Project Eleven, a quantum computing research firm, has kicked off a competition to assess the threat quantum computing poses to Bitcoin. Starting on April 16, the competition offers 1 Bitcoin to whoever can crack the largest portion of a Bitcoin key using a quantum computer within a year. The goal of the “Q-Day Prize” is ...
Project Eleven, a quantum computing research firm, has initiated a competition to assess the threat quantum computers pose to Bitcoin security. Participants have until April 5, 2026, to attempt to break part of a Bitcoin key using a quantum computer for a chance to win 1 Bitcoin, valued at around $84,100. This challenge, called the ...
Jameson Lopp, the chief security officer at Bitcoin custody company Casa, believes that allowing recovery of lost Bitcoin using quantum computers could harm the integrity of the network. He argues that this practice violates key principles of Bitcoin, such as censorship resistance and immutability. In a recent article, Lopp cautioned that enabling quantum recovery would ...
In 2024, DL News showcased some of the most captivating stories in the fast-paced world of crypto. Highlights included the dramatic detention of Binance executives in Nigeria over Market manipulation allegations, speculations around the true identity of Bitcoin creator Satoshi Nakamoto, and the fascinating rise of prediction betting on Polymarket. The potential threat of quantum ...
SEALSQ Corp, based in Geneva, Switzerland, is leading advancements in Post-Quantum technology. The company is focusing on combatting the potential threats posed by quantum computing, particularly to blockchain systems like Bitcoin. Through its QUASARS project, SEALSQ is developing innovative hybrid solutions and quantum-resistant hardware aimed at securing critical systems, including the Internet of Things and ...
SEALSQ Corp, based in Geneva, Switzerland, is leading the way in developing solutions to handle the challenges brought about by quantum computing. Their QUASARS project focuses on advancing Post-Quantum Cryptography and creating quantum-resistant hardware, essential for protecting critical systems like the Internet of Things and blockchain networks. As quantum computing poses risks to Bitcoin’s security, ...
Quantum computing raises concerns about Bitcoin’s security, but these fears are largely unfounded. Current quantum technology is still decades away from being able to break Bitcoin’s encryption, which relies on strong cryptographic tools. Even if quantum computers advance, Bitcoin has built-in features, like adjusting mining difficulty and protecting public keys, that enhance its resilience. The ...
Quantum computing raises concerns about Bitcoin’s security, but there’s no need for immediate worry. Current quantum computers are far from capable of breaking Bitcoin’s cryptographic defenses, which rely on powerful algorithms designed to protect transactions. Today’s technology has around 100 qubits, while breaking Bitcoin’s encryption would require millions. Moreover, Bitcoin’s design includes features that enhance ...
Google’s Willow chip represents a significant advancement in quantum computing, boasting 105 qubits and impressive error correction capabilities. This progress raises concerns about whether it could potentially break Bitcoin’s encryption, which relies on complex cryptographic algorithms. While Willow showcases remarkable computational power, it is still far from the millions of error-corrected logical qubits needed to ...
Google recently introduced the Willow quantum computing chip, showcasing its significant advancements in computational power. With capabilities that could perform tasks in minutes which would take supercomputers billions of years, this breakthrough raises concerns about the future of cryptographic security, particularly for Bitcoin. Experts emphasize that while Willow highlights the need for post-quantum encryption, Bitcoin ...
