Project Eleven Secures $6 Million for Post-Quantum Encryption
Project Eleven, an organization aimed at developing post-Quantum encryption, has successfully raised $6 million in funding. This investment is targeted at bolstering the security of Bitcoin and other digital assets against potential threats posed by future quantum computing advancements.
On Thursday, the company conveyed this news through an announcement shared with Cointelegraph. The funding round was co-led by prominent investors including Variant Fund and various experts in quantum technology. This marks a notable initial investment in encryption within the cryptocurrency sector.
CEO of Project Eleven, Alex Pruden, highlighted that this financial boost will empower the company to “build the tools, standards, and ecosystems necessary to keep digital assets safe in a post-Quantum environment.”
Data sourced from 11 Labs and YCharts indicated that “currently, there are 10,095,693 Bitcoin addresses with balances and exposed public keys, putting approximately 6,262,905 BTC (valued around $688 million) in potential jeopardy from quantum attacks.”
The company is set to launch a cryptographic registry called Yellow Pages. This tool is intended to help users generate quantum-resistant proofs linking existing Bitcoin addresses to new secure addresses, without depending solely on on-chain activity. Pruden mentioned that this registry would serve as a fallback option if existing Bitcoin keys were compromised by quantum computing.
Pruden also stated that the Yellow Pages will undergo an audit by Cure 53, and the audit results will be made available soon. Additionally, discussions with Bitcoin Core developers regarding future upgrades are underway.
The Quantum Threat to Bitcoin
Adambak, referenced in the Bitcoin white paper by Nakamoto, once suggested that the emergence of quantum computing might compel Bitcoin’s creators to confirm their status, alive or otherwise.
The debate surrounding the quantum threat to Bitcoin remains contentious; some consider it more theoretical, while others acknowledge the seriousness of the potential risks. The U.S. National Security Agency has declared that “all national security systems are projected to achieve quantum resistance by 2035.” Future plans include necessitating quantum-resistant encryption for new acquisitions by 2027, with a phased-out schedule for older technology between 2030 and 2031.
The National Institute of Standards and Technology has outlined goals for achieving widespread use of post-quantum cryptography by 2035. “It’s not just about whether it’s theoretical or not, but rather when it will become practical,” remarked Pruden.
A 2020 study conducted by RAND, a global policy think tank, assessed the timeline for quantum computers breaking cryptographic data, projecting this could begin as early as 2033, although earlier breakthroughs starting in 2027 are plausible.
Amidst ongoing research, Google recently reported reducing the necessary resources for quantum computing to threaten RSA-2048 encryption, although current technology remains limited to hundreds of stable qubits.
Classic Computers Still Dominant
Pruden mentioned that while quantum computers can analyze small ECDSA public keys, conventional computers are still quite capable in this realm. For instance, a 2022 study revealed that researchers successfully examined a 48-bit semi-prime number using a 10-qubit computer. D-Wave also demonstrated quantum annealing capabilities, addressing larger semi-prime numbers with hybrid computing methods.
For comparison, the best performance from classic computers occurred in 2020, where a supercomputer managed to process significant key sizes involving extensive resources over an extended period.
As discussions about the quantum threat to Bitcoin and potential countermeasures continue, the landscape remains dynamic and uncertain.
