Project Eleven's "Quantum Challenge": Offering 1 BTC to Break What Could Be Worth Billions

 The quantum computing firm wants someone to crack Bitcoin's cryptography for a mere fraction of what could potentially be stolen

In what might be the most ironic bounty offer of the year, quantum computing research firm Project Eleven is dangling a single bitcoin (currently valued around $84,081) to anyone who can demonstrate how to steal potentially billions in cryptocurrency.

The company has launched its first "Q-Day Prize," challenging global researchers to crack an elliptic curve cryptographic (ECC) key using Shor's algorithm on a quantum computer within the next 12 months.

The "Threat" That Could Make Someone Incredibly Wealthy

"The goal of the prize is simple but urgent: quantify the true threat that quantum computing poses to Bitcoin's core cryptography," Project Eleven announced on Wednesday, apparently missing the irony that anyone who actually accomplishes this feat could potentially access far more than the single bitcoin reward.

According to Project Eleven's own estimates, more than 6.2 million BTC—worth nearly $500 billion—could be at risk if quantum computing successfully cracks Bitcoin's encryption. Yet they're offering just 0.000016% of that amount as a prize. Talk about a bargain!

Misunderstanding the Quantum Challenge

The fundamental issue here isn't developing a novel algorithm—Shor's algorithm already exists theoretically. The real quantum threat comes from the sheer computational power that could theoretically brute-force private keys, which are ultimately just very large numbers.

Alex Pruden, CEO and co-founder of Project Eleven, stated, "We have no clear idea how close we are to a quantum 'doomsday' scenario for existing cryptography." What Pruden doesn't mention is that anyone who wins this challenge would have little incentive to claim the prize when they could potentially access billions in vulnerable wallets.

Big Tech's Quantum Race

Tech giants including Alibaba, Amazon, Google, and IBM are all investing heavily in quantum computing. Microsoft recently announced what they called a "major breakthrough" with their Majorana 1 quantum chip featuring eight topological qubits.

However, experts estimate that breaking Bitcoin's SHA-256 algorithm would require millions of stable qubits—a technological achievement still likely decades away.

Solutions on the Horizon

Meanwhile, companies like Selfwallet are developing quantum-resistant blockchain technology that could protect digital assets against future quantum threats.

What do you think?

Is Project Eleven's challenge a legitimate scientific endeavor or just publicity? Do you believe quantum computing poses a real threat to cryptocurrency security in the next decade?

Share your thoughts in the comments below!

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