Ethereum's security team (EPS) has just announced a four-week hackathon with a total prize value of up to 2 million USD, aiming to test the security of blockchain source code on the largest scale ever.
The event called "Attackathon" is designed specifically for security experts, allowing them to freely search and exploit vulnerabilities in Ethereum's source code. To receive rewards, reports must demonstrate real impact and comply with regulations, ensuring the value and applicability of findings.
EPS has committed to contribute $500,000 and is calling for an additional $1.5 million from donors before August 1. Details about the hackathon will be announced once fundraising is complete.
Immunefi will partner with Ethereum to organize this event.
The hackathon will begin with a technical introduction to Ethereum's source code, providing contestants with a comprehensive understanding of potential vulnerabilities. This approach ensures that all candidates are fully prepared to identify and analyze security vulnerabilities in the protocol.
Community Collaboration – The Key to Blockchain Security
Immunefi, a reputable security bug hunting platform, will accompany Ethereum in this event. Immunefi will synthesize discovered vulnerabilities into a detailed report, affirming the important role of the community in ensuring blockchain network security.
To help contestants understand the system structure, the event will kick off with an in-depth introduction to Ethereum's source code, focusing on potentially risky locations. This methodical approach ensures that every candidate is fully equipped with knowledge to identify and analyze security vulnerabilities.
One audit competition to rule them all Immunefi, in collaboration with the @Ethereum Foundation, presents the first-ever Attackathon to enhance Ethereum’s protocol security. Become a sponsor and help make history 1/#EFxImmunefipic.twitter.com/m1HtH6G2r0
— Immunefi (@immunefi) July 8, 2024
According to the plan, EPS will hold similar events at each future network upgrade (hard fork), to continuously strengthen the blockchain security system. “Pectra” – an upgrade expected to launch later this year or early next year – will incorporate many important improvements, including a “social recovery” feature that simplifies wallet security. Instead of having to memorize complicated private keys, users can use the same functions from smart contracts.
The importance of hackathons in the cryptocurrency world
Hackathons have become an indispensable part of the technology industry, and the cryptocurrency sector is no exception. Ethereum's initiative is a clear demonstration of the trend of encouraging hackers to reveal vulnerabilities through bug bounty programs instead of exploiting them for malicious purposes.
Immunefi is currently a bridge for many different security bug hunting programs with rewards ranging from tens to hundreds of thousands of dollars. Notably, the largest reward belongs to the LayerZero project with a value of up to 15 million USD. Bug bounty programs play a key role in maintaining the security and integrity of blockchain networks, while encouraging ethical hacking.
