Ethereum\'s $2M Hackathon Aims to Conduct Largest Crowdsourced Security Audit of Blockchain Codebase

Ethereum's security team is organizing a four-week hackathon to evaluate the blockchain's security and intends to conduct such an event for each subsequent hard fork.

Ethereum's security team is hosting a four-week hackathon to test the blockchain's security and plans to hold such an event with each upcoming hard fork.

Ethereum is preparing to launch its first-ever hackathon, offering a $2 million reward pool to conduct the "largest crowdsourced security audit" of the blockchain's codebase.

In a blog post published on July 8, the Ethereum Protocol Security (EPS) research team outlined the "Attackathon" as a four-week "time-bound audit challenge" where security researchers will "actively search for vulnerabilities in the protocol code."

“They will follow specific rules set for the competition, and only impactful and rule-compliant reports will be rewarded,” it noted.

The event will begin with a technical tour of the blockchain code to ensure that "participants are adequately equipped to identify and understand potential vulnerabilities."

Once the event concludes, the findings will be compiled in a report detailing the vulnerabilities discovered by the event organizer, the bug bounty platform Immunefi.

Ethereum Seeking an Additional $1.5M for Hackathon, Plans Regular Security Audits with Each Hard Fork

As reported by Cointelegraph, the team announced that it had contributed $500,000 to the competition's prize pool and is seeking an additional $1.5 million from sponsors by Aug. 1, at which point it will reveal further details.

The EPS team plans to carry out similar hackathons with each upcoming hard fork that integrates changes to the codebase.

The "Pectra" hard fork, which is expected to be deployed in the latter half of this year or early next year, combines the "Electra" and "Prague" upgrades in Ethereum.

Notable updates in the works include a "social recovery" feature for users, which could eliminate the need to remember a private wallet key that has defined the technology from the beginning and will also introduce advanced contract-like functionalities for wallets.

Hackathons are a common occurrence in the tech industry, and crypto has seen its fair share of these events, with other blockchains and projects also hosting coding sprints.

Moreover, crypto projects maintain a standing list of bug bounties to incentivize white hat hackers to share their exploits rather than carrying them out maliciously. According to Immunefi's website, most bounties range from tens to hundreds of thousands of dollars, with LayerZero's top reward being $15 million.

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