Project Eleven CEO Alex Pruden believes advances in quantum computing could change the very foundations of cryptocurrencies. According to him, this theoretical scenario “destroys the entire philosophical model of crypto ownership.”
His warning, shared in an interview published in The Rollup on April 14, points to structural changes in the face of the possibility of a “Q-day” (the day that would occur if current security systems fail). The concept of each user managing their own funds is no longer valid.
He explained that the core of the risk lies in public-key cryptography based on elliptic curve (ECC), a system that networks such as Bitcoin use to protect transaction signatures. According to Pruden, “If a quantum computer can reverse engineer the private key from the public key, In a true sense, they own everything. ”.
However, that scenario is not possible today. The CEO himself admitted that “no quantum computer currently exists that can crack Bitcoin,” but argued that the threat has become more tangible in recent years due to advances in experimentation and fewer resources needed for cryptographic attacks.
In that sense, a recent study by Google Quantum AI reduces the quantum resources needed to decrypt Bitcoin by up to 20 times, causing concern to many participants and experts in the ecosystem. Among them is Eli Nagar, CEO of Brainins mining pool, who concludes that quantum risk is closer than the community assumes based on Google’s research.
Meanwhile, experts like Adam Back think quantum risk is “10 to 20 years” away.
Technical issues affecting the entire ecosystem
If a quantum attack becomes viable, its impact will directly affect asset ownership. A theoretical quantum computer that can derive private keys could transfer funds without authorization, potentially affecting prices, liquidity, and market confidence.
As the CEO explained in an interview, the problem is not limited to individual security, but applies to the entire structure of the system. “The gap between current thinking and what we need is still very large,” he added, adding that any solution “will involve systemic changes: every protocol will change, every smart contract will be redeployed, every user balance will be moved.” So it’s not a patch. Rather, it is a comprehensive migration of infrastructure.
Finally, Pruden emphasized that unlike systems like traditional banks, networks like Bitcoin do not have the power to adjust their responses without affecting trust. In this context, he argued that the goals should be: “Smooth transition”Because it means “price stability, infrastructure stability, and no one loses out.”
However, management themselves admit that this scenario is not guaranteed. “Some version of Bitcoin and all digital assets will definitely survive this. It’s just a question of how much disruption they want to experience along the way,” he said. The uncertainty in his approach is not whether it needs to adapt, but how and at what cost to the system.
(Tag Translation) Bitcoin (BTC)
