- Ethereum’s $2M “Attackathon” aims to be the largest crowdsourced security audit of its blockchain codebase.
- The “Attackathon” will see security researchers identifying vulnerabilities in Ethereum’s code during a four-week challenge.
- Ethereum’s upcoming “Pectra” hard fork includes major updates like “social recovery” and smart contract-like wallet features.
Ethereum has planned to kick off the first hackathon ever with $2 million prize money. This event’s objective is to become the largest crowdsourced security audit of the blockchain’s codebase. Over a four-week ‘audit,’ the ‘Attackathon’ will have hackers try to find holes in the code of the protocol at hand. This project is being executed by the Ethereum Protocol Security Research team to improve the security of Ethereum.
The hackathon will start with a technical walkthrough of the blockchain’s code. This ensures participants are well-prepared to identify and understand potential vulnerabilities. Only impactful and rule-compliant reports will be rewarded. Immunefi, a bug bounty platform, will host the event. They will gather the findings into a comprehensive report detailing the discovered vulnerabilities. Besides, the EPS team contributed $500,000 to the prize pool. They are also seeking sponsors to rise another $1.5 million by August 1, when more details will be shared.
Significance of the Event
Tech events such as hackathons are not foreign, and neither is the crypto sphere. However, this event stands out due to its prize pool and focused objective. The EPS team plans to host similar hackathons at every hard fork covering changes to the codebase. The next “Pectra” hard fork is expected to go live late this year or early next. This upgrade combines the “Prague” and “Electra” upgrades and introduces significant features for users.
Moreover, the planned updates include a “social recovery” feature. This feature could eliminate the need to remember the up to 24-word private wallet key. This has been a hallmark of the technology since its creation. It also aims to give wallets smart contract-like features. Consequently, these improvements could enhance user experience and security.
Broader Implications for Crypto Security
Crypto projects often host hackathons and offer bug bounties to entice hackers to share their exploits ethically. Immunefi’s website shows that most bounties range from tens to hundreds of thousands of dollars. However, the largest reward offered by LayerZero reaches $15 million. Hence, Ethereum’s $2 million hackathon aligns with this trend, offering a substantial incentive for participants.
Additionally, the EPS team’s commitment to regular hackathons reflects a proactive approach to security. This initiative underscores the importance of ongoing security audits in maintaining blockchain integrity. As the crypto space continues to evolve, such events are crucial in identifying and mitigating potential risks.
Ethereum’s “Attackathon” hackathon represents a significant step towards enhancing blockchain security. With a substantial reward pool and a clear objective, this event is set to make an impact in the crypto space.
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