Quantum computing organization offers a reward of 1 Bitcoin for cracking the encryption key

ChainCatcher news, according to CoinDesk, the quantum computing research institution Project Eleven is offering a reward of 1 Bitcoin to the first team that successfully uses a quantum computer to crack the elliptic curve cryptography (ECC) key through Shor's algorithm, which is the core mechanism that secures the Bitcoin network.

Shor's algorithm, as a groundbreaking method in the field of quantum computing, can efficiently perform large number factorization and theoretically can break the RSA and elliptic curve encryption algorithms that the Bitcoin blockchain network relies on. Research shows that if quantum computers achieve a leap in computing power, there may be an opportunity to crack the single-signature addresses used in the Bitcoin network. Although the industry has proposed solutions such as the "Quantum Resistant Address Migration Protocol" (QRAMP) and "Coarse-Grained Boson Sampling" (CGBS), these all require a hard fork of the Bitcoin network, and changes to the underlying protocol need broad consensus from the community.