In an effort to improve the network’s security, the Cardano Foundation, a non-profit organization based in Switzerland that oversees the evolution of Cardano ($ADA) and its ecosystem, has temporarily increased the prizes granted in its bug bounty program.
Bug bounty rewards have been quadrupled for a total of six weeks, ending March 25, 2022, according to a HackerOne update, with the biggest potential bounty being $20,000 for significant vulnerabilities affecting Cardano nodes.
Other node-related vulnerabilities might pay white hat hackers between $10,000 and $800. Vulnerabilities impacting Cardano wallets, on the other hand, can result in prizes ranging from $500 to $15,000 for critical exploits.
To be eligible for these prizes, hackers must provide detailed reports with reproducible steps, according to the Cardano Foundation. “I look forward to working with the security community to find security vulnerabilities in order to keep our businesses and customers safe,” the Foundation noted in its update.
The program, it added, aims to “strengthen the Cardano brand” while covering “essential items to access and manage crypto assets that are issued on the Cardano blockchain.”
Bug bounty rewards, which have been rising in popularity in the cryptocurrency area, are a popular way for firms to invite ethical hackers in to work with them and be compensated for helping to make their products and services safer.
Bug bounties related to cryptocurrencies brought in approximately $900,000 in 2018. A security researcher who corrected a critical flaw in Ethereum’s layer-two scaling solution received a $2 million bounty this year alone.
Cardano’s stakes have been rising in tandem with its network. As previously reported, the number of addresses holding ADA continued to rise in January, reaching a new all-time high of 4.53 million, as monthly transactions on the cryptocurrency’s network increased.
Over 30 million transactions have been completed using these addresses, and the number of smart contracts deployed on the network has surpassed 1,000 for the first time this year.
After the debut of the popular DeFi platform SundaeSwap, Cardano developer Input Output advocated raising the network’s block size by 11%, from 72 to 80 KB. After the launch of SundawSwap, Cardano’s network load reached over 90%, and the total value locked on it increased by over 9,000%.
CryptoGlobe was used as a source.