Project Eleven, a quantum computing research company, is offering a reward of 1 BTC for those who can crack Bitcoin's encryption algorithm

PANews reported on April 17 that according to The Block, quantum computing research company Project Eleven provided 1 bitcoin for its first “Q-Day Award” (a global award that will be awarded to the team that used the Shore algorithm to crack the Elliptic Curve Cryptography (ECC) key on a quantum computer for the first time in a year. As Project Eleven points out, Bitcoin uses the Elliptic Curve Digital Signature Algorithm (ECDSA) for transaction signing; Quantum computers use the Shore algorithm, which theoretically deduces the private key from the public key, thus compromising wallet security. The company estimates that nearly $500 billion, or more than 6.2 million bitcoins, are at risk. Alex Pruden, CEO and co-founder of Project Eleven, said: "It’s not clear how far we are from a quantum ‘apocalypse’ scenario for existing cryptography, and the Q-Day Awards aim to translate the theoretical threat posed by quantum computers into concrete models. ”