Cardano (ADA) Doubles Down On Security

February 16, 2022 10:08 pm Comments

The Cardano Foundation has revealed that it will be doubling the rewards that it is offering in its “bugs bounty’ program in order to continue to discover if there are any vulnerabilities in its ecosystem.

The “bugs bounty” program is essentially the company’s method of offering rewards and incentives to hackers who are able exploit any security loopholes in the blockchain.

To help accelerate this program, the foundation decided to collaborate with a company called HackerOne which is a vulnerability management firm that hires hackers to expose security flaws.

Rewards for the program have gone to around $10, 000 for any bugs that are discovered , but the inventive has now recently been doubled to a total of $20,000 per critical bug discovered.

DailyHODL reports:

The program had previously offered hackers up to $10,000 for finding critical bugs in the backend of the Cardano node and up to $7,500 for locating critical weaknesses in the backend of the Cardano Wallet.

The reward has now doubled: Until March 25th, hackers can earn up to $20,000 for node bugs and up to $15,000 for wallet issues, according to the Cardano Foundation’s HackerOne page.

Explains the foundation,

“Cardano Foundation looks forward to working with the security community to find security vulnerabilities in order to keep our businesses and customers safe.

From this program, we aim to strengthen the Cardano brand through this public bug bounty program, covering essential items to access and manage crypto assets that are issued on the Cardano blockchain…

The focus on security has been a major reassurance for all ADA investors and traders.

The crypto industry has recently experienced some major hacks with other top blockchains where security loopholes allowed hackers to steal millions of dollars.

For example, recent news had revealed that bridges that linked popular blockchain Solana with Ethereum had been exploited by hackers which led to a loss of $320 million.

As a result, it is clear for long-term investors that in order for mainstream adoption to occur, any major security issues need to be resolved first.

So far, it looks like Cardano is doing its part to truly secure its blockchain before it continues to scale massively.

The increase in security comes in a timely manner and is extremely important as the blockchain has recently reported that it has been growing at a rapid pace.

IBtimes reports:

Cardano has been growing at a rapid pace. As per a Finbold report, there have been 30.4 million Cardano transactions as of Feb. 8, 2022. The volume of transactions is proportional to the number of ADA wallets.

The report also states that as of Feb. 3, the total number of ADA wallets stood at 3,002,727, increasing from Dec. 24, 2021’s figure of 2.5 million. This equates to an average daily addition of approximately 12,200 wallets during the period.

Furthermore, the Cardano Blockchain has been successful after following the implementation of smart contract capability. On Jan. 27, Plutus (a Cardano-based smart contract platform) crossed the 1,000 smart contract mark, reaching 1,003.

Cardano’s smart contract capabilities have garnered the attention of rival cryptocurrencies, with many experts dubbing it the Ethereum killer.

At the time of writing, ADA has a total market capitalization of $36 billion and is ranked the 7th largest coin on CoinMarketCap.

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