Recently, Tron coin raised the bar by increasing the bug bounty program reward from $100k to $10 million. Bug bounty programs are being introduced increasingly in order to ensure the security of a network. The latest addition to this is another of the top cryptocurrencies, VeChain whose mainnet is up for launch at the end of this month.
The mainnet launch of Tron coin was followed by the announcement of a bug bounty program by its CEO and founder Justin Sun. Initially, the reward for identifying the critical issues in the network was $100,000.
However, then Justin raised the reward to a whopping $10 million. Apparently, he doesn’t want to take any risks with the security of the Tron network. As per the official document, this campaign will be taking place from May 31 to June 24.
Tron already had an impressive reward assigned but now with $10 million, it has stood itself apart from even the mainstream companies and not just crypto industry.
As posted on the GitHub, the program is
“aimed at discovering potential technical vulnerabilities in the mainnet with the help of TRON’s community members, especially those who specialize in global network security, to sustain TRON mainnet as the most secure public blockchain in the industry and to provide secure and stable infrastructure and services to DApps deployed on the mainnet.”
Differentiated into the fatal, advanced, and intermediate level, the reward payout will be allotted in different amounts.
Recently, a hacker named Vranken reportedly made $120k by finding bugs in the EOS software. He discovered 11 confirmed bugs and had previously reported bugs to Ethereum, Stellar and Ripple as well.
Also, read: Ripple (XRP) Up for Big Things After a Stellar Week
Bug Bounty Programs are surely becoming the talk of the town as after Tron, now VeChain has introduced the program. With the mainnet launch of VeChainThor coming up, the team doesn’t want to take any risks.
According to its post on the Hackenproof, VeChain, “launched a bug bounty program to find vulnerabilities and pay rewards.” They further talk about the things to look for such as attacks (Scenarios for DoS attacks, 51% and other X% attacks, Finney attacks, Sybil attacks, Replay attacks), data type overflow, hash algorithms, incorrect implementations and much more.
As for the rewards, it will be given in VET tokens based on the current price. On the basis of the severity of the bugs, i.e. critical, medium, high and low, the reward will be given. 10,000 USD is the highest limit while 500 USD is the lowest.
It has been further cautioned by the team that privacy is maintained as it strongly states, one “cannot tell anyone or anywhere”. Furthermore,
“Public disclosure of a vulnerability makes it ineligible for a bounty. Also, please do not store screenshots and / or executable codes and scripts related to the vulnerability discovered on publicly available services and resources so that the information is not available to third parties.”
According to Coinmarketcap, while sitting at 16th position, VeChain (VEN) is currently up by 3.88 percent at $3.98.
What do you think of the rising bug bounty programs? Share your thoughts with us!
Kansas City Fed President Jeffrey Schmid has indicated that he isn't in support of further…
BlackRock’s iShares Bitcoin Trust (IBIT) has become the firm’s most profitable exchange-traded fund (ETF). It…
Bitcoin has reached a new all-time high (ATH), extending its current rally, which began at…
Billionaire hedge fund manager, Paul Tudor Jones believes that there is a massive price gains…
Crypto exchange Robinhood is currently experiencing an outage, with users reporting issues accessing their accounts.…
BitMine Immersion Technologies chaired by Fundstrat’s Thomas “Tom” Lee, has accumulated roughly $820 million in…