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Binance Good Chain Creates a $10 Million Bug Bounty Fund to Tighten Protocol Safety

07/26/2021
Binance Smart Chain Creates a $10 Million Bug Bounty Fund to Tighten Protocol Security

The Binance Good Chain has launched a $10 million bug bounty fund for tasks constructing on prime of the protocol, known as “Precedence One.” The initiative goals to maintain the blockchain community safe by encouraging bug bounty hunters and moral hackers.

Binance Good Chain Reveals $10 Million Bug Bounty Fund ‘Precedence One’

Safety specialists and bug bounty hunters now have incentive to assist the Binance Good Chain (BSC) builders safe the community. On Monday, the BSC undertaking revealed “Precedence One,” a $10 million fund for tasks constructed on prime of the BSC protocol.

The announcement says the initiative goals at “refining the lifecycle administration of BSC customers and lowering undertaking exploits.” Eligible tasks will have the ability to leverage proactive penetration testing and danger administration schemes. Julian Tan, the BSC group coordinator, defined that all these evaluations shrink the potential for future exploits.

“The shortlisted tasks for the bug bounty can be open for steady testing,” Tan stated in an announcement despatched to Bitcoin.com Information. “With extra specialists figuring out particular vulnerabilities and evaluating [decentralized apps] often, there’s extra to discover; BSC group will work collectively to verify each nook and nook of the goal and go away no room for potential exploits.”

Immunefi CEO: ‘Bug Bounties Compel Disclosure Incentive for Mainnet Contracts’

Bounty hunters combing the BSC protocol for vectors and safety flaws can be rewarded for his or her disclosures. Candidates can apply right here and the varieties of vulnerabilities embody however should not restricted to:

  • Good contracts/Blockchain/Cryptographic flaws
  • Logic errors
  • Monetary/Financial assaults
  • Susceptibility to dam timestamp manipulation
  • Novel governance assaults
  • Congestion and scalability
  • Oracle failure/manipulation

Submissions have to finish a proof-of-concept and describe the vulnerability in a step-by-step information. Rewards can be based mostly on the severity evaluation of the exploitation discovered by the moral hacker. BSC additionally has assist from the Binance Safety group, Peckshield, Certik, and Immunefi.

“Bug bounties are a core pillar of the [decentralized finance] safety stack, offering each a compelling disclosure incentive for mainnet contracts and attracting new safety researchers,” the CEO and founding father of Immunefi, Mitchell Amador, stated within the announcement. “This fund supercharges bug bounties on BSC, by driving the group to undertake finest practices whereas offering compelling incentives for extra safety researchers to take part within the BSC ecosystem at massive,” Amador added.

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