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Quantum Computing Group Offers 1 BTC to Whoever Breaks Bitcoin's Cryptographic Key
Quantum computers can rapidly break the cryptographic algorithms that secure blockchain networks.
Updated Apr 17, 2025, 4:25 p.m. Published Apr 17, 2025, 6:58 a.m.
What to know:
- Project Eleven has launched the Q-Day Prize, offering 1 bitcoin to the first team to break an elliptic curve cryptographic key using a quantum computer.
- The competition highlights the potential threat quantum computing poses to Bitcoin's security, with over 10 million addresses at risk.
- Solutions like the Quantum-Resistant Address Migration Protocol and Coarse-Grained Boson Sampling have been proposed, but both require a hard fork.
Project Eleven, a quantum computing research and advocacy firm, has launched the Q-Day Prize, a global competition offering 1 bitcoin to the first team able to break an elliptic curve cryptographic (ECC) key, the cryptography which secures the Bitcoin network, using Shor’s algorithm on a quantum computer.
Shor's algorithm is a quantum computing method that efficiently factors large numbers into their prime components, theoretically allowing quantum computers to break cryptographic algorithms like RSA and elliptic-curve cryptography used in Bitcoin and other blockchain networks.
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The contest comes as quantum computing advancements mean that a workable quantum computer might only be years away. Project Elevent has also identified more than 10 million bitcoin addresses with non-zero balances potentially at risk of quantum attacks.
The Bitcoin community is aware of the quantum computing threat and is working on solutions.
As CoinDesk previously reported, a Bitcoin Improvement Proposal (BIP), titled Quantum-Resistant Address Migration Protocol (QRAMP), was introduced in early April, which suggests enforcing a network-wide migration to post-quantum cryptography to safeguard Bitcoin wallets. This would require a hard fork, however, and getting that sort of consensus would be an uphill battle.
Quantum startup BTQ has also proposed its own solution: a quantum-based alternative to Bitcoin’s Proof of Work called Coarse-Grained Boson Sampling (CGBS).
CGBS works by using quantum computing to generate unique patterns of photons (light particles called bosons), replacing traditional mining puzzles with quantum-based sampling tasks for validation.
But BTQ's CGBS also requires a hard fork, and the appetite for such a change isn’t yet known.
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