Quantum computing research firm Project Eleven is offering a reward of 1 BTC for anyone who can crack the Bitcoin encryption algorithm

On April 17, Project Eleven, a quantum computing research company, offered 1 bitcoin for its inaugural "Q-Day Award" (a global award that will be awarded to the team that cracked the elliptic curve encryption (ECC) key on a quantum computer for the first time in a year using Shore's algorithm. As Project Eleven points out, Bitcoin uses the Elliptic Curve Digital Signature Algorithm (ECDSA) to sign transactions; quantum computers use Shore's algorithm, which theoretically can derive private keys from public keys, thus compromising wallet security. The company estimates that nearly $500 billion worth of bitcoins and more than 6.20 million are at risk. Alex Pruden, chief executive and co-founder of Project Eleven, said: "We don't know how far we are from a quantum'doomsday 'scenario for existing encryption technologies, and the Q-Day Prize aims to translate the theoretical threat posed by quantum computers into concrete models."