The Defense Line of Encrypted Assets Under the Threat of Quantum Computing: The Innovative Path of Project Eleven

In 2024, a project called Project Eleven quietly began, aiming not to focus on the currently popular areas of liquidity, airdrops, or modularity, but to confront a long-ignored yet increasingly imminent systemic risk: the potential threat of Quantum Computing to the security of encryption assets. The project attempts to build a defense line for the crypto world in advance by deploying Post-Quantum Cryptography (PQC) mechanisms in Bitcoin and other blockchain protocols, before the existing encryption system may face challenges.

The Innovative Solutions of Project Eleven

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

The cleverness of this design lies in the fact that it does not require users to migrate assets, change their usage habits, or switch on-chain identities. Instead, it builds an additional layer of security based on existing Bitcoin addresses, combining off-chain and on-chain methods. This approach avoids modifications to the Bitcoin protocol itself while also reducing resistance to promoting PQC technology at this stage.

According to data released by the project party, as of January 17, 2025, over 6,262,905 Bitcoins globally are facing potential risks of Quantum Computing attacks, equivalent to assets worth over $648 billion. These Bitcoins may become "high-risk assets for quantum attacks" due to reasons such as long-term static storage, high exposure risk of private keys, or loss of mnemonic phrases. The yellowpages protocol specifically addresses these existing risks, attempting to build a more effective long-term ownership protection system.

It is worth noting that Project Eleven is not aimed at creating a new blockchain, but rather providing a set of pluggable, security-neutral technology components. Currently, the project prioritizes compatibility with the Bitcoin ecosystem, and may expand to other blockchain protocols in the future.

The team's strength is impressive.

Project Eleven brings together core talents from multiple fields, particularly with deep expertise in encryption infrastructure and privacy computing:

• Alex Pruden: CEO of Project Eleven since April 2025. He previously served as the president of the privacy public chain Aleo and has a background in encryption from Stanford University. Pruden believes that Project Eleven is one of the few projects in the current Web3 space that is truly attempting to prevent systemic risks and emphasizes that mainstream protocols are still not prepared for Quantum Computing.

• Finn Murphy: Joined in October 2024 and became one of the co-founders. Murphy previously served as a partner at the data privacy startup Nebular and also worked at the decentralized data exchange network Pool Data, with a long-term focus on data sovereignty and foundational protocol development.

• Conor Deegan: Former co-founder and CTO of Pool Data, currently the Vice President 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 co-founding team from January 2025, providing financing and strategic path support in 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 was co-led by the Web3 investment firm Variant Fund and the quantum technology investment firm Quantonation, with participation from public blockchain venture capital firm Castle Island Ventures, New York angel fund Ambush Capital, and early Web3 venture capital firm Formation.

In addition, several well-known individuals in the industry have also participated in the investment, including former Bison Trails CEO Joe Lallouz, Coinbase Cloud engineering director Aaron Henshaw, important Cosmos ecosystem evangelist Zaki Manian, and ZK Validator co-founder Anna Rose.

Latest Project Progress

As of June 2025, the first product of Project Eleven, "Yellowpages", has completed prototype development and entered the protocol verification and early baseline testing phase. The team is testing the key binding logic and registration verification process, with the security review work being handled by Cure 53, and the audit results will be announced soon.

Currently, the project has not opened a public user entry, nor has it conducted large-scale deployment on the Bitcoin mainnet. Project Eleven has not disclosed any integration plans with wallet, exchange, or node service providers, nor has it announced any information related to community governance, incentive programs, or token issuance.