Project Eleven's Solution to Save Bitcoin from Quantum Threats

Project Eleven has unveiled a solution based on zero-knowledge proofs that can help recover Bitcoins at risk from quantum computers. This technology complements the BIP-361 proposal, which limits the transfer of Bitcoin from vulnerable addresses and blocks remaining assets after a certain period if quantum computers become widespread. The main threat relates to a day known as Q-Day, when quantum computers using Shor's algorithm will be able to extract private keys from public keys. It is estimated that over 34% of Bitcoin supply would be vulnerable under such conditions. The new solution allows holders of modern wallets to prove ownership and transfer assets to a secure address without disclosing sensitive information. This process takes about 243 milliseconds on a regular laptop and does not require special hardware. However, Bitcoins belonging to Satoshi Nakamoto and wallets created before 2012 will not be recoverable, as these wallets lack recovery phrases and the hierarchical structure for key derivation. This project is still in the testing phase and has not been implemented on the Bitcoin mainnet.

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