Project student, a quantum computer research and advocacy company, has launched the Q-Day award, a global competition that offers 1 bitcoin (BTC) to the first team capable of breaking an elliptical curve cryptographic (ECC) key, the cryptograph Quantum computer.

Shor’s algorithm is a quantum calculation method that effectively factors large numbers in their primary components, which theoretically allows quantum computers to break cryptographic algorithms such as RSA and elliptical-curve cryptography used in Bitcoin and other blockchain networks.

Competition comes as quantum calculation progress means that a useful quantum computer may be only years away. Project Student has also identified more than 10 million bitcoin addresses with non-zero balances that are potentially at risk of quantum attacks.

The Bitcoin community is aware of the quantum calculation threat and is working on solutions.

As Coindesk previously reported, a Bitcoin Improvement plugposal (BIP) entitled Quantum-Resistent Address Migration Protocol (QRAMP) was introduced in early April, suggesting to enforce a network-covering migration to post quantum cryptography to protect Bitcoin drawing books. However, this would require a hard fork and getting that kind of consensus would be an uphill.

Quantum Startup BTQ has also suggested its own solution: a quantum-based alternative to Bitcoin’s Proof of Work called coarse-grained Boson testing (CGBS).

CGBS works by using quantum calculation to generate unique patterns of photons (light particles called bosons), and replace traditional mining puzzles with quantum -based sampling tasks for validation. But this also requires a hard fork, and the appetite for such a change is not yet known.