Lately, Undertaking Eleven (a quantum computing analysis group) introduced a 1 bitcoin reward for the primary workforce in a position to full a problem to exhibit breaking a ECC (elliptic curve cryptograph) key utilizing Shor’s algorithm on a quantum laptop.
The deadline for this problem is April fifth, 2026, that means in an effort to qualify for the prize a workforce should exhibit breaking a key pair it have to be accomplished earlier than that deadline.
That is frankly a very absurd and meaningless prize for numerous causes, the primary of which is the deadline of just below a 12 months from at present. Even extremely optimistic projections concerning the progress of quantum computing put the timeline of virtually attaining such a aim at extra like 5-10 years. Anticipating a workable proof of idea demonstration that really breaks a keypair in a single 12 months is fairly laughable at face worth, even should you do view quantum computing as a fabric risk within the quick time period.
Subsequent is the issue of financial incentives. A single bitcoin is at the moment value roughly $80,000. That’s frankly not some huge cash within the grand scheme of issues. Particularly in terms of the applying of a leading edge expertise like quantum computing that may carry out a whole class of computation exponentially sooner than a classical laptop. Think about how way more invaluable issues might be accomplished with a working quantum laptop.
You may listen in on web connections no matter TLS, breaking safe connections to banks, fairness brokerages, personal company networks not utilizing post-quantum cryptography. You may break each personal messenger utility on the planet, you possibly can decrypt any PGP encrypted message despatched over electronic mail that you simply knew the general public key for. You may break your complete DNS system’s certificates authority hierarchy, permitting you to impersonate any server on the planet a person tries to connect with.
All of this stuff have immeasurable worth past only a mere $84,000. Why on Earth would somebody with a working quantum laptop publicly reveal that reality to say a single bitcoin after they may make the most of all these different issues they might be able to doing?
Okay, let’s sweep all of these prospects apart and faux your complete world magically migrates to post-quantum cryptography except for Bitcoin. It nonetheless is senseless to attempt to publicly declare this prize if in case you have a practical quantum laptop.
Let’s assume you have got a barely performant sufficient quantum laptop, that it takes an honest period of time to crack a single key. What number of naked public keys are there securing 50 BTC outputs from the primary mining epoch? THOUSANDS of them. Why on Earth would you crack one, after which go inform everybody publicly to say a single bitcoin? You’ll simply attempt to crack as lots of these early coinbase rewards as doable earlier than individuals detected you.
Lastly, the timetable by itself is simply absurd. Quantum computer systems at the moment will not be even able to factoring prime numbers that individuals can do themselves of their heads mentally. In a single 12 months the expertise goes to leap from that to cracking Bitcoin keys? That’s absurd.
So what the hell is the purpose of this prize besides some publicity stunt? It’s totally meaningless as a critical bounty to perform as a canary within the coalmine for us, irrespective of how involved or unconcerned you’re with the timeframes of quantum computer systems as a risk.
This bounty is a joke.
This text is a Take. Opinions expressed are totally the creator’s and don’t essentially mirror these of BTC Inc or Bitcoin Journal.
