Binance Smart Chain has launched a $10 million bug bounty fund called “Priority One” for projects based on this agreement. The plan aims to keep the blockchain network safe by encouraging bug bounty hunters and ethical hackers.

Binance Smart Chain announces the establishment of a $10 million bug bounty fund “Priority One”

Security experts and bug bounty hunters are now motivated to help Binance Smart Chain (BSC) developers protect the network. On Monday, the BSC project announced “Priority One”, which is a $10 million fund for projects built on top of the BSC agreement.

The announcement stated that the plan aims to “improve the life cycle management of BSC users and reduce the exploitation of project vulnerabilities.” Eligible projects will be able to take advantage of active penetration testing and risk management plans. Julian Tan, BSC Community Coordinator, explained that these types of assessments reduce the likelihood of future use.

“The shortlisted projects for the bug bounty will be open for continuous testing,” Tan said in a statement to News. “As more experts identify specific vulnerabilities and assess [decentralized apps] Regularly, there will be more exploration; the BSC community will work together to check every corner of the target, leaving no room for potential loopholes. “

CEO of Immunefi: “Vulnerability bounty forces the mainnet contract to disclose incentives”

Bounty hunters who find vectors and security vulnerabilities in conjunction with the BSC agreement will be rewarded for their disclosures. Applicants can apply here. Types of vulnerabilities include but are not limited to:

  • Smart contract/blockchain/password defect
  • logical error
  • Financial/economic attack
  • Easy to prevent timestamp operations
  • New governance attacks
  • Congestion and scalability
  • Oracle failure/operation
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The submitted content must complete a proof of concept and describe the vulnerability in a step-by-step guide. The reward will be based on an assessment of the severity of the exploit discovered by the ethical hacker. BSC also received help from the Binance Security Team, Peckshield, Certik, and Immunefi.

“The bug bounty is [decentralized finance] Mitchell Amador, CEO and founder of Immunefi, said in the announcement: “The fund increases BSC by promoting community adoption of best practices while providing compelling incentives for more security researchers to participate in the entire BSC ecosystem. Bug bounty on the Internet,” Amador added.

What do you think of BSC’s creation of a $10 million bug bounty program for the BSC agreement? Please tell us your thoughts on this topic in the comments section below.

Tags in this story

Binance, Binance Smart Chain, Bounty Hunter, BSC, BSC Ecosystem, Vulnerability Bounty, Cryptocurrency, Crytpocurrencies, dApp, Decentralized Application, Decentralized Finance, DeFi, Ethical Hacking, Vulnerability Exploitation, Vulnerability Discovery, Julian Tan, programming, security, security expert, vulnerability

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