Quantum computing research company Project Eleven is offering a reward of 1 BTC to individuals who can crack the Bitcoin encryption algorithm

According to The Block, quantum computing research company Project Eleven has awarded one Bitcoin for its first "Q-Day Award", a global award that will be given to a team that first uses the Shor algorithm to crack elliptic curve cryptography (ECC) keys on a quantum computer within a year. As pointed out by Project Eleven, Bitcoin uses the elliptic curve digital signature algorithm (ECDSA) for transaction signatures; Quantum computers use Shor's algorithm, which theoretically can derive private keys from public keys, thereby endangering wallet security. The company estimates that over 6.2 million bitcoins worth nearly $500 billion are at risk. Alex Pruden, CEO and co-founder of Project Eleven, said, "We are not sure how far away we are from the quantum 'apocalypse' scenario of existing encryption technologies. The Q-Day Award aims to translate the theoretical threats posed by quantum computers into concrete models