Project Eleven Raises $6 Million to Build Quantum-Proof Security for Bitcoin

With quantum computing rapidly advancing, Project Eleven has secured $6 million to develop new technologies that protect Bitcoin from a looming cryptographic crisis. This funding round marks a pivotal effort to safeguard digital assets against threats that could jeopardize the very foundation of the Bitcoin network.

Project Eleven’s Mission: Preparing Bitcoin for the Quantum Era

Project Eleven is confronting the imminent challenge posed by quantum computers, which have the potential to break the cryptographic systems that underpin Bitcoin. Spearheaded by CEO Alex Pruden, the project’s goal is to create tools, standards, and an ecosystem designed to help the crypto sector transition smoothly into a secure, post-quantum environment. The recent funding round, co-led by Variant Fund and Quantonation and with backing from Castle Island Ventures, Nebular, and Formation, will accelerate these critical efforts.

The Q-Day Prize: Incentivizing Cryptanalysis to Strengthen Security

Earlier this year, Project Eleven launched the Q-Day Prize—a unique challenge offering 1 BTC to any team that can use a quantum computer to break Bitcoin’s current elliptic curve cryptography (ECC). Conor Deegan, co-founder and VP of Engineering, explained that ‘Q-Day’ would mark the point when quantum machines can compromise the cryptographic protections securing Bitcoin private keys. This competition aims to raise awareness and drive practical research into quantum vulnerabilities.

Key Stats & Figures

• Total Funding Raised: $6 million in the latest investment round
• Q-Day Prize: 1 BTC reward for quantum-based cryptographic breach
• Key Investors: Variant Fund, Quantonation, Castle Island Ventures, Nebular, Formation
• First-of-its-kind Solution: Post-quantum registry (Yellowpages) for hybrid key pairs

Yellowpages: A Registry for Quantum-Resistant Credentials

To bolster wallet security, Project Eleven is rolling out Yellowpages—a public post-quantum cryptographic registry. Users generate hybrid key pairs using quantum-resistant algorithms, then produce cryptographic proofs connecting these new credentials to current Bitcoin addresses. The proofs, time-stamped and stored in an off-chain public registry, allow for verifiable claims of wallet ownership and serve as a contingency should Bitcoin’s ECC be broken. Notably, this approach doesn’t alter the Bitcoin blockchain or require moving funds, but it does provide a secure fallback in the event of a cryptographic breakthrough.

Innovating Beyond Hard Forks: Immediate Action Over Slow Consensus

Unlike solutions that rely on hard forking Bitcoin (such as QRAMP’s protocol), which would require widespread agreement and potentially take years to implement, Project Eleven’s off-chain registry circumvents the slow pace of blockchain governance. This allows for much faster adoption of quantum-safe measures, making the network more agile against future threats. The approach resonates with warnings from security experts like Rick Maeda of Presto Research, who stresses the importance of proactively implementing quantum defenses before any crisis unfolds.

Conclusion: What This Means for the Market

With quantum computing moving from theory to reality, Project Eleven’s research and registry mark a significant advancement in crypto security. By enabling Bitcoin holders to prepare for quantum risks without awaiting network-wide consensus, the project is helping to future-proof the ecosystem. As the crypto community becomes increasingly aware of quantum threats, innovative interventions like these may set new industry standards for digital asset protection.