Project Eleven Secures $6M to Protect Bitcoin Against Quantum Threats
Project Eleven has raised $6 million to develop quantum-resistant security solutions for Bitcoin. The funding round was co-led by Variant Fund and Quantonation, marking Quantonation’s first investment in cryptocurrency security. This initiative addresses growing concerns about quantum computing’s potential to compromise blockchain security.
The Quantum Computing Challenge
Quantum computers could theoretically break Bitcoin‘s cryptographic security. Research suggests over 6 million BTC (worth approximately $648 billion) may be vulnerable. Project Eleven’s work aligns with US government plans to implement quantum-resistant systems by 2035.
Introducing Yellowpages: A Cryptographic Solution
The company’s first product, Yellowpages, creates quantum-resistant proofs linking Bitcoin addresses. This allows secure migration without on-chain transactions. The solution has been audited by cybersecurity firm Cure 53.
Collaboration With Bitcoin Core
Project Eleven is working with Bitcoin Core developers on potential protocol upgrades. These discussions focus on long-term protection against quantum threats while maintaining network stability.
The Road Ahead
As quantum computing advances, cryptocurrency security must evolve. Project Eleven’s funding enables crucial research and development to future-proof digital assets. The crypto community continues to demonstrate its commitment to proactive security measures.
