The Ethereum Foundation has announced that it will quadruple the bounty for whoever discovers the network's bugs before the transition to Proof-of-Stake (PoS).
In a blog post, the Ethereum Foundation said that from August 24 to September 8, all The Merge-related bounties for finding vulnerabilities on the network would be quadrupled for white hat hackers. Estimated in USD value, errors that have a high impact or are likely to have a major impact on the blockchain will be worth up to 1 million USD. The bonus program also allows depositing low, medium, and high-risk bugs.
As part of the transition to PoS, Ethereum said the network must first be activated on the Beacon Chain with the Bellatrix upgrade, an event slated to happen on September 6. The core developers previously announced the expected implementation date of The Merge as September 15-16.
Interestingly, this is not Ethereum's first bounty move for The Merge. In fact, in July 2020, the Ethereum Foundation launched a similar public campaign for white hat hackers trying to exploit potential problems in the client, offering a $5,000 bounty at the time.
However, in August 2021, a vulnerability affecting earlier versions of one of the software clients on Ethereum, Geth, caused more than half of the network's nodes to split from the mainnet.
The sponsoring programs with valuable awards to detect software errors is a trend many projects have recently implemented to strengthen the network's safety during operation. Sky Mavis did the same in April 2022, offering a bug bounty of 1 million USD after a $600 million hack on the Ronin bridge.
And in June 2022, the Aurora cross-chain bridge on Near Protocol paid a bounty of $6 million to a white hat hacker who discovered a critical bug.
ETH is trading above the $1,600 resistance zone and may continue to climb higher in coming sessions.
Ether's price finally broke through the $1,650 resistance and settled above 100 hourly simple moving averages. The price increased to $1,700, and there was a bearish breakthrough.
The ETH/USD pair is forming a major rising channel with support near $1,645 on the hourly chart. The first major resistance is now forming near the $1,700 level. The 50% Fib retracement level of the main drop from the $1,880 swing high to the $1,524 low is near.
There's a good chance that the price will reach $1,700 soon. The price is trading near an important resistance level, which could gain bullish momentum and rise towards the next target of $1,800.
Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)