Ethereum Foundation doubles bug bounties

Ethereum Foundation temporarily doubles Byzantium-related bug bounties
21 September 2017   1531

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.

South Korea to Invest $1B in Blockchain Startups

Blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution, local authorities believe
19 February 2019   93

Until 2022, Seoul authorities are investing 1.2 trillion South Korean won ($ 1.07 billion) in fintech startups working with distributed ledger technology. This is reported by CoinDesk.

Funds will be allocated for the development of new technologies through the Seoul Innovation Growth Fund, created last year by local authorities. The foundation will support startups working on various solutions, including those that are in the early stages.

In the first half of this year, the Fund will allocate 13.25 billion won ($ 11.75 million) and 8.4 billion won ($ 7.45 million) in the second half of 2019. For the Korean authorities, the blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution.

The officials also noted that the average investment per start-up at an early stage of development in South Korea is almost seven times lower than, for example, in Silicon Valley.

Last fall, Seoul authorities submitted a five-year development plan for the blockchain industry.