Blockchain security platform, Immunefi, has unveiled its on-chain system for bug bounties, a revolutionary progression made public on 26th September. Setting the stage as the “Vaults,” system, it presents an innovative platform for Web3 developers to funnel funds into an on-chain address, which can then be drawn as payouts to white hat hackers.
Immunefi’s ambitious project aims to showcase visible proof to whitehats that ample funds are set aside in bounty payments. That’s a tempting lure likely to reel in an abundance of quality bug reports.
The concept stands to merit autonomous praise: software developers have long been known to incentivize discoveries of potential exploits or identifiable bugs in their software. The bounty system brings potential vulnerabilities to light before they become a playground for malicious activities. The strategy tips its hat to white hat hackers, who, for the sake of reward, reveal exploits rather than misuse them- a stark difference from their black hat counterparts.
However, pause for thought brings to surface an unvoiced stipulation. The system requires projects to deposit bounty funds into a Safe multisig smart contract, now known as a “Gnosis Safe”, and this system variation might not sit well with all developers. The necessity to confirm a bug’s legitimacy and dispensing payment funds to the reporter’s wallet could potentially slow the process, impeding the overall agility.
Ironically, demonstrating sufficient funding to entice engagement with and from bounty hunters could potentially unveil previously undetectable security hazards. It presents an unforeseen predicament: is the commitment to demonstrate funding gold mines a potential Achilles heel?
One of the voters during the launch of Vault, SSV, an Ethereum infrastructure provider, planted a hefty $1 million deposit to assist bug bounty payments, a bold motion of support. It also found backers in the decentralized exchanges sector, including Near network residence, Ref Finance. Pledging assurance of better security for validator services, Eridian, an SSV DAO contributor, remained optimistic about on-chain bug bounties.
While the new system does pose potential risk elements, the challenge is equally matched with its advantages, including increased trust-building within the community and streamlining the payment process.
As we gear up for a future immersed in technological advancements, such jumps of innovations are a must. The question that remains is quite straightforward: Will the Vault System become the new age boon, or will it expose developers to unforeseen perils.
Source: Cointelegraph
