On Monday, HUH Token will launch its smart contracts functionality. To that aim, the HUH Token is ensuring that there are no vulnerabilities in the network before activation.
A new alliance will assist to enable this, while also including the wider community in ensuring that the social ecology is as secure as possible. When understanding how this kind of mechanism works, it might be useful to compare it to past cryptocurrencies.
When Cardano was about to deploy its smart contract on September 12, the Cardano Foundation, in collaboration with HackerOne, launched a bug bounty program.
This scheme attempted to compensate hackers who discovered weaknesses in the network.
Bug bounty schemes reward hackers to uncover and disclose network vulnerabilities rather than exploiting them for personal benefit.
There is little question that with an ecosystem as large as Cardano, its staff could not discover all of the vulnerabilities in its network.
This is where bug bounty schemes come in; they enlist the aid of the larger hacking community to uncover as many vulnerabilities as possible.
Solanas collaboration with HackerOne attracted a big number of hackers. Over 250,000 vulnerabilities were reported and identified by the hackers.
The Solana foundation was dedicated to ensuring that the whole network was safe for usage once it integrated blockchain solutions.
They strive to maintain the highest standards and a dedication to code openness and dependability.
This is their objective because they want to guarantee that their protocols are still viable for applications that distribute over the globe.
Finding bugs using ethical hackers is one of the most effective methods for any firm to find vulnerabilities in its network.
Typically, projects like Cardano will utilize automated scanners to examine networks for vulnerabilities.
However, bugs that are often linked together are difficult to identify with these automated scanners.
This is where human hackers come in.
Ethical hackers utilize creative thinking to find locations where these connected bugs may exist and then submit them to be addressed.
So, something that an automated scanner might miss, an ethical hacker would detect and report to receive a bug reward, increasing network security.
Cardano’s bug bounty was divided into four levels: low, medium, high, and critical.
The awards ranged from $300 for low priority bugs in the Wallet to $10,000 for critical level bugs in the Node.
The HUH Token has done something similar but with potentially more lucrative rewards.
- Critical: up to 50,000 points
- High: up to 3,000 points
- Medium: up to 2,000 points
- Low: up to 400 points
- Note: up to 100 points
One point currently corresponds to one USD, which is payable in crypto, something which may change with three months of prior notice.
Just as many organizations support open-source by directly hiring developers, providing bug bounties directly supports security researchers, this bug bounty is a critical step for HUH to build up its community of security researchers and reward their work comfortably. If you are a security researcher and new to HUH, check out these resources to learn more and get started on bug hunting.
Story by Rakhi Sawant