BlockBeats News, April 17th, according to CoinDesk's report, quantum computing research organization Project Eleven is offering a 1 BTC reward to the first team to successfully use a quantum computer to crack the elliptic curve encryption key ECC through Shor's algorithm, a core mechanism safeguarding the security of the Bitcoin network.
Shor's algorithm, as a breakthrough method in the field of quantum computing, can efficiently achieve large number factorization and theoretically can break the RSA and elliptic curve encryption algorithms relied upon by the Bitcoin blockchain network. Studies have shown that if a quantum computer achieves a significant increase in computing power, there is a possibility of breaking addresses in the Bitcoin network that use single signatures. Although the industry has proposed countermeasures such as the "Quantum-Resistant Address Migration Protocol" (QRAMP) and "Coarse-Grained Boson Sampling" (CGBS), all of these solutions require implementation through a hard fork of the Bitcoin network, and changes to the underlying protocol need broad consensus within the community.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.