Ethereum Foundation Quadruples Bug Bounty to $1 Million Ahead of Merge Release

Ethereum developers are trying to encourage programmers and white hat testers to keep a look-out for any bugs on the blockchain that may weaken its operations.

By Radhika Parashar | Updated: 25 August 2022 13:33 IST

Ethereum Foundation Quadruples Bug Bounty to $1 Million Ahead of Merge Release

Photo Credit: Unsplash/ Kanchanara

The Merge upgrade will slash Ethereum mining’s power requirement by 99.95 percent

Highlights

Ethereum currently uses Proof-of-Work mining model
The Merge upgrade will make Ethereum eco-friendly
White hat testers can make millions by identifying bugs on network

The bug bounty pay-outs for Ethereum can now go as high as $1 million (roughly Rs. 8 crore), developers of the blockchain have said in a recent update. This development comes at a time when Ethereum's transition into the eco-friendly Proof-of-Stake (PoS) mining model is just few weeks away. Ethereum developers are trying to encourage programmers and white hat testers to keep a look-out for any bugs on the blockchain that may weaken its operations.

Identifying critical bugs on Ethereum could earn the testers the big bounty prize money of $1 million (roughly Rs. 8 crore). Testers who alert about smaller bugs will also be rewarded with increased bounties under this initiative.

“All Merge-related bounties for vulnerabilities have received a 4x multiplier between now and the 8th of September. Earn up to $250,000 (roughly Rs. 2 crore) and a place on the leaderboard by finding protocol, client and Solidity bugs affecting the Ethereum network,” Ethereum developers said in an update.

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The Merge is tentatively slated for release around mid-September.

Before the Merge is ready for release, the current Ethereum network “must first be activated on the Beacon Chain with the Bellatrix upgrade,” which is expected to happen on 6 September.

• The Bellatrix upgrade is scheduled for epoch 144896 on the Beacon Chain – 11:34:47am UTC on Sept 6, 2022
• The TTD value triggering The Merge is 58750000000000000000000, expected between 10-20 Sep 2022
• The Kiln testnet is sunsetting. Operators shut down on 06 Sep 2022

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Mining will no longer be possible following the transition, while stakers and node operators will both need to run an execution layer client, with the latter doing so with a consensus layer client, a report by CoinTelegraph said.

The developers are running extensive tests on the Ethereum revamp because DeFi apps reportedly worth over $100 billion (roughly Rs. 7,61,110 crore) are supported on the blockchain, and cannot be risked.

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Once finalised, the Merge upgrade will slash Ethereum mining's power requirement by 99.95 percent.

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Further reading: Cryptocurrency, Ethereum, Merge

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More