Quantum Computing Organization Offers 1 Bitcoin Reward to Crack Encryption Key

BlockBeats News, April 17th, according to CoinDesk's report, quantum computing research organization Project Eleven is offering a 1 BTC reward to the first team to successfully use a quantum computer to crack the elliptic curve encryption key ECC through Shor's algorithm, a core mechanism safeguarding the security of the Bitcoin network.

Shor's algorithm, as a breakthrough method in the field of quantum computing, can efficiently achieve large number factorization and theoretically can break the RSA and elliptic curve encryption algorithms relied upon by the Bitcoin blockchain network. Studies have shown that if a quantum computer achieves a significant increase in computing power, there is a possibility of breaking addresses in the Bitcoin network that use single signatures. Although the industry has proposed countermeasures such as the "Quantum-Resistant Address Migration Protocol" (QRAMP) and "Coarse-Grained Boson Sampling" (CGBS), all of these solutions require implementation through a hard fork of the Bitcoin network, and changes to the underlying protocol need broad consensus within the community.