Project student has collected $ 6 million to protect Bitcoin
From the existential threat of quantum calculation, which fears are mounted on the network’s core cryptography one day being obsolete.
The round was co-led by the Variant Fund and Quantonation with the participation of Castle Island Ventures along with basic investors Nebular and formation, according to a release.
“As quantum calculation options go ahead, the threat to systems like Bitcoin is no longer theoretically theoretical, it is imminent,” Alex Prompt, CEO of Project Eleven, said in a release.
“This funding allows us to keep us in front of this curve, build tools, standards and ecosystem required to ensure that digital assets remain safe in a world after quantity,” the prudes said.
Earlier this year, Project Eleven Launched Q-Day Prize and offers 1 BTC to the first team that could break Bitcoin’s Elliptic Curve Cryptography (ECC) using a quantum computer.
“We define Q-Day as the moment when quantum computers are able to break the elliptical cryptography that secures private keys used by Bitcoin,” said Conor Deegan, co-founder and VP for Engineering at Project Eleven in a release.
Project The student also announced that it launches Yellowpages a post quantum cryptographic register where users can generate hybrid key pairs, create evidence that connects them with their existing BTC addresses, and time stamp these evidence of a verifiable headbook.
Yellowpages work by getting users generated a new key couple using cryptographic algorithms by quantity, such as grid -based systems that are resistant to the types of attacks that a future quantum computer could launch.
They then create a cryptographic proof that connects this quantum-proof key to their existing BTC address. This proof is time stamped and stored in Yellowpages, a public register that hosts off-chain.
It does not move funds or changes anything on Bitcoin blockchain, but creates a verifiable paper track with wallet ownership that can serve as a fall if elliptical curve creepography is ever broken.
“Preparation before Q-Day means ensuring that digital assets remain safe and verifiable in a post-quantum world. With Yellowpages, we give users free, revised and open source tools to proactively establish quantum-resistant ownership today,” Deeg continued.
Securing BTC against quantum through consensus
The procedure contrasts with solutions such as Qramp, a Bitcoin improvement proposal that requires a hard-wing migration for quantum-proof addresses.
While they are effective in theory, Qramp and similar proposals are facing a high barrier to adoption because they would require agreement, a high order in a government environment known for caution.
Ethereum’s multi-year journey to Proof-of-Stake and Bitcoin’s recent up_return debate are reminders of how slow protocol change can be, and some analysts have warned that the slow management process is a threat in itself.
This route would bypass the need for consensus while facilitating the mass absorption of quantum defense.
As Rick Maeda from Presto Research recently warned in an interview with Coindesk, the quantum defense must be built linearly, not reactively, because at the time the threat is real, it is already too late.
Project Student’s latest feature suggests that some in the crypto industry are taking this threat seriously while recognizing the weakness of the current methods.
