Not too long ago, Mission Eleven (a quantum computing analysis group) introduced a 1 bitcoin reward for the primary crew capable of full a problem to reveal 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 to be able to qualify for the prize a crew should reveal breaking a key pair it should be executed earlier than that deadline.
That is frankly a very absurd and meaningless prize for a variety of causes, the primary of which is the deadline of slightly below a yr from right this moment. Even extremely optimistic projections concerning the progress of quantum computing put the timeline of virtually attaining such a aim at extra like 5-10 years. Anticipating a workable proof of idea demonstration that really breaks a keypair in a single yr is fairly laughable at face worth, even should 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 value 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 complete class of computation exponentially sooner than a classical pc. Think about how far more useful issues might be executed with a working quantum pc.
You could possibly snoop on web connections no matter TLS, breaking safe connections to banks, fairness brokerages, personal company networks not utilizing post-quantum cryptography. You could possibly break each personal 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 the complete DNS system’s certificates authority hierarchy, permitting you to impersonate any server on the planet a consumer tries to connect with.
All of this stuff have immeasurable worth past only a mere $84,000. Why on Earth would somebody with a working quantum pc publicly reveal that truth to assert a single bitcoin once they might benefit from all these different issues they’d be able to doing?
Okay, let’s sweep all of these prospects apart and faux the complete world magically migrates to post-quantum cryptography except for Bitcoin. It nonetheless is mindless to attempt to publicly declare this prize if in case you have a practical quantum pc.
Let’s assume you’ve got a barely performant sufficient quantum pc, that it takes an honest 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’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 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 severe bounty to perform as a canary within the coalmine for us, regardless 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 solely the creator’s and don’t essentially mirror these of BTC Inc or Bitcoin Journal.