Project Eleven, a quantum computing research firm, has launched the Q-Day Prize. The global competition offers 1 bitcoin (BTC) to the first team that can break an elliptic curve cryptographic (ECC) key using Shor’s algorithm on a quantum computer. Shor’s algorithm is a quantum computing method that factors large numbers into their prime components.
This could allow quantum computers to break cryptographic algorithms like RSA and elliptic-curve cryptography used in Bitcoin and other blockchain networks. The contest comes as quantum computing advances suggest a workable quantum computer might only be years away. Project Eleven has identified over 10 million bitcoin addresses with non-zero balances potentially at risk of quantum attacks.
The Bitcoin community is aware of the quantum threat and is working on solutions.
Group offers Bitcoin for quantum hack
A recent Bitcoin Improvement Proposal (BIP) called the Quantum-Resistant Address Migration Protocol (QRAMP) suggests a network-wide move to post-quantum cryptography to safeguard Bitcoin wallets.
However, this would require a hard fork and achieving consensus would be challenging. Quantum startup BTQ has also proposed a solution called Coarse-Grained Boson Sampling (CGBS). CGBS uses quantum computing to generate unique patterns of photons, replacing traditional mining puzzles with quantum-based sampling tasks for validation.
But BTQ’s CGBS also requires a hard fork, and it’s uncertain how this will be received by the Bitcoin community. The Q-Day Prize underscores the potential threat quantum computing poses to the security of Bitcoin. As quantum computers become more powerful, they could break the cryptography that secures not just Bitcoin but many digital systems.
The race is on to develop quantum-resistant solutions before quantum computers become a reality.
Image Credits: Photo by Aleksi Räisä on Unsplash
Noah Nguyen is a multi-talented developer who brings a unique perspective to his craft. Initially a creative writing professor, he turned to Dev work for the ability to work remotely. He now lives in Seattle, spending time hiking and drinking craft beer with his fiancee.
