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Project Eleven Offers 1 BTC For Breaking Bitcoin’s Signature
In a bold move, quantum computing firm Project Eleven has launched the “Q-Day Prize,” challenging teams to break Bitcoin’s ECDSA signature using Shor’s algorithm within a year. The prize? A whopping 1 BTC.
This competition aims to highlight the potential risks that quantum computing poses to Bitcoin’s security. If successful, approximately 6.2 million BTC (worth $500 billion) could be compromised, emphasizing the need for improved cryptographic solutions moving forward.
The stakes are high, and the implications are significant. As the world becomes increasingly reliant on digital currencies like Bitcoin, it is crucial that we acknowledge the potential threats to their security. By breaking Bitcoin’s signature, teams will not only earn the coveted prize but also contribute significantly to the development of more secure blockchain technologies.
It remains to be seen which team will rise to the challenge and successfully break Bitcoin’s ECDSA signature. One thing is certain, however – this competition has sparked a crucial conversation about the intersection of quantum computing and cryptocurrency security.
We’ll be keeping a close eye on this developing story and providing updates as more information becomes available.
Source: https://coinpedia.org/crypto-live-news/project-eleven-offers-1-btc-for-breaking-bitcoins-signature/
