In 2024, a project named Project Eleven was quietly initiated. Its goal does not revolve around liquidity, airdrops, or modular blockchains. Instead, it confronts a systemic risk that has long been marginalized but is gradually approaching: the potential threat of quantum computing to the security of crypto assets. By deploying Post-Quantum Cryptography (PQC) mechanisms within Bitcoin and other blockchain protocols, Project Eleven aims to build a defensive barrier for the crypto world before the current cryptographic systems become obsolete.
The Challenge Addressed by Project Eleven
Project Eleven’s first publicly announced product is a protocol tool named "Yellowpages." Its core function is to help Bitcoin holders generate a set of quantum-resistant keys and bind them to their existing BTC addresses. This provides a form of "proof of ownership" tailored for the post-quantum era without requiring users to migrate assets, alter usage habits, or change their on-chain identities.
This design establishes an additional security layer on top of the existing Bitcoin address framework using a combination of off-chain and on-chain methods. By doing so, it avoids the need to modify the Bitcoin protocol itself and reduces resistance to implementing PQC at this stage.
According to data published on its official website, as of January 17, 2025, over 6,262,905 Bitcoins globally are at potential risk of quantum decryption. These assets, valued at over $648 billion, are considered "high-risk for quantum attacks" due to factors like static storage, high likelihood of private key exposure, or lost seed phrases. Yellowpages’ technical approach specifically targets these existing risks, attempting to establish a more durable ownership system.
The project is not focused on building a new blockchain. Instead, it provides a set of pluggable, security-neutral technical components, initially adapted for the Bitcoin ecosystem, with potential for future expansion to other blockchain protocols.
The Team Behind the Initiative
Project Eleven has brought together core members from various fields, particularly in cryptographic infrastructure and privacy computing.
- Alex Pruden: Appointed CEO of Project Eleven in April 2025. He previously served as President of Aleo, a Layer 1 privacy-focused blockchain, and has a cryptography background from Stanford University. He has stated on social media that Project Eleven is "one of the few projects in Web3 genuinely trying to prevent a systemic risk" and emphasized that "mainstream protocols are still not prepared for quantum defense."
- Finn Murphy: Joined as a co-founder in October 2024. He was previously a partner at data privacy startup Nebular and also worked at Pool Data, a decentralized data exchange network, with a long-term focus on data sovereignty and foundational protocol development.
- Conor Deegan: Former co-founder and CTO of Pool Data, currently serving as VP of Engineering at Project Eleven, responsible for the overall integration and deployment path of PQC technology.
- Leeor Mushin: Co-founder of Formation VC, joined the project's founding team in January 2025, providing support for initial financing and strategic direction.
Funding and Financial Backing
On June 19, 2025, Project Eleven announced the completion of a $6 million early-stage funding round. The round was led by Web3 investment firm Variant Fund and quantum technology investment firm Quantonation. Other participating institutions included public blockchain venture firm Castle Island Ventures, New York-based angel fund Ambush Capital, and early-stage Web3 venture firm Formation.
Several individual investors also participated, including:
- Joe Lallouz: Co-founder and former CEO of Bison Trails, currently a partner at Ambush Capital.
- Aaron Henshaw: Co-founder of Bison Trails, current Engineering Lead at Coinbase Cloud.
- Zaki Manian: Co-founder of Sommelier and a key advocate within the Cosmos ecosystem.
- Anna Rose: Co-founder of ZK Validator, founder and CEO of Videopath, and an active advocate for zero-knowledge proof applications.
Current Project Status and Development
As of June 2025, Project Eleven's first product, "Yellowpages," has completed its prototype development phase and entered protocol verification and early baseline testing. The team is currently testing key binding logic and registration verification processes. A security review is being conducted by Cure 53, and the audit results are forthcoming. The project has not yet released a public user interface or been deployed extensively on the Bitcoin mainnet.
Currently, Project Eleven has not disclosed any integration plans with wallets, exchanges, or node service providers. There are also no announced plans for community governance, incentive programs, or token issuance.
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Frequently Asked Questions
What is Post-Quantum Cryptography (PQC)?
Post-Quantum Cryptography refers to cryptographic algorithms that are believed to be secure against an attack by a quantum computer. These algorithms are designed to replace current standards like RSA and ECC, which could be broken by sufficiently powerful quantum machines.
How does Yellowpages protect my Bitcoin without moving it?
Yellowpages generates a new quantum-resistant key pair and cryptographically links it to your existing Bitcoin address. This creates an additional layer of proof-of-ownership that remains secure even if a quantum computer can break the original elliptic curve cryptography, all without requiring you to transfer your funds to a new address.
Is my Bitcoin currently at risk from quantum computers?
While practical, large-scale quantum computers capable of breaking current cryptography do not yet exist, the risk is considered future-facing. The threat is greatest for Bitcoins stored in addresses where the public key is visible on the blockchain and the coins have never been moved, as this exposes the key material needed for an attack.
Will this require changes to the Bitcoin protocol?
No. A key advantage of Project Eleven's initial approach is that it operates as an additional layer without requiring fundamental changes to the Bitcoin core protocol. This makes adoption potentially smoother and less contentious.
Are other cryptocurrencies also at risk?
Yes, any cryptocurrency that relies on traditional public-key cryptography, such as Elliptic Curve Cryptography (ECC), is theoretically vulnerable to a sufficiently advanced quantum computer. The solutions developed for Bitcoin could potentially be adapted for other blockchain networks.
When will quantum computers become a real threat?
The timeline is uncertain. Estimates range from a decade to several decades. However, the cybersecurity community emphasizes the need for proactive migration to PQC standards now, as transitioning entire digital infrastructures takes significant time.