Project Eleven has raised $ 6 million to protect Bitcoin
Due to the existential threat of quantum computing, as the fears that the central cryptography of the network could someday increase.
The round was directed by Variant Fund and Quantonation, with the participation of Castle Island Ventures together with nebular founding investors and training, according to a statement.
“As quantum computing capabilities advance, the threat to systems such as Bitcoin is no longer theoretical, it is imminent,” said Alex Pruden, CEO of the Eleven project.
“This financing allows us to stay ahead of that curve, build the tools, the standards and the ecosystem required to ensure that digital assets remain safe in a world after quanto,” Pruden said.
Earlier this year, Project Eleven launched the Q-Day Prize, offering 1 BTC to the first team that can break the Bitcoin elliptical curve cryptography (ECC) using a quantum computer.
“We define the day Q as the moment when quantum computers become able to break the cryptography of elliptical curve that ensures the private keys used by Bitcoin,” said Conor Deganan, co -founder and vice president of engineering in the eleven project in a launch.
The ELEVEN project also announced that it will launch the yellow pages an after -the -way cryptographic record as for the as for those that users can generate pairs of hybrid keys, create evidence that links them with their existing BTC addresses and the best of time of time of time in a verifiable major book.
Yellowpages works by making users generate a new pair of keys using cryptographic algorithms after quantum, such as network -based systems, which are resistant to the types of attacks that a future quantum computer could launch.
Then they create a cryptographic test that links this safe key with their existing BTC direction. That test is marked and stored in Yellowpages, a public registry housed outside the chain.
It does not move funds or alter anything in the Bitcoin block chain, but creates a trace of verifiable paper owned by the wallet that could serve as a height if the cryptography of the elliptical curve ever breaks.
“Prepare before the day which means ensuring that digital assets remain safe and verifiable in a world after quantium. With the yellow pages, we are providing users for free, audited and open source tools to proactively establish the property resistant to quantum resistance today,” Deegan continued.
Ensure BTC against Quantum through consensus
The approach contrasts with solutions such as QRAMP, a Bitcoin improvement proposal that demands a hard bag migration to safe quantum directions.
While it is effective in theory, QRAMP and similar proposals face a high barrier to adoption because they would require consensus, a difficult task in a government environment known for its precaution.
The various years of Ethereum to the Toma test and the recent debate of Op_return de Bitcoin are reminders of how slow it can be the change of protocol, and some analysts have warned that the slow governance process is a threat itself.
This route would omit the need for consensus, while facilitating the mass adoption of quantum defenses.
As Rick Maeda de Presto Research recently warned in an interview with Coindesk, quantum defenses must be built linearly, not reactively, because when the threat is real, it is already too late.
The last movements of the Eleven project suggest that some in the cryptographic industry are taking this threat seriously while recognizing the weakness of the current methods.
