The Ethereum Foundation has announced it will be increasing the network’s bug bounty payouts fourfold ahead of the blockchain’s transition to Proof-of-Stake.
In a Wednesday blog post, the Ethereum Foundation said between Aug. 24 and Sept. 8, all “Merge-related bounties for vulnerabilities” will be quadrupled for white hats testing the network. According to the foundation, identifying “critical bugs” — those that have a high impact or likelihood of a high impact on the blockchain — will be worth up to $1 million. The bounty program also allows submissions for low, medium, and high risk bugs.
• Merge Bug Bounty Bonus: There is a 4X MULTIPLIER between now and 08 September on all bounties and vulnerabilities, with critical bugs worth up to $1mm USD
• See full post for updated Execution Layer (EL) and Consensus Layer (CL) client links, more on The Merge, and an FAQ
— Joseph Schweitzer | (@JBSchweitzer) August 24, 2022
As part of the transition to Proof-of-Stake, the foundation said the Ethereum Network “must first be activated on the Beacon Chain with the Bellatrix upgrade,” an event expected to happen on Sept. 6, with the Merge likely following between Sept. 10-20. Core developers previously announced a tentative Merge date of Sept. 15 when the Total Terminal Difficulty, or TTD — the difficulty of the final mined block — will trigger the end of Proof-of-Work and the start of Proof-of-Stake.
“The incremental difficulty added per block is dependent on the network hash rate which is volatile,” said the foundation. “If more hash rate joins the network, TTD will be reached sooner. Similarly, if hash rate leaves the network, TTD will be reached later.”
The foundation added that Ether (ETH) holders and users largely did not need to take any action prior to the Merge other than to “be on the lookout for scams.” Mining will no longer be possible following the transition, while stakers and node operators will both…
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