Project Eleven raised $6 million, focusing on protecting Bitcoin from potential quantum threats.

Gate News bot news, Project Eleven has completed a $6 million funding to protect Bitcoin from the threats of Quantum Computing.

This round of financing was co-led by Variant Fund and Quantonation, with participation from Castle Island Ventures as well as founding investors Nebular and Formation.

Alex Pruden, the CEO of Project Eleven, stated in a press release: "With the enhancement of Quantum Computing capabilities, the threat to systems like Bitcoin is no longer theoretical, but imminent."

Pruden said: "This funding enables us to stay ahead, building the necessary tools, standards, and ecosystem to ensure the security of digital assets in the post-quantum era."

Earlier this year, Project Eleven launched the Q-Day Bonus, offering a 1-bitcoin reward to the first team to be able to crack Bitcoin's elliptic curve cryptography (ECC) using a quantum computer.

Project Eleven also announced the launch of the post-quantum cryptography registration center Yellowpages. Users can generate hybrid key pairs within it, create proofs linking them to existing BTC addresses, and add timestamps to these proofs on a verifiable ledger.

Yellowpages works by allowing users to generate new key pairs using post-quantum cryptography algorithms, such as lattice-based systems, that can withstand a variety of attacks that may be launched by quantum computers in the future.

Then, the user creates a cryptographic proof that links this quantum secure key to an existing BTC address. The proof is timestamped and stored in Yellowpages (a publicly accessible registry hosted off-chain).