Ethereum Announces  Million Hackathon to Strengthen Blockchain Security

Ethereum Announces $2 Million Hackathon to Strengthen Blockchain Security

Ethereum’s security team is hosting a four-week hackathon with a $2 million reward pool to conduct the largest crowdsourced security audit of the codebase. The event aims to identify and address vulnerabilities in the protocol, with findings reported by Immunefi.

Ethereum’s $2M Hackathon Aims to Conduct the Largest Crowdsourced Security Audit of the Blockchain Codebase

The Ethereum security team is hosting a four-week hackathon to evaluate the security of the blockchain. The team plans to host a similar event for every subsequent hard fork.

Ethereum is gearing up for its first hackathon, with a $2 million prize pool, to conduct the “largest crowdfunded security audit” of the blockchain’s codebase.

In a blog post published on July 8, the Ethereum Protocol Security (EPS) research team described the “Attackathon” as a four-week “time-bound audit challenge” in which security researchers “actively search for vulnerabilities in the protocol’s code.”

“They will adhere to specific rules set for the competition, and only impactful and compliant reports will be rewarded,” it added.

The event would begin with a technical tour of the blockchain’s code to ensure “attendees are adequately equipped to identify and understand potential vulnerabilities.”

Following the event, the findings will be summarized in a report detailing the vulnerabilities discovered by the event’s presenter, bug bounty platform Immunefi.

Ethereum asks for additional $1.5M for hackathon, plans regular security audits with every hard fork

According to Cointelegraph, the team announced that it has contributed $500,000 to the competition’s prize pool and has requested an additional $1.5 million from sponsors by August 1. At that time, the team will announce additional information.

The EPS team plans to organize similar hackathons with each hard fork, introducing changes to the codebase.

The “Pectra” hard fork, expected to be implemented in the second half of this year or early next year, will merge the “Electra” and “Prague” improvements into Ethereum.

A “social recovery” feature is one of the major updates in the works for users. This feature has the potential to eliminate the need to remember the private wallet key, which has been a defining feature of the technology since its inception. Additionally, it will provide wallets with innovative contract-like capabilities.

Hackathons are common in the tech sector, and crypto has seen its fair share of these events. Other blockchains and projects have also hosted coding sprints.

Additionally, crypto initiatives offer a consistent list of bug bounties to encourage hackers to share their exploits instead of maliciously executing them. According to Immunefi’s website, most bounties are offered in the tens of thousands to hundreds of thousands of dollars. LayerZero’s largest reward is $15 million.

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