Lately, Undertaking Eleven (a quantum computing analysis group) introduced a 1 bitcoin reward for the primary staff in a position to full a problem to show breaking a ECC (elliptic curve cryptograph) key utilizing Shor’s algorithm on a quantum pc.
The deadline for this problem is April fifth, 2026, which means with a view to qualify for the prize a staff should show breaking a key pair it have to be carried out earlier than that deadline.
That is frankly a very absurd and meaningless prize for plenty of causes, the primary of which is the deadline of slightly below a 12 months from immediately. Even extremely optimistic projections in regards to the progress of quantum computing put the timeline of virtually reaching such a objective 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 in case you do view quantum computing as a cloth risk within the brief time period.
Subsequent is the issue of financial incentives. A single bitcoin is at present price roughly $80,000. That’s frankly not some huge cash within the grand scheme of issues. Particularly in relation to the applying of a innovative know-how like quantum computing that may carry out a whole class of computation exponentially quicker than a classical pc. Think about how rather more precious issues could possibly be carried out with a working quantum pc.
You possibly can listen in on web connections no matter TLS, breaking safe connections to banks, fairness brokerages, non-public company networks not utilizing post-quantum cryptography. You possibly can break each non-public messenger software on the planet, you would decrypt any PGP encrypted message despatched over e mail that you simply knew the general public key for. You possibly can break the complete DNS system’s certificates authority hierarchy, permitting you to impersonate any server on this planet a consumer tries to connect with.
All of these items have immeasurable worth past only a mere $84,000. Why on Earth would somebody with a working quantum pc publicly reveal that reality to say a single bitcoin after they might reap the benefits of all these different issues they might be able to doing?
Okay, let’s sweep all of these potentialities apart and faux the complete world magically migrates to post-quantum cryptography apart from Bitcoin. It nonetheless is not sensible to attempt to publicly declare this prize in case you have a purposeful quantum pc.
Let’s assume you’ve a barely performant sufficient quantum pc, that it takes a good 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 folks detected you.
Lastly, the timetable by itself is simply absurd. Quantum computer systems at present will not be even able to factoring prime numbers that folks can do themselves of their heads mentally. In a single 12 months the know-how 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 completely meaningless as a critical bounty to perform as a canary within the coalmine for us, irrespective of how involved or unconcerned you might be with the timeframes of quantum computer systems as a risk.
This bounty is a joke.
This text is a Take. Opinions expressed are fully the writer’s and don’t essentially mirror these of BTC Inc or Bitcoin Journal.
