Most cryptocurrency enthusiasts will have heard of the SingularDTV project by now.The primary objective of this concept is to create a whole new form of visual content creation using the Ethereum blockchain. As any proper project should do, the team is currently running a bug bounty program with rewards to be paid out in Bitcoin.
Independent Security Audits Are A Must
Over the past few years, it has become crystal clear a lot of cryptocurrency-based projects are far from secure. Ranging fro exchanges to social platforms and wallet providers to marketplaces, a large list of companies have been breached or hacked in the past. All of this was made possible due to negligent security practices.
SingularDTV, a project using the Ethereum blockchain, knows all too well how important security is. While the developers and engineers have done their best to create a secure platform, there is no such thing as a bulletproof system. This is why they launched a bug bounty program over a week ago.
As one would expect from such a project, the team wants to make sure there are no hidden bugs or flaws in their code. By rewarding users with a bitcoin incentive, SingularDTV ensures people will try to wreak havoc on their project and see what comes of it. Reporting those bugs will result in a reward between five and ten Bitcoin assuming the bug is significant or even fatal.
Although everyone hopes the code will be vetted thoroughly without any significant reports, one can never be sure what comes of this bug bounty program. So far, several people reported bugs and flaws, indicating the effort has been well worth it. Users who want to participate in the bug hunt still have a few days left to do, and more information can be found here.
We can only hope to see more cryptocurrency and blockchain projects take a similar approach to bug bounty programs. Having several sets of fresh eyes on a project’s code can reveal fatal mistakes. Moreover, there are some very skilled people out there who will do their worst in an attempt to expose weaknesses. The real hackers would do the same.
Image credit 1
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.