Quantum competition offers 1 Bitcoin reward for decrypting encryption using Shor’s Algorithm
A novel global competition sponsored by Project Eleven is in the works to grant a significant award of 1 Bitcoin (presently valued at around $84,000) to individuals who manage to leverage a quantum computer to break elliptic curve cryptography using Shor’s algorithm.
All contenders are required to present a practical quantum setup focused on ECC keys up to 25 bits, with no classical workarounds or combinations permitted. The competition aims to underscore the tangible cryptographic threats associated with advancing quantum technologies, as experts suggest that a 256-bit ECC key might be deciphered with 2,000 logical qubits, potentially within the span of a decade.
In essence, the challenge is straightforward: break the most substantial ECC key using Shor’s algorithm on a quantum computer, without resorting to classical means. Participants, whether individual entrants or teams operating without institutional affiliations, must present quantum programming code, a written methodology overview, and specifics regarding the utilized hardware. While there is no necessity for the quantum processor to be publicly accessible, the competition organizers stress transparency and declare the intent to publicize the submissions.
A set of ECC keys ranging from 1 to 25 bits has been designated for trial purposes, noticeably below the 256-bit keys commonly applied in Bitcoin wallets. Nonetheless, an accomplished breach, even at 3 bits, would signify a significant milestone due to the robust utility of Shor’s algorithm. First introduced in 1994, Shor’s algorithm epitomizes one of the fundamental theoretical advancements in quantum computation, providing an exponential leap in solving particular mathematical quandaries when compared to classical methods.
Shor’s algorithm relies on transforming the issue into determining the period of a mathematical function, a feat that quantum systems can efficiently accomplish through the Quantum Fourier Transform. By generating a superposition of states, the algorithm navigates multiple inputs simultaneously, leveraging interference to hone in on the correct solution. For elliptic curve cryptography, the algorithm is engineered to tackle the elliptic curve discrete logarithm problem, thereby posing a profound theoretical menace to contemporary encryption platforms.
Although the theoretical underpinnings of Shor’s algorithm are robust, practical application remains challenging. Present-day quantum set-ups grapple with susceptibility to errors coupled with limited scalability. To execute Shor’s algorithm effectively, it necessitates high-fidelity qubits and error correction, both domains of ongoing research interest. Despite these constraints, quantum innovations are rapidly gaining momentum, with company entities and nations incrementally advancing hardware capabilities. Preliminary approximations suggest that approximately 2,000 logical (error-corrected) qubits hold the potential to dismantle a 256-bit ECC key, an achievement deemed plausible within the upcoming decade.
In light of the trajectory of quantum advancements, global cryptographic circles have mandated a heightened focus on this pressing issue. The U.S. National Institute of Standards and Technology (NIST) has already commenced standardizing post-quantum algorithms engineered to withstand quantum threats. Notwithstanding, until quantum mechanisms exhibit the capability to breach actual systems, the urgency of the threat remains ambiguous. To date, neither classical nor quantum methodologies have been proficient in breaking any real-world ECC key, given that classical approaches are dramatically less efficient in theory when compared to potential quantum exploits. As the quantum realm hurtles towards disruption within cryptographic frameworks, the competition founders accentuate the necessity for face-to-face encounters with this looming challenge through transparent and rigorous initiatives.
