Not too long ago, Challenge Eleven (a quantum computing analysis group) introduced a 1 bitcoin reward for the primary workforce capable of full a problem to show 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 with a purpose to qualify for the prize a workforce should show breaking a key pair it should be accomplished earlier than that deadline.
That is frankly a totally absurd and meaningless prize for numerous causes, the primary of which is the deadline of just below a yr from as we speak. Even extremely optimistic projections in regards to the progress of quantum computing put the timeline of virtually reaching such a aim at extra like 5-10 years. Anticipating a workable proof of idea demonstration that truly breaks a keypair in a single yr is fairly laughable at face worth, even if you happen to do view quantum computing as a fabric menace 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 with regards to the appliance of a leading edge know-how like quantum computing that may carry out a whole class of computation exponentially quicker than a classical laptop. Think about how far more priceless issues may very well be accomplished with a working quantum laptop.
You could possibly snoop on web connections no matter TLS, breaking safe connections to banks, fairness brokerages, non-public company networks not utilizing post-quantum cryptography. You could possibly break each non-public messenger utility on the planet, you could possibly decrypt any PGP encrypted message despatched over e mail that you just knew the general public key for. You could possibly break your complete DNS system’s certificates authority hierarchy, permitting you to impersonate any server on the earth a person tries to hook up 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 assert a single bitcoin after they may reap the benefits of all these different issues they’d be able to doing?
Okay, let’s sweep all of these potentialities apart and faux your complete world magically migrates to post-quantum cryptography apart from Bitcoin. It nonetheless is unnecessary to attempt to publicly declare this prize when you have a purposeful quantum laptop.
Let’s assume you will have a barely performant sufficient quantum laptop, 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 assert a single bitcoin? You’d simply attempt to crack as lots of these early coinbase rewards as potential earlier than individuals detected you.
Lastly, the timetable by itself is simply absurd. Quantum computer systems at present usually are not even able to factoring prime numbers that folks can do themselves of their heads mentally. In a single yr 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, regardless of how involved or unconcerned you’re with the timeframes of quantum computer systems as a menace.
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.
