Alternative co-Leads $6M Seed Round for Startup Aiming To Protect BTC from Quantum Attacks
Task Eleven is building technology at the intersection of quantum computing and cryptocurrency to protect Bitcoin from quantum attacks. The post Alternative co-Leads $6M Seed Round for Startup Wanting To Safeguard BTC from Quantum Attacks appeared first on NFTgators.
Quick take: Project Eleven states it has actually been dealing with its innovation for the past 10 years to create rely on digital interactions. The business looks for to use post-quantum cryptography (PQC) to existing protocols, starting with Bitcoin. Every wallet, account holder, and private key will be required to update to a new quantum-safe cryptocurrency to safeguard it from quantum attacks. Project Eleven, the crypto project building at the crossway of quantum computing and cryptocurrencies, has raised $6 million in a seed round co-led by Variant and Quantonation, with participation from Castle Island Ventures, Nebular, and Formation. The company stated the funding will help it advance its mission of getting ready for the quantum age “by future-proofing what exists and future-building what follows.” “Thirty years back, Netscape laid the foundation for the modern web with the creation of SSL. As we enter the quantum era, Task Eleven aims to do the same: to secure today’s digital infrastructure– and to design new products and protocols for what follows,” the Project Eleven team wrote in a blog post on the company’s website. According to Project Eleven, every bit of data and information ever submitted online will be under threat in the age of quantum computing, and there is not enough time to prepare. “In the coming years, everything we trust online: your bank account, your identity, could be compromised in seconds”, adding that quantum computing will make today’s cryptography obsolete. The company believes Bitcoin and the $3 trillion digital asset industry are most threatened by that future. “A cryptographically relevant quantum computer (CRQC) will break the fundamental security assumptions of Bitcoin and almost every digital asset,” Alex Pruden and Conor Deegan of Project Eleven wrote. Project Eleven believes that the time may arrive sooner than many anticipate due to the rapid progress made by companies like IBM and Google. Stay on top of things: Subscribe to our newsletter using this link– we won’t spam! Follow us on X and Telegram. The post Alternative co-Leads $6M Seed Round for Startup Aiming to Protect BTC from Quantum Attacks appeared first on NFTgators.
