Quick take:
- Project Eleven says it has been working on its technology for the past 10 years to create trust in digital interactions.
- The company seeks to apply post-quantum cryptography (PQC) to existing protocols, starting with Bitcoin.
- Every wallet, account holder, and private key will be required to upgrade to a new quantum-safe cryptocurrency to protect it from quantum attacks.
Project Eleven, the crypto project building at the intersection of quantum computing and cryptocurrencies, has raised $6 million in a seed round co-led by Variant and Quantonation, with participation from Castle Island Ventures, Nebular, and Formation.
The company said the funding will help it advance its mission of preparing for the quantum era “by future-proofing what exists and future-building what comes next.”
“Thirty years ago, Netscape laid the foundation for the modern web with the invention of SSL. As we enter the quantum era, Project Eleven aims to do the same: to secure today’s digital infrastructure–and to design new products and protocols for what comes next,” the Project Eleven team wrote in a blog post on the company’s website.
According to Project Eleven, every bit of data and information ever uploaded online will be under threat in the age of quantum computing, and there is not enough time to prepare.
“In the coming decade, everything we trust online: your bank account, your identity, could be compromised in seconds”, adding that quantum computing will make today’s cryptography obsolete.
The company believes Bitcoin and the $3 trillion digital asset industry are most threatened by that future. “A cryptographically relevant quantum computer (CRQC) will break the foundational security assumptions of Bitcoin and nearly every digital asset,” Alex Pruden and Conor Deegan of Project Eleven wrote.
Project Eleven believes that the time could arrive sooner than most expect due to the rapid progress made by companies like IBM and Google.
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