Decentralized Autonomous Organization (DAO) ApeCoin has voted to offer an unprecedented $4.4 million cryptocurrency bounty. The goal ? search for security vulnerabilities in the blockchain.
ApeCoin, a DAO very present in the ecosystem
The famous token gorilla skull bleu continues to build the cryptocurrency ecosystem. Admittedly, the APE had experienced significant euphoria in 2021, but ApeCoin is not just a simple speculative token. Indeed, it is also the name of thedecentralized autonomous organization (DAO). In particular, she oversees the governance of the token built around NFTs. Bored Ape Yacht Clubone of the most valuable collections on the market.
ApeCoin, a blockchain-governed DAO
Among other proposals, the ApeCoin DAO members recently approved a resolution entitled AIP-134. It concerns a request for funding from 1 million APE (i.e. $4.4 million) for the bounty program to go live on a ethical hacking platform called Immunefi. Finally, on November 2, the consultation received approval. To determine the result, the DAO performed a snapshota capture of the number of votes at a time T on a blockchain network.
Bounty hunters on the go
The ApeCoin DAO has voted to approve a $4.4 million bug bounty program. For this, the DAO has therefore chosen Immunefi, a platform where programmers hire their services to improve the cybersecurity of projects. Thus, white hats (ethical hackers) are going to have to rack their brains to identify flaws. Concretely, the person or persons who manage to reveal the security problems will receive a bonus. But in what form? According to the first information, the system is designed to reward contributors in ApeCoins, but also in NFT Ape. Some can reach very large sums. Currently in testnet (a temporary blockchain network), it should be fully operational in early December.
Immunefi, the ethical hacking platform
Immunefi is one of the projects of Bounty the most active in the crypto ecosystem. With more than 300 customers, she claims protect over $100 billion user funds. For this, the total bounty offer amounts to over $136 million: a potentially very lucrative business for hackers of all persuasions. The system has already proven itself many times over.
Indeed, the ApeCoin DAO bounty is emerging in a favorable context. Hacks continue to regularly rock the crypto industry. In October alone, more than 40 successful attacks have been recorded. Damage estimated at $650 million. Can the ApeCoin community initiative solve part of the problem? Case to follow.
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