Project Eleven raised $ 6 million to protect Bitcoin
From the existing threat of computing volume, as the fear of mounting that the major network cryptography may one day be obsolete.
The cycle is led by variant fund and quantonation, with participation from Castle Island ventures in conjunction with nebular investors and formation, according to a release.
“As the volume computing capabilities are promoting, the threat to systems like Bitcoin is no longer theoretical, close,” Alex Pruden, CEO of Project Eleven, said on a release.
“This funding allows us to stay in advance of that curve, the development of tools, standards, and ecosystems required to ensure that digital assets remain safe in a post-quantum world,” Pruden said.
Earlier this year, the Project Eleven The Q-Day Prize was launched, Offer 1 BTC to the first team that can break the elliptic curve cryptography (ECC) using a computer volume.
“We refer to the Q-day as a moment when computers volume has the ability to break the elliptic-curve cryptography that ensures private keys used by Bitcoin,” said Conor Deegan, co-founder and VP of Engineering at Project Eleven on a release.
Eleven also announced that it launches yellowpages a post-quantum cryptographic registry where users can produce hybrid key pairs, create proofs that link them to their existing BTC addresses, and timestamp these proofs with a proven ledger.
Yellowpages works by having users to produce a new main pair using post-quantum cryptographic algorithms, such as lattice-based systems, which are resistant to attacks that can launch a computer altogether.
Then they create a proof cryptographic that connects this quantum-safe key to their existing BTC address. That proof has been timed and stored in yellowpages, a public registry hosted on off-chain.
It does not move funds or change anything in Bitcoin’s blockchain, but creates a proven paper trail -owned purse that can serve as a fallback if elliptic curve cryptography is ever damaged.
“Preparing early on Q-Day means ensuring that digital properties remain safe and proven in a post-quantum world. Through yellowpages, we give users free, audited, and open resource tools to actively promote ownership of resilient volume today,” Deegan continued.
The BTC’s secure against volume by consensus
The approach is contrast with solutions like QrampA Bitcoin improvement proposal that regulates a hard-work migration in the addresses that are safe.
While effective in theory, QRAMP and similar proposals face a high obstruction to adoption as they will need consensus, a high condemnation -in accordance with a management environment known for caution.
Ethereum’s multi-stakes journey to Proof-of-Stake and Bitcoin’s recently Op_return debate were reminders of how slow the protocol change, and some analysts warned that the The slow management process is a threat itself.
This route will miss the need for consensus, while also facilitating the mass of defenses as a whole.
As Rick Maeda of presto research Recently warned in an interview with CoinDeskVolume defenses should be built in succession, not reactive, because at the time the threat is real, too late.
The latest moves of Project Eleven suggest some of the crypto industry are seriously this threat while recognizing the weakness of current methods.
