Project Eleven offers 1 BTC to anyone who destroys Bitcoin’s ECC key with a quantity of computing

Project Eleven, a Quantum Computing Research and Advocacy Firm, launched a Q-Day Prize, a global competition that offers 1 Bitcoin (BTC) on the first team that could break an elliptic curve cryptographic (ECC) key, the cryptography that ensures the network of Bitcoin, using the shorith of a computer shorith.

Shor algorithm is a way of computing the volume of great factors large numbers in their basic components, theoreticals allowing computers to break cryptographic algorithms such as the RSA and elliptic-curve cryptography used in bitcoin and other blockchain networks.

The contest has come to progress in computing volume means that a feasible computer can be just years away. The Project Elevent also identified more than 10 million Bitcoin addresses with balances that are not zero that potentially at risk of attacks altogether.

The Bitcoin community is aware of the threat to computing volume and working on solutions.

As CoinDesk reported. It will require a difficult fork, however, and getting this kind of consensus will be a powerful battle.

Quantum Startup BTQ has also suggested own solution: an alternative based on quantity in Bitcoin’s proof of work Called coarse-grained boson sampling (CGB).

CGBs work by using computing volume to produce unique patterns of photons (light particles called bosons), replacing traditional mining puzzles with tasks based on the amount of verification tasks. But it also requires a difficult fork, and the appetite for such a change is unknown.