Quantum computing research company Project Eleven offers a 1 BTC reward to anyone who can crack Bitcoin's encryption algorithm

PANews reported on April 17 that according to The Block, quantum computing research company Project Eleven is offering one bitcoin for its inaugural "Q-Day Award", a global prize that will be awarded to the team that first uses Shor's algorithm to crack elliptic curve encryption (ECC) keys on a quantum computer. As Project Eleven pointed out, Bitcoin uses the elliptic curve digital signature algorithm (ECDSA) for transaction signatures; quantum computers using Shor's algorithm can theoretically derive private keys from public keys, thereby compromising wallet security. The company estimates that nearly $500 billion worth of over 6.2 million bitcoins are at risk. Project Eleven's CEO and co-founder Alex Pruden stated: "We are not clear how far we are from the quantum 'doomsday' scenario for existing cryptography, and the Q-Day Award aims to transform the theoretical threat of quantum computers into a concrete model."