Project 11 Launches Q-Day Prize to Tackle Quantum Threats on Bitcoin
On April 16, 2025, Project 11, a quantum computing research firm, unveiled the Q-Day Prize. Participants must use Shor’s algorithm on a quantum computer to break parts of a toy version of Bitcoin’s ECC key. The deadline is April 5, 2026, with a prize of 1 BTC.
Quantum computers pose a notable threat to cryptocurrencies like Bitcoin and Ethereum. They can solve complex tasks in seconds, which would take conventional computers decades. This power could compromise encrypted data, making older cryptocurrencies vulnerable.
Project 11 aims to address this threat by encouraging participants to break small portions of a 256-bit key. Even cracking a 3-bit key would be a significant achievement. The company offers toy keys ranging from 1 to 25 bits.
The competition promotes transparency, allowing everyone to see the progress and understand the quantum threat better. Project 11 believes in facing challenges openly to ensure the world is prepared for future cryptographic needs.
While no one has broken an ECC key yet, quantum computing is advancing. Companies like Google and IBM are developing quantum chips, but they are still far from the 2,000 qubits needed to crack ECC keys.
Experts have mixed opinions. Tether CEO Paolo Ardoino is optimistic, believing solutions will be found before any real threat. John Lilic of Telos Blockchain sees potential in using quantum computers to recover lost coins.
Quantum computers are not an immediate threat. Developers have time to create protection measures
