Quantum computing: Project Eleven offers 1 $BTC to anyone who deciphers the Bitcoin algorithm.🔥
The quantum research firm Project Eleven launched an unprecedented challenge, offering 1 BTC as a reward to whoever can decipher the Bitcoin algorithm.
This initiative serves as a reminder of the vulnerability of cryptography in the face of quantum computing.
Although the current cryptography of Bitcoin is robust, future generations of quantum computers could break it. This poses a set of security risks in digital transactions.
The prize will be awarded, according to Project Eleven, to the first team that deciphers a cryptographic key using an algorithm called Shor on a quantum computer.
The time to achieve this is one year, and the initial motivation is to accelerate the development of post-quantum cryptography, a necessary security solution for the coming decades.
In recent years, quantum computing has advanced considerably.
The launch of Majorana 1 by Microsoft is a reminder that the quantum race has already begun.
A company announcement on Wednesday explains the following: "The goal of the prize is simple, yet urgent: to quantify the true threat that quantum computing poses to Bitcoin. The basic cryptography of Bitcoin."
Project Eleven accelerates the quantum race with a reward of 1 BTC to anyone who deciphers the Bitcoin algorithm.
To speak lightly of the possibility that one day the Bitcoin algorithm could be deciphered is truly absurd.
This would not only wreak havoc on the reliability of Bitcoin, but it could also create a new global or financial crisis.
This day has been termed "Q-Day" and would not only have repercussions on the Bitcoin algorithm.
Basically, any confidential information could be compromised by a quantum computer.
