With a halted and limited running system, THORChain looks to resolve the issues on its chain with help from reputable sources.
Filling a Security Need
In a bid to strengthen security, THORChain is incentivizing anyone capable of finding chinks in their armor for an incredible $500,000. THORChain has come together with Immunefi ––a leading blockchain bug bounty protocol––in a bid to strengthen protection.
The Bug Bounty program, announced on July 28, represents an intuitive new way of counteracting likely attacks in what has been a testing period for THORChain. After losing millions in exploits underlined the vulnerabilities of code, THORChain must show their users that they mean business.
“The bug bounty program covers its smart contracts and core THORChain functionality, and is focused on receiving critical bug reports covering impacts…” Immunifi says in an announcement from their webpage. They concluded that “The creation of the bug bounty program is part of a greater effort with the immediate goal to restore THORChain with limited functionality.”
The THORChain platform limps forward with only ‘Limited Functionality.’ While blocks and node rewards shall resume, all deposits, withdraws, and swaps will be halted until the audit and security clean-up have been completed.
This latest move by THORChain will look to make use of exploitative agents. Often, the incentive for these figures is a financial one, and this move has looked to turn that in on itself.
How Will The Rewards Work?
The distribution of rewards will be conducted according to the Immunifi Vulnerability Severity Classification System.
The simplified 5-Level scale is applied with specific scales that relate to websites and apps plus smart contracts and blockchains. There is an attempt to cover everything from the consequence of exploitations to the likelihood of successful exploitation.
Critical, High, Medium, Low, and None. Each relative term is applied with a specific example relating to websites/apps and smart contracts/blockchain separately.
THORChain has already reported successful usage of the bug bounty. A whitehat has apparently helped responsively dispatch of an issue connected to a possible infinite mint of the native token $RUNE.
The specificity and detail set out by THORChain and Immunifi is a hint at how seriously they are taking this current bid to strengthen security. The community is receptive to these developments as well.
The half a million dollar investment is certainly no joke, and we look forward to seeing what impact this interesting development has.
What is ThorChain:
THORChain is a decentralized cross-chain liquidity network that provides seamless token swaps without the use of wrapped assets and pegged tokens. RUNE is the native utility token of THORChain. The token is the base currency for the entire THORChain ecosystem. The platform allows governance and security as part of THORChain’s Sybil resistance mechanisms.
Where to find THORChain:
Source : bsc.news
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