Ethereum Foundation doubles bug bounties

Ethereum Foundation temporarily doubles Byzantium-related bug bounties
21 September 2017   589

It's been a significant week for Ethereum. 

  • The first iteration of Metropolis upgrade is finally being tested on Ethereum’s testing network: the Ethereum Ropsten testnet has reached block number 1,700,000. Hence, Geth 1.7 has automatically implemented nine Ethereum Improvement Proposals (EIPs) as well as the Byzantium hard fork.
  • On top of that, the zkSNARK part of a Zcash transaction was verified on the Byzantium testnet. 

Now, the Ethereum Foundation has increased bounties for certain Byzantium-related bugs in an effort to boost cross-client consensus and reduce susceptibility to denial-of-service attacks before the Byzantium mainnet hard fork takes place, as reported by ethnews.com.

In order to get some extra eyes on the Byzantium implementations, we’ve temporarily increased the rewards: Between now and the Byzantium mainnet hardfork, we will double the ratio of points-to-USD for any vulnerabilities affecting cross-client consensus or Geth denial-of-service. A ‘High’ can thus yield up to $30K USD, and ‘Critical’ up to $50K USD. All Byzantium functionality is considered in-scope, as if it was already enabled on the mainnet.
 

Ethereum Foundation team

This change to the payout scale incentivizes users to improve different clients’ abilities to agree on certain information and to enhance the Geth client’s ability to prevent denial-of-service attacks, which intentionally overload the system with a flurry of requests.

Ethereum charts on coinmarketcap.comEthereum charts on coinmarketcap.com

Meanwhile, at the time of writing, the cryptocurrency's price is about $286, its market capitalization is $27,186,354,851.

Bank of China Filed a Patent to Scale Blockchain Systems

Bank of China has filed a patent application for a process able to scale blockchain systems  
23 February 2018   55

According to a document released by China's State Intellectual Property Office (SIPO) on February 23, the application was invented by Zhao Shuxiang and first submitted on September 28 last year.

The application states that instead of letting a new block store transactions from its previous one, a data compressing system could be used to pack transactions from multiple blocks into what the patent calls a "data block."

For example, when the system receives a request to compress transactions from block 1 to 1,000, it causes a new data block to be formed and temporarily hosted on a different storage system. Then, the system will run the packed data through a hash function with a hash value. After that, the compression system will attach labels in order to identify blocks on the blockchain.

With the use of the described method, the patent claims a reduction in the amount of the data stored in new blocks as transactions mount in a blockchain while ensuring that data from all previous transactions will still be tamper-proof and traceable.

At the moment, the patent in the review process.