Project Eleven has introduced the Q-Day Prize, a global competition that rewards the first team with 1 BTC if they can break an elliptic curve cryptographic (ECC) key using Shor's algorithm on a quantum computer by September 25, 2025. The initiative focuses on the vulnerabilities of the Elliptic Curve Digital Signature Algorithm (ECDSA), crucial to Bitcoin's security. Given that over 6.2 million BTC are in at-risk wallets, the challenge aims to transform theoretical quantum threats into practical assessments. Recent advancements in quantum computing have heightened the urgency for such initiatives.
We have no clear idea how close we are to a quantum 'doomsday' scenario for existing cryptography. The Q-Day Prize is designed to take a theoretical threat from a quantum computer, and turn that into a concrete model.
This challenge directly targets the Elliptic Curve Digital Signature Algorithm (ECDSA), which underpins bitcoin's security model. Over 6.2 million BTC are currently at risk.
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