The Algorand Inc. and Algorand Foundation yesterday launched a series of bounties hosted on Immunefi. Immunefi is a leading bug bounty and security service platform for Web3. The bounty series of the Algorand Foundation emphasizes enhancing its DeFi projects and ensuring the security and support of the Algorand ecosystem. Additionally, the Algorand protocol bounty’s focus is enhancing the protocol’s security.
However, Folks Finance is one of the first bounties to be released as part of the Algorand Foundation Bounty Program. However, security has always been one of their major concerns. This is why the new bug bounty will be of great help to them. Consequently, this would attract the white hats and help make the ecosystem much more reliable and secure. TinyMan and Pera Wallet are among the upcoming bounties. These are the major players in the Algorand Defi atmosphere.
John Woods, CTO of the Algorand Foundation, said that the topmost priority of Algorand is security, and they teamed up with Immunefi to develop a hunting process for developers and hackers playfully. The exciting bounties are to be paid to the user for bringing the exploits to notice, hence, cooperating in DeFi and other big investment projects demonstrating to the customers that they care extremely for the user’s funds.
The Immunefi CEO Mitchell Amador said they were extremely happy to launch Algorand’s bug bounty program on their platform. This program would ensure Algorand secures its code and represents an opportunity for Whitehats to create a web3 space for everyone.
The strategy behind the rewards is to provide opportunities for developers to evaluate the code, submit bugs, and receive exciting rewards. A bounty program is developed to keep a continuous testing process on those networks or applications, allowing ethical hackers to find vulnerabilities.
The deal is cost-effective as offering rewards to pinpoint the risk is much cheaper than suffering an exploit and recovering the funds. Meanwhile, for this program, Algorand Inc has also supported by offering a $2M bounty to their core protocol.