The digital asset community is making efforts ahead of a possible Q-Day when quantum computers will break cryptography. Within months, stakeholders have rolled out plans for their respective networks to become quantum-proof, although billions in assets remain at risk.
Project Eleven Introduces Post-Quantum Proof
Blockchain security firm Project Eleven announced a partnership that could lead to asset security after the infamous Q-Day. In its official statement, the company unveiled a model that allows users to verify ownership of assets even after quantum computers access private keys.
Alex Pruden, CEO of Eleven Labs, explained the “signature lifting” technique, in which a private key is derived using cryptographic hash functions. This makes assets “not vulnerable” to an attacker obtaining certain information.
Only real holders in this model can prove wallet ownership, which solves a recurring dilemma. Proving ownership is important because most digital asset users will miss the deadline to move assets to quantum-resistant wallets.
As community debates over quantum threats take shape, most users have suggested migrating funds to post-quantum wallets. While this appears solid for most chains, about 6.5 million BTC is at risk through structural and operational exposure.
 
The migration of these coins becomes difficult due to dormant assets, especially Satoshi-era coins. Project Eleven’s solution tackles this by proving ownership and, beyond placing assets in safe wallets.
“How do you prove you still own a wallet after a quantum computer can forge its signatures? After Q-Day, once a quantum computer can derive an ECC private key from its public key, a valid signature no longer proves ownership. Both the quantum adversary and the legitimate owner are able to produce identical signatures.”
The technique was developed with Jim Posen, the lead developer at Binius. Pruden added that he wants the entire crypto community to prioritize migration to safer addresses. However, it’s practically not possible, so this gives them safety after the window closes.
Last month, Coinbase advised blockchain developers to begin quantum-resistant migration as technology advances. In February, BIP 360 was advanced by Bitcoin devs as a layer for these upgrades.
Big tech companies like Google have warned of the growing threat from these computers to the market. The first of those computers is expected within the next three years, according to security researchers.
Be the first to comment