A blockchain safety platform, Immunefi, has launched a revolutionary “Vaults” system, designed to reward white hat hackers, or ethical hackers, for finding and disclosing bugs and vulnerabilities in Web3 projects.
Immunefi has built a secure digital vault on the blockchain, allowing projects to set aside money to reward hackers who find and assist with fixing software vulnerabilities. This initiative is concrete proof that companies will pay ethical hackers for their valuable service of making projects more secure.
An impressive instance of this system at work is how SSV, an Ethereum infrastructure provider, offered $1 million as a reward for hackers for discovering bugs in their software. This trust in the security community helps to secure the long-term future of these projects.
A validator of DAOs, stated, “The Vaults System will help us provide added reassurance for any researcher engaging with our bounty program, and in turn help secure the protocol even further. A good win-win. Building further trust with the community by showcasing dedicated funding, and streamlining the payment process, will ultimately strengthen our security efforts.”
Immunefi’s Vaults System fortifies security efforts and fosters community trust by displaying the commitment to funding and by simplifying payment processes, forming a positive win-win scenario for projects and white hat hackers alike.