The Quantum Computing Collective, known as Project Eleven, cast a public gauntlet on the global crypto community and provided one Bitcoin reward for the first team that could use real quantum computers to break the intentionally downward version of Bitcoin’s elliptical curve encryption using real quantum computers.
Presenting what is called the “Q Day Prize” in X, the group wrote: “We launched the Q Day Award. 1btc broke one BTC on the first team to use quantum computers to break the encryption of the toy version of Bitcoin encryption. This post crystallizes concerns that have been hovered into the Bitcoin ecosystem for over a decade. This is the final arrival of large-scale, error-corrected quantum hardware that can run SHOR’s algorithm against real keys.
Project Eleven does not ask competitors to crush the 256-bit curve directly in Bitcoin. Instead, the team must demonstrate Shor’s algorithm for elliptic curve keys ranging from one to 25 bits. Professional cryptographers are called “toys” and derivatives of “toys,” but are still outnumbered, beyond what is exposed on physical quantum processors. Organizers argue that even a 3-bit break will become “big news.” Because it provides the first quantitatively verifiable benchmark of quantum progression in the elliptic curve discrete logging problem (ECDLP). In their words, “No one has yet benchmarked this threat.”
To qualify, submissions must include gate-level code or explicit instructions that can be executable in actual quantum hardware. It should also include the methods employed, the managed methods of error rates, and the required classical post-processing post-processing narrative. Hybrid attacks that lean towards classic shortcuts are prohibited. All entries will be published. This is the decision of the group as a fundamental transparency exercise. “I believe that instead of waiting for a breakthrough to occur behind closed doors, we will face this challenge in a transparent and rigorous way.”
Why 1 Bitcoin – and why now?
Bitcoin security is ultimately based on the hardness of the discrete logarithm problem on the SECP256K1 curve. While classical attacks scale exponentially, Peter Shor’s 1994 quantum algorithm in principle solves the problem in polynomial time, potentially causing Cosmic to collapse costs from mere Gargantuan. The current study estimates that 200,000 complete error-fixed logical kibits (probably millions of physical qubits are sufficient) that could be sufficient to threaten 256-bit keys. Companies like Google, IBM, IONQ, and Newcomer Quera are competing to surpass the four-digit logical threshold, but no one has publicly demonstrated something close to that ability today.
Project Eleven says the award is less as a prize and is intended as a diagnosis. Over 10 million Bitcoin addresses, holding more than 6 million coins, have already made public keys through previous spending activities. If quantum technology exceeds the critical threshold before these coins move to post-cantim addresses, the funds become vulnerable to immediate theft. “Quantum computing is progressing steadily,” the group warns. “We need to know when that happens.”
The initiative will land amid gusts of quantum resistance proposals within the wider Bitcoin ecosystem. Earlier this month, a group of developers submitted the Quantum -resistant Address Migration Protocol (QRAMP). QRAMP needs a hard fork that breaks the consensus, so its political outlook remains uncertain.
Separately, Canadian Startup BTQ has pitched an alternative to exotic proof known as Coarse particle sampling. Like QRAMP, the BTQ concept calls for hard forks and has yet to gain widespread support.
From a technical point of view, even a 5-bit elliptic curve version of Shor’s algorithm is being performed, but it is cruelly unforgiving. Quabits with loyal fidelity above 99.9%, coherent for hundreds of microseconds, organized through deep circuits of thousands of gate numbers. Errored compensation overheads add to the burden of engineering. This means that competitors are likely to need to employ small code logical qubits and impressive editing techniques simply to control the noise.
However, the award could prove attractive to university labs and corporate R&D teams seeking to demonstrate practical quantum advantage. IBM’s Quantum System 2 cloud-accessible devices, Quantinuum’s HSeries, and OQC’s superconducting platform already allow limited per-pay access to dozens, or hundreds, in the case of IBM. It remains to be seen whether any of these machines can maintain the required circuit depth.
Either result provides irreplaceable data. The purpose is strict in the words of Project Eleven’s launch tweet. “Break the largest ECC key with Shor’s algorithm.
At the time of pressing, BTC traded for $84,771.
Featured images created with dall.e, charts on tradingview.com
Editing process Bitconists focus on delivering thorough research, accurate and unbiased content. We support strict sourcing standards, and each page receives a hard-working review by a team of top technology experts and veteran editors. This process ensures the integrity, relevance and value of your readers’ content.
