Ethereum launches its first $2M protocol wide ‘Attackathon’
Ethereum is about to launch its first hackathon with a $2 million prize pool that “aims to be the largest crowdsourced security audit” of Blockchain's codebase.
The so-called “attack” security researchers “actively search for vulnerabilities in the protocol code” will see a “time-limited audit test” in four weeks, the Ethereum Protocol Security (EPS) research team explained in a July 8 blog post. .
“They will follow certain rules set for the competition, and only impactful and law-abiding reports will be rewarded,” he added.
The event begins with a technical walkthrough of blockchain code so “participants are well-prepared to identify and understand potential vulnerabilities.”
After the event is over, the host – the bug bounty platform Immunefi – compiles the findings into a detailed report of the vulnerabilities found.
One audit competition to buy all
Immunefi partners with the @Ethereum Foundation to deliver a first-ever attack to improve Ethereum's protocol security.
Become a sponsor and help make history ✨1/4 #EFxImmunefi pic.twitter.com/m1HtH6G2r0
— Immunefi (@immunefi) July 8, 2024
The team said it has set aside $500,000 in prize money for the tournament and is asking sponsors to raise another $1.5 million by Aug. 1, when it will share more details.
The EPS team plans to host similar hackathons “with each hard fork covering codebase changes.”
Ethereum's next “Pectra” hard fork is expected to go live late this year or early next and will combine the “Prague” and “Electra” upgrades.
Related: Vitalik Buterin opts for fast Ethereum, EIP-7732 promises
Major updates planned for users include eliminating the need to remember up to 24-word private wallet keys — an identifier since the technology's inception — and a “social recovery” feature that gives wallets smart contract-like features.
Hackathons are common in the tech world, and crypto has seen its share of events, hosting similar hacking sprints with other blockchains and projects.
Crypto projects also offer constant bug bounties to trick hackers into sharing their profits instead of exploiting them maliciously. According to Immunefi's website, most bonuses range from tens to hundreds of thousands of dollars, with the largest prize offered by LayerZero reaching $15 million.
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