the first team capable of cracking Bitcoin’s ECC using quantum technology. According to Conor Deegan, co-founder and VP of Engineering at Project Eleven, “We define Q-Day as the moment when quantum computers become capable of breaking the elliptic-curve cryptography that secures private keys used by Bitcoin.”
Yellowpages: A Quantum-Resilient Registry
But what does all this mean for Bitcoin holders? Enter Yellowpages—a novel post-quantum cryptographic registry. This platform allows users to generate hybrid key pairs, create proofs linking them to existing BTC addresses, and timestamp these proofs on a verifiable ledger. It’s a proactive step towards ensuring that even if elliptic curve cryptography were compromised, users would have a robust fallback.
Yellowpages operates by enabling users to generate new key pairs using lattice-based cryptographic algorithms, which are inherently resistant to quantum attacks. These quantum-safe keys are then linked to existing Bitcoin addresses via cryptographic proofs. Importantly, these processes don’t alter the Bitcoin blockchain itself but create a verifiable trail of wallet ownership—an innovative safety net for the post-quantum era.
Deegan emphasized the importance of this registry, saying, “Preparing ahead of Q-Day means ensuring that digital assets remain secure and verifiable in a post-quantum world. With Yellowpages, we’re giving users free, audited, and open-source tools to proactively establish quantum-resilient ownership today.”
Navigating Bitcoin’s Governance Challenges
The path Project Eleven is charting contrasts sharply with other proposed solutions like QRAMP—a Bitcoin Improvement Proposal that would require a hard-fork migration to quantum-safe addresses. While QRAMP is theoretically sound, the need for consensus poses a significant hurdle. Bitcoin’s governance, known for its cautious nature, often leads to slow protocol changes. Just look at Ethereum’s lengthy transition to Proof-of-Stake or the recent OP_RETURN debate within Bitcoin’s community. For a contrasting perspective, see Bitcoin quantum threat is a ploy by ‘yo-yo token’ sellers: Saylor, which argues that the quantum threat may be overstated by some parties.
Rick Maeda of Presto Research has warned that the slow pace of governance could itself be a threat. “Quantum defenses must be built linearly, not reactively, because by the time the threat is real, it’s already too late,” Maeda noted in a recent interview with CoinDesk.
Project Eleven’s approach sidesteps the consensus requirement, potentially accelerating the adoption of quantum defenses. This proactive stance demonstrates a keen awareness of the vulnerabilities inherent in current methods and highlights a growing recognition within the industry that the quantum threat is too significant to ignore.
The Road Ahead
As we stand on the precipice of a quantum future, the question remains: Can the crypto world adapt swiftly enough to outpace this impending threat? Project Eleven’s initiatives mark a promising step forward, yet the broader industry faces a formidable challenge in aligning on a unified strategy.
In the coming months, as quantum computing continues to inch closer to practical application, the strategies adopted today will shape the security landscape of tomorrow’s digital assets. It’s a race against time, and as Project Eleven’s efforts illustrate, the stakes have never been higher.
Source
This article is based on: Project Eleven Raises $6M to Defend Bitcoin From the Coming Quantum Threat
Further Reading
Deepen your understanding with these related articles:
- Quantum Threat for Bitcoin? ‘I Don’t Worry About It’, Says Strategy’s Michael Saylor
- ‘Bitcoin Family’ revamps security after crypto crime wave
- Bitcoin DeFi Project Elastos Debuts BTC-Backed Stablecoin BTCD
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
