Project Eleven: Building a Quantum Defense System for encryption Assets

In 2024, a project named Project Eleven quietly launched, focusing on a long-ignored but increasingly urgent systemic risk: the potential threat of quantum computing to the security of encryption assets. The project attempts to build a line of defense in the world of digital assets in advance of challenges that the existing encryption system may face by introducing Post-Quantum Cryptography (PQC) mechanisms into Bitcoin and other blockchain protocols.

The core products of Project Eleven

The first product launched by Project Eleven is a protocol tool called "yellowpages". Its main function is to help Bitcoin holders generate a set of quantum-resistant keys and bind them to existing BTC addresses, providing a future-proof ownership proof mechanism for traditional Bitcoin addresses.

This design cleverly avoids the complexity of requiring users to migrate assets, change usage habits, or switch on-chain identities, and instead builds an additional layer of security based on existing Bitcoin addresses through a combination of off-chain and on-chain methods. This approach does not require modifications to the Bitcoin protocol itself, effectively reducing the resistance to promoting PQC technology at the current stage.

According to data released by the project party, as of January 17, 2025, approximately 6.26 million Bitcoins (worth over $648 billion) globally are facing potential quantum computing risks. These assets may become "high-risk assets for quantum attacks" due to reasons such as long-term static storage, high risks of private key exposure, or the loss of mnemonic phrases. The yellowpages protocol specifically addresses these inventory risks and attempts to establish a more long-term effective ownership protection system.

It is worth noting that Project Eleven is not committed to creating a new blockchain, but rather provides a set of pluggable, security-neutral technical components, prioritizing compatibility with the Bitcoin ecosystem, and may expand to other blockchain protocols in the future.

Team Composition

Project Eleven brings together professionals from various fields such as encryption infrastructure and privacy computing.

• Alex Pruden: CEO of Project Eleven since April 2025. He previously served as the president of an anonymous privacy chain project and has a background in encryption from Stanford University. Pruden believes that Project Eleven is one of the few projects currently in the Web3 space that genuinely attempts to prevent systemic risks.

• Finn Murphy: Joined in October 2024 as one of the co-founders. He has been involved in data privacy startups and the development of decentralized data exchange networks, with a long-standing focus on data sovereignty and foundational protocol development.

• Conor Deegan: Currently the Vice President of Engineering at Project Eleven, responsible for the overall integration and deployment strategy of PQC technology. He was a co-founder and CTO of a decentralized data exchange network project.

• Leeor Mushin: Joined the project as a co-founder in January 2025, providing financing and strategic support in the early stages of the project. He is a co-founder of a venture capital firm.

Financing Situation

On June 19, 2025, Project Eleven announced the completion of a $6 million early financing round. This round was co-led by investment firms focused on Web3 and quantum technology, with participation from several public blockchain venture capital firms and early Web3 venture capital institutions.

Individual investors participating in investments include founders of blockchain infrastructure companies, important evangelists of public chain ecosystems, and active participants in the field of zero-knowledge proofs, among others.

Project Progress

By June 2025, the first product of Project Eleven, "Yellowpages," has completed prototype development and entered the protocol validation and early baseline testing phase. The team is testing the key binding logic and registration verification process, and security audits are also underway, with results expected to be announced soon.

Currently, the project has not yet opened public access, nor has it been deployed on the Bitcoin mainnet on a large scale. Project Eleven has temporarily not disclosed any integration plans with wallet, exchange, or node service providers, nor has it announced any information related to community governance, incentive mechanisms, or token issuance.