Project 11 has raised $6 million to protect Bitcoin
From the existence of the threat of quantum computing, due to concerns that the core encryption of the network may one day be outdated.
According to the press release, the round is led by Variants Fund and Quantitative, and Castle Island Ventures is involved with founding investors Nebular and the portfolio, according to the press release.
“With the increase in quantum computing power, the threat to systems like Bitcoin is no longer theoretical, it is imminent,” said Alex Pruden, CEO of the 11th Headquarters in a press release.
“This funding allows us to stay ahead of the curve and build the tools, standards and ecosystems needed to ensure digital assets remain safe in the post-Quantum world,” Pruden said.
Earlier this year, Project 11 Launched the Q-Day Award 1 BTC is provided to front-line teams that can use quantum computers to break Bitcoin’s elliptic curve encryption (ECC).
“We define Q-day as the moment when a quantum computer is able to break the elliptical curve cryptography of a private key used by fixed bitcoin,” said Conor Deegan, co-founder and vice president of engineering at Project Eleve Eleve.
Project 11 also announced that it will launch Yellowpages Quantum encrypted registry where users can generate mixed key pairs, create proofs to link them to their existing BTC address, and timestamp these proofs in a verifiable ledger.
YellowPages generates new key pairs by letting users use post-quantitle encryption algorithms such as lens-based systems that are resistant to the types of attacks that future quantum computers may initiate.
They then created an encryption proof that links this quantum secure key to its existing BTC address. The proof is timestamped and stored in Yellowpages, the public registry hosts the chain chain.
It does not move funds or change anything on the Bitcoin blockchain, but instead creates a verifiable piece of paper trail of wallet ownership that can be used as a backup if the elliptic curve cryptography has ever been broken.
Deegan continues: “Preparing before Q-Day means ensuring that digital assets remain secure and verifiable in the post-Quantum world. On the yellow pages, we offer today’s Yellowpages free, audited and open source tools to proactively build today’s quantum elastic ownership.”
Ensure BTC is protected from quantum damage through consensus
This method is compared Using QRAMP and other solutionsa Bitcoin improvement suggests authorizing hard migration to quantum secure addresses.
QRAMP and similar recommendations are effective in theory, but are faced with high barriers to adoption due to the need for consensus, which is a prudent phase in the governance environment.
Ethereum’s Years Journey and Bitcoin’s Latest Journey op_return debate Remind people how slowly the protocol changes, some analysts warn The slow governance process itself is a threat.
This route will bypass the need for consensus and also promote the large-scale adoption of quantum defense measures.
Rick Maeda, who studies Presto Warning recently in an interview with Coindeskquantum defense must be constructed linearly, rather than reactively, because by the time the threat is real, it is too late.
The latest move from Project 11 shows that some in the cryptocurrency industry are taking this threat seriously while acknowledging weaknesses in the current approach.
