The Ethereum network is set to host the first-ever hackathon, with the reward pool now being set at $2 million.
According to the Ethereum Protocol Security (EPS) research team, the “Attackathon” will attract security researchers looking for vulnerabilities within the blockchain’s codebase.
The recent hackathon comes as hacking attacks across the cryptocurrency industry continue to increase, with $176M lost to these flaws during the second quarter of 2024.
Ethereum Announces a $2 Million Attackathon
The EPS research team will launch this Attackathon in partnership with Immunefi. The team noted that this event will be “the largest crowdsourced security audit.”
Immunefi is a renowned player in the Web3 security industry and enjoys the backing of a vast community of researchers.
The Ethereum research team said Immunefi has played a vital role in promoting education and community involvement in mitigating security attacks.
In a blog post, the security firm noted that this Attackathon would portray the skills of the Immunefi elite security research community.
It further pointed out that the event will involve a time-boxed audit competition. The participants will secure rewards and increase their reputation in the blockchain research industry.
The Attackathon already has a seed amount of $500,000. It also invites interested sponsors to help grow the reward pool.
Sponsored will receive a non-fungible token (NFT) recognizing their contribution to the project.
Those interested in this sponsorship program have until August 1, 2024, to secure a position on the Sponsorship Leaderboard.
Boosting Ethereum’s Security
The Attackathon seeks to improve the security of the Ethereum blockchain. It will offer a comprehensive education program that will enhance community skills.
Projects built on the Ethereum blockchain and developers on the network will also have a chance to participate in the event.
The efforts made by security researchers to participate in the Attackathon will ensure the network is safe for all developers and users.
The Attackathon will run in phases, with the first being an educational phase where the participants will get a guide on using the protocol’s code.
The educational phase will involve technical know-how and educative content acquired from the Attackathon Academy.
During the education phase, security researchers will study the blockchain’s code to search for any security flaws that could be hidden within.
The researchers will also follow a specific set of rules. The rewards only going to the participants who complied with the rules and had an impact.
After the security researchers search for the flaws, Immunefi will compile the findings in a report. This official report will outline the detected flaws, the researchers who discovered them, and their level of expertise.
The research team is also working on security improvements to the Ethereum blockchain. It added that similar security audits would be conducted during every hard fork process that brings changes to the codebase.
