Cardano (ADA) Unveils Unusual Bug Bounty, Why is It Important?

Cardano (ADA) is on the edge now, with numerous updates set to take place on-chain. As one of the most developed blockchain networks, Founder Charles Hoskinson is committed to boosting security. If the protocol maintains robust security, it can retain the community’s trust.

The Charles Hoskinson Bug Bounty

Taking to his official X account page, Charles Hoskinson challenged the community with $1 million. At the Rare Evo 2024 event, the Cardano Founder promised a $1 million bounty to anyone who could hack into Lace Paper Wallet.

Lace Wallet is a product from Cardano’s parent company, Input Output Global. It is one of the most developed wallets in the ecosystem and is deemed highly secure. As Hoskinson noted in a clip shared on X, the challenge from Hoskinson attests to this fact.

“If you can hack it, you can keep it,” directly referring to the $1 million bounty.

The essence of this challenge is to discover an attack vector that the Lace Wallet developers might have missed. Notably, the wallet integrated the Paper feature as a new security update, making it harder for anyone to breach.

If members of the ADA community take on this challenge and discover a vulnerability, the team can quickly fix it before any user suffers a loss.

The Cardano Ecosystem and Major Growth Milestones

Charles Hoskinson was one of the co-founders of Ethereum. However, he left the project a few years before the blockchain entered the limelight. After his departure, he designed Cardano as an option to solve some of Ethereum’s core challenges, including decentralization, security, and scalability.

Over the years, the blockchain has rolled out some innovations to address these focal areas directly. While it aims to solve the scalability challenge with Hydra Head, it launched the Midnight Protocol toward the end of last year to address its privacy concerns.

As it stands, Cardano is close to transitioning into the Voltaire Era through the Chang Hard Fork. This upgrade will position the Proof-of-Stake (PoS) network to hand over governance controls to community members. If achieved, this will position the protocol as one of the first in the industry to achieve this milestone.

According to an update from Cardano Feed, the Block transition to the Chang Hard Fork is at 80%. This proves that the upgrade might come anytime soon, setting a new direction for the blockchain.

Cardano Price Outlook

Despite lagging in the Decentralized Finance (DeFi) sector, the price of Cardano has maintained resilience in recent times. At the time of writing, the coin was up 1.29% and trading for $0.3365. This is a significant trend reversal, considering the coin fell by 3.18% and 20.78% in the past week and month, respectively.

Members of the Cardano community are optimistic that the projected network milestones might change their fortune soon. When launched, the Chang Hard Fork will hand over power to ADA holders. This may trigger more intensive coin accumulation since governance participation might have incentives.

ADA proponents believe the asset’s price is below its true worth. The project that a more bullish surge is ahead if the protocol delivers on its promises.

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