Project Eleven raises $6M to defend Bitcoin from quantum attacks

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Project Eleven, a improvement agency targeted on post-quantum cryptography, raised $6 million to assist safe Bitcoin and different digital belongings in opposition to future quantum computing threats.

According to a Thursday announcement shared with Cointelegraph, the funding spherical was co-led by main Web3 investor Variant Fund and quantum tech investor Quantonation, amongst others. It marks Quantonation’s first funding within the crypto area.

Project Eleven CEO Alex Pruden stated the funding will permit the corporate to construct “the tools, standards and ecosystem required to ensure digital assets remain secure in a post-quantum world.”

According to Eleven Labs and YCharts knowledge cited by Project Eleven, “There are currently 10,095,693 Bitcoin addresses with a non-zero balance and an exposed public key, putting a total of 6,262,905 BTC — worth about $648 billion — at risk of a potential quantum attack.”

Percentage of BTC in danger. Source: Eleven Labs (Jan. 17, 2025) and YCharts (June 18, 2025)

Related: Bitcoin should improve or fall sufferer to quantum computing in 5 years

The firm’s first launch, a cryptographic registry known as Yellowpages, is designed to let customers create a quantum-resistant proof linking their present Bitcoin addresses to new, safe ones, with out counting on onchain exercise. Pruden stated the registry will act as a fallback within the occasion that quantum computer systems compromise present Bitcoin keys.

Pruden stated Yellowpages was audited by Cure 53 and that the corporate will put up the audit outcomes shortly. Project Eleven has additionally opened discussions with Bitcoin Core builders about potential future upgrades.

The quantum menace to Bitcoin

Adam Back, cited by Satoshi Nakamoto within the Bitcoin (BTC) white paper, beforehand prompt that quantum computing strain could power Bitcoin’s creator to reveal whether or not they’re alive.

The quantum menace to Bitcoin is a controversial subject, with some arguing that it’s a theoretical menace that doesn’t warrant devoted assets. Still, the chance is taken significantly by many.

The US National Security Agency “intends that all National Security Systems will be quantum-resistant by 2035,” in accordance to a late 2024 doc. Under these plans, new acquisitions would require quantum-resistant encryption by 2027, and legacy gear shall be phased out in 2030–2031.

The US National Institute of Standards and Technology additionally said in late 2024 that its objective is “achieving widespread [post-quantum cryptography] adoption by 2035.”

“It’s not a question of whether or not it’s theoretical, it’s at what point it becomes practical,” Pruden instructed Cointelegraph.

US nonprofit and world coverage assume tank, analysis institute and public sector consulting agency Rand performed an skilled survey on the topic in 2020. The report estimated that the typical time till a cryptography-breaking quantum laptop emerges is 2033, however famous that “earlier and much later development are possible,” with the vary beginning from 2027.

Related: The Q-Day Prize problem, defined: Can quantum computer systems actually break Bitcoin?

Rand’s analysis preceded a examine launched by Google in May, which managed to scale back the requirement to break RSA-2048 from 20 million to about 1 million noisy qubits operating for one week, nonetheless properly past right now’s capabilities, which hover round just a few hundred secure qubits.

Classical computer systems are nonetheless king

Pruden instructed Cointelegraph that “Quantum computers can already factor small ECDSA public keys.” Still, the identical might be stated about classical computer systems.

In a 2022 paper, researchers shared the achievement of factoring a 48-bit semiprime quantity, 261,980,999,226,229, on a 10-qubit laptop. Last yr, D-Wave used a quantum annealing laptop to issue a 50-bit semiprime quantity utilizing a hybrid classical and quantum search.

For context, the report on classical computer systems was set in 2020 on a supercomputer with about 2,700 CPU-core-years, which was ready to issue a 829-bit RSA key and concerned a 415-bit prime. This is equal to about three months on a medium HPC cluster.

Magazine: Bitcoin vs. the quantum laptop menace: Timeline and options (2025–2035)

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