Here is What to Expect From the ETH 2.0 Bug Bounty Hackathon
ETH2.0 is closer than before. The Ethereum ecosystem is now open to a new challenge. This time it is a hacking challenge.
The challenge is to break into the current ETH 2.0 framework. Using two attack networks, hackers will have to figure out loopholes within the ETH 2.0 source code.
An attack network is a remote attempt to break into computer networks. There could be several reasons for these attack networks.
The purpose of this is to try and uncover problems within the network's security infrastructure.
Another aim will be to try to collect information. Access to data on the network is still another aim.
The aim of the Hackathon is to Prevent Block Formation
In this case, the aim is for hackers to prevent blocks from being formed on the blockchain. The process is known as "finality". Hackers are expected to prevent "finality" within a time frame of 102 minutes.
It will expose the vulnerabilities of ETH 2.0. It will also give the chance to specialists to showcase their skills. Who knows? Some people will come to this limelight based on expert power.
Here is the reward. Each hacker or group that can complete this task successfully will receive $5,000. And besides, the hacker or group will become well-known within the cryptospace as security experts.
All of this is occurring as ETH 2.0 is entering its final phase. It will be the rise of the new Ethereum ecosystem.
In ETH 2.0 Proof-of-Stake is the mechanism of function. Token holders will be able to stake their tokens in exchange for rewards on the blockchain.
It will send the miners in another direction. It will also create a new robust ecosystem that needs far less energy to maintain.
Vitalik Buterin Has Seen The Future
In March, Vitalik Buterin indicated his roadmap for ETH 2.0. Going by everything that we are seeing, Proof-of-work (PoW) will be removed from the network. Consensus Proof-of-Stake (PoS) will emerge.
This is my approximate view of what the next ~5-10 years of eth2 and beyond might look like.
— vitalik.eth (@VitalikButerin) March 18, 2020
Roadmap below reflects my own views, others (including future versions of me) may have different perspectives! Details may of course change as we discover new info or new tech. pic.twitter.com/wynMVC04Ag
A bounty hackathon is a form of community-based audits. ETH 2.0 has to be audited by a community. With a $5,000 incentive, it becomes easier for the critical weaknesses to be spotted.
It also creates new motivations for the developer community. It makes them think outside the box.
This sort of contest creates engagement for developers. They need to find ways of making sure that source codes stay secure.
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