Bitcoin News and Finance
Binance Smart Chain Creates a $10 Million Bug Bounty Fund to Tighten Protocol Security Skip to main content

Binance Smart Chain Creates a $10 Million Bug Bounty Fund to Tighten Protocol Security

Binance Smart Chain Creates a $10 Million Bug Bounty Fund to Tighten Protocol Security

The Binance Smart Chain has launched a $10 million bug bounty fund for projects building on top of the protocol, called “Priority One.” The initiative aims to keep the blockchain network secure by encouraging bug bounty hunters and ethical hackers.

Binance Smart Chain Reveals $10 Million Bug Bounty Fund ‘Priority One’

Security experts and bug bounty hunters now have incentive to help the Binance Smart Chain (BSC) developers secure the network. On Monday, the BSC project revealed “Priority One,” a $10 million fund for projects built on top of the BSC protocol.

The announcement says the initiative aims at “refining the lifecycle management of BSC users and decreasing project exploits.” Eligible projects will be able to leverage proactive penetration testing and risk management schemes. Julian Tan, the BSC community coordinator, explained that these types of evaluations shrink the possibility of future exploits.

“The shortlisted projects for the bug bounty will be open for continuous testing,” Tan said in a statement sent to Bitcoin.com News. “With more experts identifying specific vulnerabilities and evaluating [decentralized apps] regularly, there’s more to explore; BSC community will work together to check every nook and corner of the target and leave no room for potential exploits.”

Immunefi CEO: ‘Bug Bounties Compel Disclosure Incentive for Mainnet Contracts’

Bounty hunters combing the BSC protocol for vectors and security flaws will be rewarded for their disclosures. Applicants can apply here and the types of vulnerabilities include but are not limited to:

  • Smart contracts/Blockchain/Cryptographic flaws
  • Logic errors
  • Financial/Economic attacks
  • Susceptibility to block timestamp manipulation
  • Novel governance attacks
  • Congestion and scalability
  • Oracle failure/manipulation

Submissions have to complete a proof-of-concept and describe the vulnerability in a step-by-step guide. Rewards will be based on the severity assessment of the exploitation found by the ethical hacker. BSC also has help from the Binance Security team, Peckshield, Certik, and Immunefi.

“Bug bounties are a core pillar of the [decentralized finance] security stack, providing both a compelling disclosure incentive for mainnet contracts and attracting new security researchers,” the CEO and founder of Immunefi, Mitchell Amador, said in the announcement. “This fund supercharges bug bounties on BSC, by driving the community to adopt best practices while providing compelling incentives for more security researchers to participate in the BSC ecosystem at large,” Amador added.

What do you think about BSC creating a $10 million bug bounty program for the BSC protocol? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory