Decentralized Autonomous Organization (DAO) ApeCoin voted to offer an unprecedented cryptocurrency bounty of $ 4.4 million. The target. the goal? look 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. Sure, the APE experienced considerable euphoria in 2021, but ApeCoin isn’t just a mere speculative token. In fact, it is also the name of thedecentralized autonomous organization (DAO). In particular, he oversees the governance of the token built around the NFT Bored Ape Yacht Club, one of the most prized collections on the market.
ApeCoin, a blockchain-governed DAO
Among other proposals, the ApeCoin DAO members recently passed a resolution called AIP-134. This is 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 2 November, the consultation received approval. To determine the outcome, the DAO took a snapshot, an acquisition of the number of votes at a time T on a blockchain network.
Bounty hunters on the go
The ApeCoin DAO voted to approve a $ 4.4 million bug rewards program. For this, the DAO has therefore chosen Immunefi, a platform where programmers hire their services to improve the cybersecurity of projects. Like this, white hats (ethical hackers) will have to brainstorm identify defects. Specifically, the person or persons who manage to bring out the security problems will receive a bonus. But in what form? According to preliminary information, the system is designed to reward contributors in ApeCoins, but also in NFT monkey. Some can reach very large sums. Currently in testnet (a temporary blockchain network), it is expected to be fully operational in early December.
Immunefi, the ethical hacking platform
Immunefi is one of the projects of Cut it the most active in the crypto ecosystem. With more than 300 customers, he says protect over $ 100 billion user funds. For this, the total reward offering totals over $ 136 million – a potentially very lucrative deal for hackers of all beliefs. The system has already proven itself several times.
Indeed, the ApeCoin DAO bounty is emerging in a favorable environment. Hacks continue to shake the cryptocurrency industry on a regular basis. More than 40 successful attacks were recorded in October alone. Damage estimated at $ 650 million. Can the ApeCoin community initiative solve part of the problem? Case to follow.
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Fascinated by the history of Bitcoin and the cypherpunk movement, I think citizens need to reinvest in the field of money. My goal ? Democratize and make the potential of blockchain and cryptocurrency visible.