The Cardano Foundation recently stated that prizes for attackers who can find weaknesses in the system will be doubled. The campaign to find flaws would last 6 weeks, as per the foundation’s Hackerone.com page. This will be a step towards keeping the system more safe. They will be implementing this is for the month of February 14, 2022, until March 25, 2022.
Hack Rewards
The jackpot award for significant flaws having high susceptibility labels has been set at $20,000 on the Cardano node, with a pay-out of $10,000. The prizes for low and medium bugs are $4,000 and $800, correspondingly.
Hackers that find significant problems in the Cardano cryptocurrency might get $15,000, whereas higher risks would receive $6,000. Other places have awarded the low and mid bugs $2,000 and $600, respectively. According to the Cardano Foundation, in order to be considered for a prize, hackers must submit detailed documentation with reproducible processes.
The Cardano Foundation stated that it is excited to work with cybersecurity members to keep companies and consumers safe. Through the open bug bounty scheme, they hope to boost the Cardano brand by addressing fundamental aspects for accessing and managing crypto assets produced on the Cardano blockchain.
Cardano’s developing system has gained significant usage for many use cases, and the vulnerability assessment challenge contributes to that. The improvements are likely to have a beneficial influence on the pricing of ADA. ADA, meanwhile, is now inexpensive, according to Finbold, based on Santiment’s Market Value to Realized Value or MVRV metric. Cardano has never been this cheap since March 2020, as per the statistics.
The essential metric examines the median profit or loss of earlier addresses that acquired the commodity within the review. The lesser the MVRV ratio, the higher the possibility of growth in the value of the product will be under observation.
The Cardano network has reached a couple of objectives in recent months. Despite the progress made with the cryptocurrency expansion, one top crypto expert believes ADA is still cheap.
Cardano Network Grows
Cardano is still achieving various objectives, including a rise in trade counts in 2022. By February 8, 2022, there have been 30.4 million Cardano operations. Since January 10, 2022, the network has processed approximately four million operations.
The volume of activities is proportional to the quantity of ADA wallets. According to Finbold’s research, the overall quantity of ADA wallets was 3,002,727 on February 3, up above 2.5 million on December 24, 2021. Every day, there are about 12,200 additional wallets throughout that time.
The Cardano blockchain, which just added smart contract capability, is likewise proving to be a triumph. On January 27, Plutus, a Cardano-based smart contract framework, reached 1,000 smart contracts, putting it at 1,003. The smart contract feature of Cardano had already enticed additional crypto capabilities such as supporting decentralized finance or DeFi apps.
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