Project Eleven, a quantum computing research and advocacy firm, has launched the Q-Day Prize, a global competition offering 1 bitcoin (BTC) to the first team able to break an elliptic curve cryptographic (ECC) key, the cryptography which secures the Bitcoin network, using Shor’s algorithm on a quantum computer. Shor’s algorithm is a quantum computing method that efficiently factors large numbers into their prime components, theoretically allowing quantum computers to break cryptographic algorithms like RSA and elliptic-curve cryptography used in Bitcoin and other blockchain networks. The contest comes as quantum computing advancements mean that a workable quantum computer might only be years away. Project Elevent has also identified more than 10 million bitcoin addresses with non-zero balances potentially at risk of quantum attacks. The Bitcoin community is aware of the quantum computing threat and is working on solutions. As CoinDesk previously reported, a Bitcoin Improvement Proposal (BIP), titled Quantum-Resistant Address Migration Protocol (QRAMP), was introduced in early April, which suggests enforcing a network-wide migration to post-quantum cryptography to safeguard Bitcoin wallets.

Full story : Project Eleven is offering 1 bitcoin to the first team to break an elliptic curve cryptographic key using a quantum computer.