Quantum computing presents a growing, systemic risk to the security of cryptographic assets, with over 648 billion dollars in Bitcoin value potentially vulnerable. Project Eleven addresses this challenge by integrating Post-Quantum Cryptography (PQC) into blockchain protocols, aiming to build a security buffer before existing encryption systems become obsolete. This initiative focuses on enhancing protection without requiring users to migrate assets or change their fundamental on-chain behaviors.
Understanding the Quantum Threat to Cryptocurrency
Quantum computers leverage the principles of quantum mechanics to process information in ways that traditional computers cannot. This capability allows them to solve certain mathematical problems—like those underlying current cryptographic algorithms—exponentially faster. For Bitcoin and other cryptocurrencies, this poses a direct threat to the Elliptic Curve Digital Signature Algorithm (ECDSA), which secures transactions and wallets.
A successful quantum attack could compromise private keys, potentially leading to unauthorized access and asset theft. It is estimated that over 6.2 million Bitcoin, valued at more than 648 billion dollars, are exposed to such risks due to factors like static addresses, key exposure, or lost seed phrases.
How Project Eleven Enhances Security with PQC
Project Eleven is not building a new blockchain. Instead, it develops plug-and-play, security-neutral technical components designed to integrate with existing systems, starting with Bitcoin. Its approach centers on deploying Post-Quantum Cryptography to future-proof digital ownership without disrupting user experience.
The Yellowpages Protocol
The first product from Project Eleven is named “Yellowpages.” It allows Bitcoin holders to generate a quantum-resistant key linked to their existing BTC address. This creates an additional layer of ownership verification designed for the post-quantum era.
Key features of Yellowpages include:
- Non-invasive integration that doesn’t require changing the Bitcoin core protocol.
- A hybrid on-chain/off-chain mechanism for binding quantum-resistant keys.
- Backward compatibility, meaning users don’t need to migrate assets or alter their transaction habits.
This method reduces implementation resistance and offers a practical transition path as quantum computing capabilities advance.
The Team Behind Project Eleven
The project brings together experts from cryptography, data infrastructure, and privacy-focused computing.
- Alex Pruden serves as CEO, bringing experience from his role as President of Aleo, a privacy-focused Layer-1 blockchain. He has a background in cryptography from Stanford University.
- Finn Murphy, a co-founder, previously worked in data privacy startups and decentralized data exchange networks.
- Conor Deegan, VP of Engineering, is the former CTO and co-founder of Pool Data. He leads PQC integration and development.
- Leeor Mushin, co-founder of Formation VC, joined in early 2025 to support financing and strategic planning.
Funding and Institutional Support
In June 2025, Project Eleven closed a $6 million early-stage funding round. The raise was led by Variant Fund and Quantonation, with participation from Castle Island Ventures, Ambush Capital, and Formation. Several individual investors also joined, including founders and executives from companies like Bison Trails, Coinbase Cloud, and contributors from the Cosmos and ZK ecosystems.
Current Development Status
As of mid-2025, the Yellowpages protocol is in the prototype phase, undergoing validation and early testing. The team is focused on refining key-binding logic and registration workflows. A security audit is being conducted by Cure 53, with results pending public release.
The project has not yet:
- Released a public user interface.
- Deployed on Bitcoin mainnet.
- Announced partnerships with wallets, exchanges, or node providers.
- Introduced any community incentives, governance models, or token plans.
👉 Explore advanced security methods
Frequently Asked Questions
What is a quantum attack in cryptocurrency?
A quantum attack uses quantum computers to break cryptographic algorithms that protect private keys and transaction signatures. If successful, it could allow attackers to access and steal digital assets secured by vulnerable encryption.
How does Post-Quantum Cryptography (PQC) work?
PQC involves cryptographic algorithms designed to be secure against both classical and quantum computing attacks. These methods rely on mathematical problems that are currently hard for quantum machines to solve, ensuring longer-term security.
Do Bitcoin users need to switch to a new wallet or chain?
No. Solutions like Yellowpages are built to integrate with existing addresses and workflows. Users can enhance security without moving assets or changing their preferred platforms.
Is quantum computing an immediate threat to Bitcoin?
While large-scale quantum computers capable of breaking ECDSA are not yet operational, research and development are progressing. Preparing ahead with PQC is a proactive measure to mitigate future risks.
How can users protect their Bitcoin from quantum risks?
Using dynamic addresses for transactions, avoiding key reuse, and staying informed about PQC adoption are good practices. As tools like Yellowpages mature, users may also adopt dedicated quantum-resistant key solutions.
Will Project Eleven expand beyond Bitcoin?
The team has indicated plans to adapt its PQC framework for other blockchain protocols in the future, though initial focus remains on Bitcoin.