Project 11 Offers 1 BTC Reward to Whoever Can Break Bitcoin's Cryptography Using a Quantum Computer

Project 11 is looking to gauge the urgency of the quantum security risk to Bitcoin.

Project 11, a recently launched quantum computing firm, is looking to gauge the urgency of the quantum security risk to Bitcoin.

What Happened: Project 11 disclosed that it would give away 1 BTC, currently worth nearly $85,000, to any individual or team that could break the largest elliptic curve cryptographic key possible using Shor’s algorithm on a quantum computer before April 5, 2026.

The firm’s CEO, Sergey Devore, said in a statement that they are interested in seeing if the current predictions for quantum computer development hold true.

“We’re also curious to see if any teams can work together to smash the 255-bit ECC key in the allotted time frame, especially considering the potential implications for Bitcoin.”

At the current pace of development, quantum computers could break Bitcoin’s wallet encryption within the decade, potentially putting millions of exposed wallet keys at risk. The firm estimates that these wallets hold 6 million BTC worth over $500 billion.

The crypto behemoth is planning to upgrade its network to become quantum-resistant by 2030.

Why It's Important: Project 11 is offering a $10,000 reward to anyone who can create a program to break the 255-bit ECC key. The firm will also provide the winner with the necessary cloud server to perform the calculations.

The firm’s efforts could inform a push to make the cryptocurrency network quantum-resistant.

A recent report by Union Bank, an affiliate of the U.S. banking giant Bank of America, warned that broad adoption of quantum computers could pose a significant risk to blockchain technology.

See More: Best Cryptocurrency Scanners

The report, titled "The Impact of Quantum Computing on Web3 and the Metaverse," highlighted the potential for quantum computers to efficiently break the cryptographic algorithms commonly used in blockchain systems.

"While the time frame for such capabilities remains uncertain, the rapid progress in quantum computing suggests that this technology could pose a significant risk to Web3 and the metaverse in the coming decade," the report stated.

Invictus Bitcoin, a Bitcoin mining firm, is also offering a 1 BTC reward to anyone who can mine a block on the Bitcoin network using a quantum computer. The firm said it is offering the reward as it believes that quantum computers will not be able to mine Bitcoin.

"We're not saying it's going to be easy," Invictus Bitcoin CEO Ben Armstrong said. "But we're confident that it can be done. And we're willing to put our money where our mouth is."

Those interested can apply via email at smashECCkey@project11.io by March 31, 2024.

Read Next: Bitcoin Miner Invictus Offers 1 BTC Reward For First Quantum Miner To Smash The Network