Blockchain security platform Immunefi has excited programmers, especially those interested in the Web3 field, with a special announcement. According to the announcement, the platform will soon launch a system called Vaults. This will allow platforms operating in the Web3 sector to make payments to white-hat computer programmers through the system, especially when they find security vulnerabilities.
With this platform, Immunefi aims to facilitate tighter security measures for projects and create a space where programmers who want to remain anonymous can move more freely. Platforms will be able to demonstrate to their users how much budget they allocate for security through this system. Additionally, they will be able to obtain high-level bug reports more easily, thus achieving two goals at once.
The project team typically rewards “white-hat hackers” who discover vulnerabilities or other flaws in complex blockchain software and share them with the team. This practice helps prevent potential hack attacks within the platform. Those who submit bug reports to the team instead of attacking the platform by exploiting a software vulnerability are called “white-hat” hackers, while those who carry out malicious attacks are referred to as “black-hat” hackers.
According to the announcement, Immunefi’s new system allows project owners to deposit their reward funds into a Safe multisig smart contract. This provides a service to prove that white-hat hackers will indeed receive their rewards after the report is verified by the project team. Once the team verifies the accuracy of the report through the system, the funds are sent to the white-hat hacker’s wallet.
The launch of Vaults has already attracted attention. SSV, an infrastructure provider platform in the Ethereum ecosystem, has sent $1 million in funds to the system to be distributed to white-hat hackers who find bugs in their software. Ref Finance, a DeFi platform on the Near network, has also announced that it will utilize the system. Eridian, an SSV DAO participant, claimed that bug rewards on the chain will help enhance the security of the DAO’s validation services and stated:
“The Vault System will help provide additional assurance for any researcher interested in our reward program and, in return, will help make the protocol even more secure. It’s a good win-win model. Demonstrating private funding and facilitating the payment process will ultimately strengthen our security efforts and build more trust with the community.”
In December 2022, Immunefi announced that it had facilitated $66 million in bug rewards since the beginning of the platform. LayerZero also issued a $15 million bug reward through Immunefi on May 17th.