Project Eleven, a company that specializes in post-quantum cryptography, announced it has raised $6 million to develop technologies that secure digital assets against rising quantum computing threats.
Investment in Project Eleven
According to Thursday's announcement, the funding round was co-led by leading Web3 investor Variant Fund and quantum technology investor Quantonation. This marks Quantonation's first investment in the crypto space. Project Eleven's CEO Alex Pruden said the funding will allow the company to build the tools and standards required to ensure digital assets remain secure in a post-quantum world.
Development of Yellowpages Cryptographic System
The company's first release, a cryptographic registry called Yellowpages, allows users to create quantum-resistant proofs linking their current Bitcoin addresses to new, secure ones without relying on on-chain activity. Pruden noted that Yellowpages has been audited by Cure 53, and the audit results will be published soon.
Quantum Threats to Bitcoin
The discussion of quantum threats to Bitcoin has been controversial, as some experts argue it is a theoretical threat. However, many take the risk seriously. The US National Security Agency plans for all its national security systems to be quantum-resistant by 2035, while the National Institute of Standards and Technology aims for widespread post-quantum cryptography adoption by the same year. Pruden remarked, "It's not a question of whether or not it's theoretical, it's at what point it becomes practical."
With the new investments, Project Eleven aims to develop technologies that will help secure Bitcoin and other digital assets in light of potential threats from advancing quantum technologies.
