Project Eleven Proposes Quantum-Safe Ownership Verification for Bitcoin
Project Eleven has developed a cryptographic technique aimed at enabling users to verify ownership of Bitcoin wallets post-quantum attacks. This initiative comes in response to growing concerns about the vulnerability of approximately 7 million bitcoins if users do not migrate to quantum-safe addresses.
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Project Eleven introduced a method for proving ownership of Bitcoin wallets against potential quantum threats, particularly after 'Q-Day,' when quantum computers could derive private keys from public keys. The proposed technique leverages a wallet's key derivation path, enabling users to verify control of the parent key without exposing it, thus maintaining ownership integrity even if a private key is compromised.
Collaboration with Jim Posen and the use of Binius, a zero-knowledge proof system, supports this approach. The initiative aligns with recent advancements like BIP-360 and BTQ Technologies' testnet implementation, highlighting the urgency of preparing Bitcoin for a post-quantum landscape. The Coinbase advisory council has emphasized that approximately 7 million Bitcoin could be at risk if timely migrations to secure addresses are not executed, indicating substantial financial implications for users.
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