Will Cardano succeed with the new bug bounty program?

The Cardano blockchain has grown rapidly over the past few months, largely due to the launch of decentralized applications (dapps) and improved adoption. However, security continues to be an issue for the network, especially considering the threats most blockchains face on a regular basis. In fact, billions of dollars have been stolen through DeFi attacks and exploits over the past year.

To increase security efforts, Cardano has done so notification about starting my bug bounty program on Hackerone. This cybersecurity improvement effort will take place from February 14, 2022 to March 25, 2022. During this time, hackers receive double rewards for finding vulnerabilities in Netzwerk.net.

The rewards were given separately to Cardano and hacker nodes, with a $20,000 reward for nodes for discovering very critical vulnerabilities and $10,000 for high security vulnerabilities. Similarly, hackers can earn $15,000 for fairly serious bugs and $6,000 for bugs classified as high risk.

Medium and low risk vulnerability detection allows nodes to earn $4,000 and $800 respectively, while hackers can earn $2,000 and $600 respectively.

In announcing the program, the Cardano Foundation noted:

“We aim to strengthen the ADA brand through this public bug bounty program, which includes finding bugs essential to accessing and managing crypto assets issued on the Cardano blockchain.”

The program comes at a time when adoption of the ADA blockchain is skyrocketing and the need for security is a key concern for the network. Earlier this week, Cardano trading volume surpassed Bitcoin and Ethereum combined.

Additionally, total transaction fees for Cardano are also just under $52,000 compared to $19.39 million for Ethereum.

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While demand for Ethereum transactions is low due to the recent price drop, Cardano usage is still increasing with the introduction of smart contracts. Another fact that shows the same thing is that the number of Cardano wallets hit the 3 million mark in the last month.

In addition, the network has grown significantly over the past year. Especially since it has the highest number of GitHub commits of any chain in 2021, showing an increasing demand for testing and testing.

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In any case, ADA founder Charles Hoskinson has always been a staunch supporter of network security, which has slowed the deployment of Cardano dApp.

During last year’s AMA, he explained that no smart contract is safe from a potential attack as “anything” written and built can be broken. He also stressed that since no network is immune from attack, caution should be exercised for all chains.

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