According to a recent report by CoinDesk, Project Eleven, a prominent research organization in the realm of quantum computing, is offering a 1 BTC incentive to the first team that successfully utilizes a quantum computer to breach the elliptic curve encryption key (ECC) via Shor’s algorithm. This method is pivotal in maintaining the integrity of the Bitcoin network’s security. Shor’s algorithm represents a significant advancement in quantum computing, allowing for efficient factorization of large numbers, which poses a potential threat to traditional encryption algorithms such as RSA and the elliptic curve cryptography employed by Bitcoin.
Research indicates that with an escalation in computational power, quantum computers could potentially compromise Bitcoin addresses that rely on single signatures. In response to this growing concern, the crypto industry has introduced proposals such as the Quantum-Resistant Address Migration Protocol (QRAMP) and Coarse-Grained Boson Sampling (CGBS). However, implementing these countermeasures necessitates a hard fork of the Bitcoin network, demanding a broad consensus among community members to amend the foundational protocol.
Source: https://en.coinotag.com/breakingnews/project-eleven-offers-1-btc-reward-to-crack-bitcoins-ecc-encryption-using-quantum-computing/