In a groundbreaking initiative to address Bitcoin’s potential quantum computing vulnerabilities, Project Eleven has launched the Q-Day Prize, offering a 1 BTC reward for successfully breaking Bitcoin’s cryptographic security using quantum computing technology. This development comes amid growing concerns about quantum computing’s threat to cryptocurrency security systems.
The Quantum Challenge: Stakes and Timeline
The challenge specifically targets the Elliptic Curve Digital Signature Algorithm (ECDSA), the cornerstone of Bitcoin’s security infrastructure. With a deadline set for September 25, 2025, participants must demonstrate the ability to break an elliptic curve cryptographic (ECC) key using Shor’s algorithm on a quantum computer.
The stakes are particularly high, as Project Eleven reveals that over 6.2 million BTC (approximately $500 billion) currently sits in wallets with exposed public keys, potentially vulnerable to quantum attacks. Recent developments in crypto security infrastructure highlight the growing importance of addressing these vulnerabilities.
Recent Quantum Computing Breakthroughs
Several significant advancements in quantum computing have accelerated the urgency of this initiative:
- Google’s ‘Willow’ chip: Completed a complex computation in 5 minutes that would take traditional supercomputers 10 septillion years
- Amazon’s ‘Ocelot’ and Microsoft’s ‘Majorana 1’ chips: Made substantial progress in quantum computing capabilities
- PsiQuantum’s $750 million funding round: Focused on photonic chip design and Shor’s algorithm optimization
Expanding Access to Quantum Computing
The democratization of quantum computing through cloud-based services from major providers like IBM, AWS, Google, and Alibaba has made this technology increasingly accessible to researchers and developers worldwide. This accessibility could accelerate both the discovery of vulnerabilities and the development of quantum-resistant solutions.
Historical Context and Future Implications
The Q-Day Prize follows in the footsteps of historical cryptographic challenges, including the 1991 RSA Factoring Challenge and Hal Finney’s 1995 SSL cipher challenge. These initiatives played crucial roles in advancing cryptographic security standards.
FAQ Section
What is the Q-Day Prize?
A 1 BTC reward offered by Project Eleven for breaking Bitcoin’s cryptographic security using quantum computing.
When is the deadline for the challenge?
September 25, 2025
How many Bitcoin are potentially at risk?
Approximately 6.2 million BTC in wallets with exposed public keys.
For more information and registration details, visit QDayPrize.org.