Ethereum Announces 'Attackathon” Event Promising to Enhance the Network's Security

Boasting a total value locked (TVL) of over $52 billion, the stakes could not be higher for the Ethereum network.

In an increasingly digitalized world, an error in a single line of code can be all it takes for people to incur devastating financial losses, highlighting the need for robust and comprehensive security checks. This security consciousness is especially critical in the crypto space, where little safety nets exist.

Boasting a total value locked (TVL) of over $52 billion, the stakes could not be higher for the Ethereum network. In the latest move underscoring the commitment of developers to the network’s security, the Ethereum Foundation Protocol Security (EPS) Research Team has announced the launch of an “attackathon” in partnership with crypto security firm Immunefi that promises to contribute to the enhancement of the network’s security.

Wondering what this attackathon is all about? DailyCoin has got you covered with all the details.

What is the Ethereum Attackathon?

Ethereum is looking to enhance its security with an “attackathon.” The term attackathon is a portmanteau of two words: attack and marathon. It is used to describe an event or competition where participants rigorously simulate attacks to find vulnerabilities in a system. In the case of the Ethereum Attackathon announced on Monday, July 8, this system would be the Ethereum network.

As detailed in the announcement, the Ethereum Attackathon aims to enhance the security of the network’s codebase through the largest crowdsourced audit. The event will span four weeks, although the start date is yet to be revealed.

The EPS team has set the reward pool for the event at $2 million. Disclosing that the Ethereum Foundation has already seeded the pool with $500,000, the EPS team called on projects and members of the Ethereum community to contribute to the pool.

How You Can Contribute to the Ethereum Attackathon

You can join the Ethereum Attackathon sponsorship program by completing the following process:

Immunefi notes that contributors will receive commemorative NFTs and will be recognized on their sponsorship boards to further incentivize sponsorship.

Over the past 24 hours, the event has already raised 164.5 ETH, which is worth over $506,000 at current rates. For context, the deadline for sponsorships is August 1.

How the Ethereum Attackathon Will Work

The Ethereum Attackathon will kick off with an educational phase to familiarise participants with the protocol to ensure they are armed with all the information needed to know where potential vulnerabilities may lie.

During the event, these participants will search for vulnerabilities following specific rules. As highlighted by the EPS team, only “impactful” findings compliant with the set rules will be rewarded. Participants will be judged based on their problem-solving skills and ability to apply the knowledge gleaned from the program’s first phase.

At the end of the program, Immunefi intends to publish a comprehensive report on the findings, celebrating the contributions of the researchers.

The Ethereum Foundation has disclosed that it intends to incorporate more attackathon events into its security strategy by slating similar events at every hard fork.

On the Flipside

Why This Matters

Organized bug bounty events like the proposed Ethereum Attackathon are good ways to develop attack response strategies and fix vulnerabilities. Identifying and fixing vulnerabilities ahead of time is often less expensive than an actual attack.

Read these for more on Ethereum:

Ethereum ETF Amendments Roll in Ahead of “Informative Week”

Ethereum Market Gets the Jitters as ICO Project Offloads $100M Ether

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