Ethereum Foundation quadruples bug bounty to $1 million ahead of merge release

The bug bounty pay-out for Ethereum can now go up to $1 million (about Rs 8 crore), the developers of the blockchain have said in a recent update. The development comes at a time when Ethereum’s transition to an eco-friendly proof-of-stake (PoS) mining model is just weeks away. Ethereum developers are trying to encourage programmers and white hat testers to take a look at the blockchain for any bugs that could undermine its operations.

Identifying critical bugs on Ethereum could fetch testers a huge prize money of $1 million (approximately Rs 8 crore). Testers alerting to minor bugs will also be rewarded with increased bounties under this initiative.

“All merge-related rewards for vulnerabilities received a 4x multiplier between now and September 8. Earn up to $250,000 (approximately Rs 2 crore) by spotting protocol, client and solidity bugs affecting the Ethereum network and place on the leaderboard . Update,

Merge is potentially slated for release around mid-September.

The existing Ethereum network “must first be activated on Beacon Chain with the Bellatrix upgrade,” before it is ready for a merge release, which is expected on September 6.

Mining will no longer be possible after the transition, while both stacker and node operators will be required to run an execution layer client, with the latter doing so with a consensus layer client, a report good Said by CoinTelegraph.

Developers are running extensive tests on improvements to Ethereum as DeFi apps reportedly worth over $100 billion (about Rs 7,61,110 crore) are backed on the blockchain, and cannot be put at risk.

Once finalized, the merge upgrade will reduce Ethereum mining’s electricity requirement by 99.95 percent.