Project Eleven: Building Quantum Defense Barriers for encryption Assets

In 2024, an emerging project called Project Eleven quietly came into existence, focusing not on common areas such as liquidity, airdrops, or modular tracks, but rather on 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 aims to build a proactive defense line for the digital asset world before the existing encryption system faces challenges.

Project Core: yellowpages Protocol

The first product of Project Eleven is a protocol tool called "yellowpages". The main function of this tool is to assist Bitcoin holders in generating a set of quantum-resistant keys and associating them with existing BTC addresses, providing a proof of ownership for traditional Bitcoin addresses that is adaptable to the post-quantum era.

This design does not require users to transfer assets, change usage habits, or switch on-chain identities. Instead, it builds an additional layer of security on the existing Bitcoin address by combining on-chain and off-chain methods. This approach avoids directly modifying the Bitcoin protocol while also reducing the resistance to promoting PQC technology at the current stage.

According to data released by the project party, as of January 17, 2025, there are over 6,262,905 Bitcoins worldwide that may face potential security risks brought by quantum computing, with these assets valued at over $648 billion. These Bitcoins may become "high-risk targets for quantum attacks" due to reasons such as long-term static storage, high risk of private key exposure, and loss of mnemonic phrases. The yellowpages protocol specifically addresses these existing risks and attempts to establish 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 technical components, prioritizing compatibility with the Bitcoin ecosystem, and may expand to other blockchain protocols in the future.

Core Team Members

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

• Alex Pruden: Appointed CEO of Project Eleven starting April 2025, previously served as president of the anonymous privacy chain Aleo, with a background in encryption from Stanford University.
• Finn Murphy: Joined in October 2024 as one of the co-founders, previously worked at the data privacy startup Nebular and the decentralized data exchange network Pool Data.
• 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 strategy of PQC technology.
• Leeor Mushin: Co-founder of Formation VC, joined the project co-founder team in January 2025, providing early funding and strategic support for the project.

Financing Overview

On June 19, 2025, Project Eleven announced the completion of a $6 million early-stage financing round. This round was co-led by Web3 investment firm Variant Fund and quantum technology investment firm Quantonation, with participation from well-known institutions such as Castle Island Ventures, Ambush Capital, and Formation.

In addition, several industry veterans have also participated in personal investments, 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 Developments

As of June 2025, Project Eleven's first product "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 security audits conducted by Cure 53, and the audit results will be announced soon. Currently, the project has not opened to public user access and has not undergone large-scale deployment on the Bitcoin mainnet.

It is worth mentioning that Project Eleven has not yet disclosed its integration plans with wallet, exchange, or node service providers, nor has it announced any information regarding community governance, incentive programs, or token issuance.