Ethereum 2.0 Launches Bug Bounty Program

Published: 15/04/2020

Since its launch cryptocurrency had been dominating markets globally. From the rise of Bitcoin (BTC), Ethereum (ETH) and other cryptocurrency. To countries developments of its digitalized crypto currencies.

Crypto trade is literally booming in the industry. For cryptocurrency to stay in top of the industry major upgrades and updates would be need. To ensure its efficiency and to convince more investors.

Ethereum one of the booming cryptocurrency is on its way for a major platform upgrade. The main goal for this major upgrade is to provide more security to its users and future investors. Ethereum is known for being one of the most patronize crypto other than Bitcoin. With this this crypto is on its way to dominate the stock markets fully.

Ethereum’s Bug Bounty Program ahead for major update in blockchain

Ethereum major blockchain platform upgrade is on its way. In order for this major platform to be successful the codes must be free from any bugs. In this aspect for upgrade Ethereum had launched a bug bounty program. This move by Ethereum is not new for a platform upgrade. Online platforms such as Facebook, Microsoft, Google, and even the US Department of Defense.

Bug bounty programs are when deals are offered to an individual who could find bugs in their codes. This program allows them to identify unresolved bugs that could greatly affect how the systems run. This program is done through the Phase 0 specification audit by Least Authority.

This Ethereum 2.0 bounty program is part of the major upgrade on blockchain platform since its historic launching dated five years ago. It covers the first three pre launching stage of Ethereum 2.0. Pre-launching stage includes: Phase 0: Beacon Chain, Phase 1: Shard Chains, and Phase 2: Execution Environments. Blockchain analyst, security and crypto researchers are encourage to take part in this said program. They are specifically encouraged to find bugs in Ethereum 2.0 Phase. To ensure its efficiency before its launch later this April.

Bug bounty hunters can receive rewards base on the bugs they could found. For small defects and bugs a hunter could be rewarded ranging $500. Meanwhile for the bugs that have the ability to break the chain the reward ranges up to $10,000. This rewards can be received in Ethereum’s official cryptocurrency the ETH.

This program is open for all researchers, and developers. Even developers of Eth2 clients can participate but under firm conditions. An exception is imposed to Ethereum Foundation’s researchers to not allow them to participate in this program

Security updates and major upgrades in Ethereum

Ethereum security had been considered not safe in the past. This happened when there is a denial –of-service (DOS) and information leakage issue reported. Ethereum had stated that with this security update they’re into this issues had been resolved. As to Hind Kurhan, Least Authority’s senior program manager, Ethereum 2.0 team had implemented changes to specifications and responded to the issues based on their initial audit report. He also added they’re welcome for the opportunity to review further progress in security issues.

Information had circulates that there is a big change in Ethereum. Ethereum gladly reveals its swift transition to “proof of stake” (PoS) model from “proof of work” (PoW). PoW, was used in Ethereum 1.0 and Bitcoin but found out to be not efficient. For this raise the costs of staging DoS attack against Ethereum networks.

Meanwhile PoS, gives voting rights based on number of coins. With this Ethereum had decided to use PoS. Transition from PoW to PoS, according to Ethereum is also brings unpredictable challenges for long term security and stability of the network. Pos had been widely known in crypto trading. Reports states that there are already cryptocurrencies utilizing it.