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Project Eleven is a startup that specializes in post-quantum cryptography. It has raised six million dollars from Variant Fund and Quantonation as well as top crypto VCs. The money will be used to create the standards and tools needed to safeguard Bitcoin and other digital assets from quantum computing.
The project roadmap, with over 600 billion BTC at risk of being exposed, is the current center of the crypto security discussion.
Quantum Threats to Bitcoin: Why they Matter Now
Experts warn that quantum computers will be able to break Bitcoin’s elliptic-curve cryptography using Shor’s algorithm within the next decade.
Project Eleven, YCharts and other sources claim that more than 10,000,000 Bitcoin addresses have exposed their public key. This means they are at risk of losing over 6 million BTC, worth about $648 billion, if quantum computing reaches “Q-Day.”
The threat of quantum computing to Bitcoin and other systems is not theoretical but imminent. The funding will allow us to remain ahead of the curve and build tools, standards, as well as an ecosystem, to make sure digital assets are secure even in a world post-quantum.
— Alex Pruden, CEO, Project Eleven
The Yellow Pages and Immigration Without the Hard Fork
Project Eleven’s flagship product, Yellowpages is a cryptographic registrar designed to allow users to proactively protect their Bitcoins against quantum threats — without waiting for a protocol update that affects the entire network. This is how it works.
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The user generates a quantum-resistant new key pair by using post-quantum encryption (such as algorithms based on lattices).
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Then, they create a proof of cryptography linking their existing Bitcoin address with the quantum-safe one without divulging sensitive data or moving money on-chain.
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The proof has been timestamped, and is registered on Yellowpages. This off-chain registry, which can be verified by anyone, acts as an alternative in the event that quantum computers compromise Bitcoin keys.
Cure 53 has audited Yellowpages, and Project Eleven developers are in talks with Bitcoin Core developers to integrate post-quantum tools into wallet software.
Yellowpages, unlike QRAMP proposals, does not require consensus or a fork in the road. Instead, it allows users to move at their own speed, potentially avoiding years of gridlock.
The Miners’, Wallets and Exchanges’, and the Exchanges’, Must Do
Migration to post-quantum is more than a technical problem. It’s also a coordination issue for the entire community. The miners and exchanges must:
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Upgrade wallet infrastructure in order to enable quantum-resistant keys generation and proof registration.
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Users should be educated about the dangers of exposing public keys, and what steps they need to take to protect their assets.
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Be on the lookout for signals that “Q-Days” are approaching and prepare to move faster if a quantum breakthrough occurs.
Yellowpages, and other tools, will be integrated by wallet providers first, especially those that serve institutions and clients with high net worth. For large withdrawals and cold storage, exchanges might also ask for proof that the migration is quantum-safe.
Race to Q-Day and $1 BTC Bounty
Project Eleven launched the Q-Day Prize to benchmark the quantum threats. The prize offers 1 BTC for the first team to break the toy version Bitcoin cryptography on a quantum computing device using Shor’s algorithm.
The challenge will run until April 2026. It aims to give real-world information on the threat of quantum technology and encourage researchers to test existing defenses.
Quantum Resistant Cryptography: What Next?
Project Eleven will use the $6 million new funding to grow its team, speed up Yellowpages adoption and create additional standards of post-quantum digital security. Project Eleven is exploring applications that are quantum resistant for decentralized communication and secure messaging.
Crypto industry watchers are closely watching. The pressure to migrate is only going to increase as quantum hardware improves. The next two to five years are crucial: those that prepare early can weather the storm of quantum computing, but those who delay may be locked out.
The Bottom Line
Project Eleven’s war chest of $6 million marks a pivotal moment in Bitcoin’s defense against threats posed by quantum technology. The path towards a quantum resistant Bitcoin has finally become clearer with user-friendly tools for migration, open source audits and a pragmatic community-wide adoption approach. Will the ecosystem be able to move quickly enough?
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