After the previous incident, where a white hat hacker noticed a bug in Cardano’s blockchain network, Cardano plans to double the bounty rewards for subsequent hacking, effective through March 25th, 2022.
The Cardano Foundation announced the increased bounty reward today, stating that it has incentives to encourage white hat hackers to do more in finding any loopholes in the blockchain network. Cardano is ever-ready to safeguard its investors’ assets at all costs. Cardano has pledged to build a robust decentralized network capable of handling the rigors and challenges in the coming years and beyond.
Any security breach of the blockchain network can ultimately result in the loss of large amounts of assets to Cardano, and this calls for more proactive and routine security upgrades to forestall any unpleasant event from taking place.
🪲 Calling all #hackers – it's time to boost your hacktivity!
We are excited to announce that Bounty amounts will be DOUBLED starting TODAY until Mar 25!!
*limited to scope mentioned in the above link pic.twitter.com/wUsQlmnm3x
— Cardano Foundation (@CardanoStiftung) February 14, 2022
The call is directed to all white hat hackers to take a step and use their expertise to help find a solution to improve the blockchain security of the Cardano network.
Hackers who discover critical flaws in the Cardano node earn $20,000. In contrast, the safety team from the hackers who can find critical Cardano-Pockets security loopholes can go home with $15,000.
The hackers’ bounty program was launched in August 2021 by the Cardano Foundation and HackerOne, a bug reward platform whose work is to link businesses with the largest hacking community in the world. Cardano chooses ethical hackers because of their ability to detect flaws in blockchain security more than the widely used automatic vulnerability scanning system.
Cardano Plans For The Future
The testing of its blockchain networks continues to prioritize Cardano as they constantly make updates to improve their smart contracts and transaction platform. The most prominent among Cardano’s network upgrades is the Alonzo hard fork, which builds the innovative contract platform and creates the NFTs and DeFi on its blockchain network.
The proposed launch of the new projects embarked upon by Cardano will see its blockchain ecosystem expand and improve and, at the same time, take the security architecture of the blockchain a step further.
On the other hand, Wormhole, a token that serves as a bridge between Solana and a handful of other DeFi blockchains, suffered a massive security breach, losing 120,000 wETH worth $322 million. The team at Wormhole has no choice but to strike a deal with the hacker by showing their willingness to give a reward of $10 million in exchange for the hacker’s handing over its assets. A vast security flaw like what happened to Wormhole can bring down many a blockchain network to its knees and render it useless.
All the while, Cardano has been observing how vulnerable the blockchain network can be, hence its continuous efforts to engage white hat hackers to boost its network security. The move by Cardano to increase the incentives for hackers in a bid to strengthen its system security is laudable because a secured network is what Cardano needs to achieve its goals.