PANews reported on April 17 that according to The Block, quantum computing research company Project Eleven is offering 1 Bitcoin (BTC) for its first "Q-Day Award", a global award that will be awarded to the team that first uses the Shor algorithm to crack the elliptic curve cryptography (ECC) key on a quantum computer within a year. As Project Eleven pointed out, Bitcoin uses the Elliptic Curve Digital Signature Algorithm (ECDSA) for transaction signing; quantum computers use the Shor algorithm, which can theoretically derive private keys from public keys, thereby endangering wallet security. The company estimates that more than 6.2 million bitcoins worth nearly $500 billion are at risk. Alex Pruden, CEO and co-founder of Project Eleven, said: "We don't know how far away we are from the quantum 'doomsday' scenario of existing encryption technology. The Q-Day Award aims to transform the theoretical threats posed by quantum computers into concrete models."