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Project Eleven: Building a Quantum Defense System to Protect Bitcoin 648 Billion Asset Security
Project Eleven: Building a Quantum Defense System for the encryption World
In 2024, a project called Project Eleven quietly launched, aiming not to focus on popular tracks such as liquidity, airdrops, or modularization, but to confront a long-ignored yet increasingly urgent systemic risk: the potential threat of quantum computing to the security of encryption 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 world of digital assets before the existing encryption system faces challenges.
Innovative Solutions of Project Eleven
The first product launched by Project Eleven is a protocol tool called "yellowpages". Its core function 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.
This design cleverly avoids the complexity of requiring users to migrate assets, change usage habits, or switch on-chain identities, instead building an additional security barrier on top of existing Bitcoin addresses through a combination of off-chain and on-chain methods. This approach not only avoids direct modifications to the core Bitcoin protocol but also reduces resistance to promoting PQC technology at this stage.
According to data released by the project officials, as of January 17, 2025, over 6,262,905 bitcoins worldwide face potential quantum cracking risks, corresponding to a value of over $648 billion. These bitcoins may become "high-risk assets for quantum attacks" due to reasons such as long-term static storage, a high possibility of private key exposure, or lost mnemonic phrases. The technical path of yellowpages is precisely aimed at these existing risks, attempting to build a more long-term effective ownership protection system.
It is worth noting that Project Eleven is not dedicated to creating an entirely new blockchain, but rather to providing a set of pluggable, security-neutral technological components. Currently, it prioritizes compatibility with the Bitcoin ecosystem, and in the future, it is expected to expand to other mainstream blockchain protocols.
Powerful Team Lineup
Project Eleven brings together core talents from multiple fields, demonstrating strong capabilities especially in encryption infrastructure and privacy computing.
Alex Pruden: CEO of Project Eleven since April 2025. He has a background in encryption from Stanford University and previously held senior management positions in anonymous privacy chain projects. Alex has publicly stated that Project Eleven is one of the "few projects in the current Web3 space that genuinely attempts to prevent systemic risks" and emphasized that "mainstream protocols are still not prepared for quantum defense."
Finn Murphy: Joined in October 2024 as one of the co-founders. He has held key positions in data privacy startups and decentralized data exchange networks, with a long-term 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 path of PQC technology. He was a co-founder and CTO of a decentralized data project.
Leeor Mushin: Co-founder of a certain venture capital firm, joined the project co-founding team in January 2025 to provide financing and strategic path support during the early stages of the project.
Financing Progress
On June 19, 2025, Project Eleven announced the completion of a $6 million early funding round. This round of financing was co-led by investment institutions focused on the Web3 field and quantum technology investment institutions, with participation from several well-known blockchain venture capital and early-stage Web3 investment firms.
In addition, several well-known industry figures also participated in personal investments, including:
Latest Project Developments
As of June 2025, the first product of Project Eleven, "Yellowpages", has completed prototype development and entered the protocol verification and early benchmarking phase. The team is actively testing the encryption binding logic and registration verification process, and a security review is also underway, with audit results expected to be announced soon.
Currently, the project has not opened public user access and has not undergone large-scale deployment on the Bitcoin mainnet. Regarding cooperation plans with wallet service providers, trading platforms, or node operators, Project Eleven has not disclosed specific information. At the same time, the project has not announced arrangements related to community governance mechanisms, incentive plans, or token issuance.