Blockchain safety platform Immunefi has launched an on-chain system for bug bounties, in line with a Sept. 26 announcement. The new system, referred to as “Vaults,” permits Web3 builders to escrow funds in an on-chain tackle and use them to pay out bug bounties to white hat hackers.
Immunefi believes the brand new system will assist tasks “demonstrate to whitehats […] that they have allocated sufficient funds to pay bounties,” which it hopes will end in “more top-tier bug reports” being submitted.
Software builders usually provide rewards, referred to as “bug bounties,” to hackers who uncover exploits or different bugs of their software program. This typically permits vulnerabilities to be discovered earlier than dangerous actors can exploit them. Hackers who submit bug experiences for rewards as an alternative of benefiting from an exploit are referred to as “white hat” hackers, whereas “black hat” hackers use their data for malicious functions.
Related: Projects would rather get hacked than pay bounties, Web3 developer claims
According to the announcement, the brand new Immunefi system permits tasks to deposit their bug bounty funds to a Safe multisig good contract (previously referred to as a “Gnosis Safe”). This gives white hats with on-chain proof that the funds can be found. Once a bug is submitted and a venture has confirmed it’s real, the venture can launch the funds to the bug reporter’s pockets.
During Vault’s launch, Ethereum infrastructure supplier SSV posted a $1 million deposit to assist pay bug bounties for its software program. Decentralized trade Ref Finance, which is on the Near community, additionally makes use of the brand new system. SSV DAO contributor Eridian claimed that on-chain bug bounties will assist present higher safety for the DAO’s validator companies, stating:
“The Vaults System will help us provide added reassurance for any researcher engaging with our bounty program, and in turn help secure the protocol even further. A good win-win. Building further trust with the community by showcasing dedicated funding, and streamlining the payment process, will ultimately strengthen our security efforts.”
In December 2022, Immunefi reported that it had facilitated $66 million in bug bounty payouts because the platform’s inception. LayerZero released a $15 million bug bounty through Immunefi on May 17.
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