The Ethereum Foundation wants to make sure that no issues go unfixed as Ethereum developers prepare for the Merge update later this month.
The Ethereum Foundation has thus literally quadrupled the bug bounty payouts for helpful hackers who find any significant flaws in the Ethereum code.
For finding serious flaws, the bug bounty programme has so far been paying rewards of up to $250,000 and a spot on Ethereum's scoreboard. The Ethereum Foundation has now raised these bug bounty incentives to more than $1 million, according to a Bloomberg story. On Wednesday, August 24, the raise was announced.
The increase in bounty award is meant to lessen any pressing concerns that might arise just three weeks before the Ethereum Merge event. The Ethereum Merge is currently slated for September 15th. The precise date will, however, change depending on the network's computational capacity.
Two execution layer clients, Go Ethereum and Nethermind, found some vulnerabilities in the mainnet updates just two days ago. However, as part of a stable Mainnet Merge update, the Ethereum client Go Ethereum published Geth v1.10.23 on Wednesday, August 24, resolving the flaw.
The Merge of Ethereum
The goal of the Ethereum Merge event is for the Ethereum blockchain to successfully switch from a Proof-of-Work (PoW) blockchain network to a Proof-of-Stake (PoS) blockchain network. The Ethereum community has been eagerly awaiting this upgrade since it would significantly increase network efficiency and scalability while also lowering transaction prices. There will be two distinct upgrades to the Ethereum Merge. On September 6, the Bellatrix upgrade will take place on the Beacon Chain. While the Paris upgrade will happen on the execution layer on September 15.
Due to the euphoria surrounding the Merge upgrade, the price of ETH increased all the way to $2,000. Over the past week, there have been some price corrections, nevertheless. ETH is currently valued at $1,670 and has a $203 billion market cap. S and P 500 and recent price changes for ETH have a very high correlation.
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Topic: Bug Bounty Program for Ethereum Jump by 4x Before Upgrade to Merge (Read 122 times)