The Defense Line of Encrypted Assets Under the Threat of Quantum Computing: The Rise of Project Eleven

In 2024, a project named Project Eleven quietly emerged, aiming not to focus on popular areas such as liquidity, airdrops, or modularization, but to confront a long-ignored yet increasingly imminent systemic risk: the potential threat of Quantum Computing to the security of encrypted assets. By introducing Post-Quantum Cryptography (PQC) mechanisms into Bitcoin and other blockchain protocols, Project Eleven is committed to building a solid defense for the digital asset world before the existing encryption system may face collapse.

Innovative Solutions of Project Eleven

The first product launched by Project Eleven is a protocol tool called "yellowpages". The core function of this tool is to assist Bitcoin holders in generating a set of quantum-resistant keys and binding them to existing BTC addresses, providing a proof of ownership mechanism for traditional Bitcoin addresses that is oriented towards the post-quantum era.

The uniqueness of this design lies in the fact that it does not require users to migrate assets, change usage habits, or switch on-chain identities. Instead, it builds an additional layer of security by combining off-chain and on-chain technologies based on existing Bitcoin addresses. This approach not only avoids modifications to the Bitcoin protocol itself but also reduces resistance to promoting PQC at the current stage.

According to data released by the project party, as of January 17, 2025, over 6.2 million Bitcoins are facing potential quantum cracking risks, valued at over $648 billion. These assets have become "high-risk assets for quantum attacks" due to reasons such as long-term static storage, high risk of private key exposure, or loss of mnemonic phrases. The technical path of yellowpages specifically addresses these existing risks, attempting to build a more effective long-term ownership protection system.

It is noteworthy that Project Eleven does not intend to build a new blockchain, but rather to provide a set of pluggable, security-neutral technological components. Currently, the project prioritizes adapting to the Bitcoin ecosystem and may expand to other blockchain protocols in the future.

The Elite Team Behind

Project Eleven brings together core talents from various fields, especially in the areas of encryption infrastructure and privacy computing:

• Alex Pruden: Appointed CEO of Project Eleven starting in April 2025, previously served as president of an anonymous privacy chain, with a background in encryption from Stanford University.
• Finn Murphy: Joined in October 2024 as one of the co-founders, previously worked in the field of data privacy and decentralized data exchange networks.
• Conor Deegan: Currently the Vice President of Engineering at Project Eleven, responsible for the overall integration and deployment path of PQC technology.
• Leeor Mushin: Co-founder of a venture capital firm, joined the project co-founding team in January 2025 to provide financing and strategic support.

Financing and Support

On June 19, 2025, Project Eleven announced the completion of a $6 million early financing round, led by investment institutions focused on Web3 and Quantum Computing, with participation from several well-known venture capital firms. In addition, several industry veterans also joined as individual investors, including experts in blockchain infrastructure, public chain ecosystems, and zero-knowledge proofs.

Latest Project Updates

As of June 2025, the first product of Project Eleven, "Yellowpages," has completed prototype development and is undergoing protocol validation and early baseline testing. The team is testing the key binding logic and registration verification process, and security auditing work is also in progress.

Currently, Project Eleven has not released a public user entry or integrated with the Bitcoin mainnet for large-scale deployment. The project has also not disclosed any integration plans with wallets, exchanges, or node service providers, and has not addressed community governance, incentive mechanisms, or token issuance.

With the continuous advancement of Quantum Computing technology, the development of Project Eleven will undoubtedly attract close attention from holders of encrypted assets and industry participants. This innovative project may bring significant breakthroughs to the field of digital asset security, providing key solutions to address potential Quantum Computing threats in the future.