Project 11 Launches Q-Day Prize too Tackle Quantum Threats on Bitcoin
On April 16, 2025, Project 11, a quantum computing research firm, unveiled the Q-Day Prize.The challenge? Break parts of a simplified Bitcoin ECC key using Shor’s algorithm on a quantum computer. The deadline is April 5, 2026, with a prize of 1 BTC.
Quantum computers can solve complex tasks in seconds, tasks that would take customary computers decades. This poses a notable threat to cryptocurrencies like Bitcoin and Ethereum, which rely on ECC keys. Newer coins, however, are designed with quantum resistance.
Project 11 aims to assess the quantum threat and develop solutions. The competition involves breaking small portions of a 256-bit key, with toy keys ranging from 1 to 25 bits.Even cracking a 3-bit key would be a significant achievement.
Transparency is key. Project 11 wants open stress testing to provide a clear picture of the quantum threat. The Q-Day Prize is about testing real quantum capabilities and ensuring the world is prepared for future challenges.
Quantum computing is advancing,and the threat is real. No ECC key has been broken yet, but progress is steady. Companies like Google and IBM are working on quantum chips, though they are far from the 2,000 qubits needed to crack ECC keys.
Experts have mixed opinions. Tether CEO Paolo Ardoino believes quantum-resistant addresses will be added to Bitcoin before any serious threat. John Lilic of Telos Blockchain sees quantum computers as a tool to help
