Home Technology Find an Ethereum bug before the merger? You could win a $1 million reward

Find an Ethereum bug before the merger? You could win a $1 million reward

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Find an Ethereum bug before the merger?  You could win a $1 million reward

In short

  • The Ethereum Foundation has increased its rewards for bugs found in code related to the upcoming merger.
  • “Critical bugs” leaked to network developers could earn a bug bounty of up to $1 million, up from $250,000 previously.

Ethereumis long overdue “merge” event is just around the corner, finally taking the network away from its energy-intensive activities mining model. It takes years, and Ethereum stewards want to make sure everything goes off without a hitch. So they are ready to spend a lot of money to encourage hackers to find the problems beforehand.

Today, alongside the announcement of a new timeline for the merger, the The Ethereum Foundation unveiled that it has quadrupled the bug bounties paid between now and September 8 for all merger-related network vulnerabilities discovered during this period.

This means that any bug deemed a “critical risk” that is disclosed to the Foundation will yield up to $1 million in reward funds, as opposed to the usual rate of $250,000. Likewise, “high risk” bugs will now pay a bounty of up to $200,000, with “medium risk” bugs paying up to $40,000, and “low risk” bugs paying up to $8,000. $.

Merger has been on the horizon for Ethereum users for several years now, as network developers have figured out how to safely transition to a secure consensus method that does not require proof of work mining model. During mining, users around the world use powerful computers to validate transactions and earn ETH cryptocurrency rewards accordingly.

However, this is a huge waste of energy, and tHat consumption has been seen by many as a strike against the blockchain network amid growing use cases with Challenge, NFTand more.

Instead, the network will switch to what is called a proof of stake consensus model, in which node operators hold a large amount of ETH within the network and earn rewards for validating transactions. The new model is expected to consume less than 1% of the amount of power in the current network, according to the Ethereum Foundation.

The merger was previously estimated to take place September 15 or 16but today the Ethereum Foundation announced a window between September 10 and 20– which means it could happen even sooner than expected. The improved bug bounty will help ensure that no obstacles further delay the long-promised transition.

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