Ethereum Hosts $2M Hackathon to Strengthen Blockchain Security

• Ethereum’s “Attackathon” offers a $2M reward pool for a four-week security audit, attracting top-tier global security experts.
• The “Pectra” hard fork will introduce features like social recovery, enhancing wallet capabilities and eliminating private key memory.
• Ethereum’s hackathon underscores the growing role of community-driven security audits in maintaining blockchain integrity.

The Ethereum security team has declared a four-week hackathon with a $2 million prize fund. The event seeks to accomplish the biggest crowdsourced security audit of Ethereum’s codebase. Leading bug bounty platform Immunefi will publish the results.

Largest Crowdsourced Security Audit

The Ethereum Protocol Security (EPS) team described the “Attackathon” in a blog post on July 8. They highlighted it as a four-week “time-bound audit challenge.” Security researchers will actively search for vulnerabilities in the protocol’s code. They will follow specific rules, and only impactful, rule-compliant reports will be rewarded.

Besides the $500,000 contributed by the EPS team, they are seeking an additional $1.5 million from sponsors by August 1. This funding will ensure substantial rewards for participants. Consequently, the event is expected to attract top-tier security experts from around the world.

The hackathon will begin with a technical tour of Ethereum’s code. This will equip participants to identify and comprehend potential vulnerabilities. Following the event, findings will be compiled into a comprehensive report detailing discovered vulnerabilities.

Strategic Partnerships and Future Plans

Ethereum plans to hold similar hackathons at each hard fork involving codebase modifications. The upcoming “Pectra” hard fork, expected later this year or early next year, merges the “Electra” and “Prague” enhancements. Significant updates include a “social recovery” feature, eliminating the need for users to remember private wallet keys, and providing wallets with innovative contract-like capabilities.

In the tech world, hackathons are commonplace. The crypto industry is no exception, frequently hosting such events. Crypto projects also offer bug bounties to incentivise hackers to disclose exploits rather than exploit them maliciously. According to Immunefi’s website, most bounties range from tens to hundreds of thousands of dollars. LayerZero’s highest reward is $15 million.

Significance for the Crypto Community

Ethereum’s “Attackathon” is poised to bolster the blockchain’s security by leveraging the expertise of the global security research community. This initiative underscores the importance of continuous security audits in maintaining robust and secure blockchain networks.

Moreover, the event highlights the evolving nature of blockchain security. It demonstrates Ethereum’s commitment to proactive security measures. Besides attracting global talent, it sets a precedent for future hackathons, ensuring ongoing improvements in the blockchain’s security.

Ethereum’s hackathon marks a significant step in enhancing the blockchain’s security. It reflects the growing importance of community-driven security audits in the crypto industry.