Ethereum’s First “Attackathon” Explained: All You Need to Know

Developers have set a significant financial reward pool target, calling on community members to pitch in.

A relaxed robot meditating in a digital environment as it is being attacked by three individuals.
Created by Gabor Kovacs from DailyCoin
  • Ethereum is seeking to enhance security with an “attackathon.”
  • Developers have set a significant financial reward pool target, calling on community members to pitch in.
  • The announcement reveals that the attackathon would be the first of many.

In an increasingly digitalized world, an error in a single line of code can be all it takes for people to incur devastating financial losses, emphasizing the need for robust and comprehensive security checks. This security consciousness is critical in the crypto space, where little safety nets exist.

Boasting a total value locked (TVL) of over $52 billion, the stakes could not be higher for the Ethereum network. In the latest move highlighting the commitment of developers to the network’s security, the Ethereum Foundation Protocol Security (EPS) Research Team has announced the launch of an “attackathon” in partnership with crypto security firm Immuefi that promises to contribute to the enhancement of the network’s security.

Sponsored

Wondering what this attackathon is all about? DailyCoin is here with all the details.

What is the Ethereum Attackathon?

Ethereum is seeking to enhance security with an “attackathon.” The term attackathon is a portmanteau of two words: attack and marathon. It is used to describe an event or competition where participants rigorously simulate attacks to find vulnerabilities in a system. In the case of the Ethereum Attackathon announced on Monday, July 8, this system would be the Ethereum network.

As detailed in the announcement, the Ethereum Attackathon aims to enhance the security of the network’s codebase through the largest crowdsourced audit. The event will run for four weeks, though the start date has yet to be revealed.

The EPS team has set the reward pool for the event at $2 million. Disclosing that the Ethereum Foundation has already seeded the pool with $500,000, the EPS team called on projects and members of the Ethereum community to contribute to the pool.

How You Can Contribute to the Ethereum Attackathon

You can join the Ethereum Attackathon sponsorship program by completing the following process:

  • Visit the Immuefi sponsorship page dedicated to the Ethereum Attackathon. 
  • Click the “Sponsor this Attackathon” button at the bottom of the page,  below the explainers on why you should sponsor the event and how sponsorship works.
  • Complete the KYC process by logging into your Immunefi account or creating a new one.
  • Send funds to the Attackathon address.

Immunefi notes that contributors will receive commemorative NFTs and will be recognized on their sponsorship boards to further incentivize sponsorship.

Over the past 24 hours, the event has already raised 164.5 ETH worth over $506,000 at current rates. For context, the deadline for sponsorships is August 1.

How the Ethereum Attackathon Will Work

The Ethereum Attackathon will kick off with an educational phase to familiarise participants with the protocol to ensure they are armed with all the information needed to know where potential vulnerabilities may lie. 

During the event, these participants will search for vulnerabilities following specific rules. As highlighted by the EPS team, only “impactful” findings compliant with the set rules will be rewarded. Participants will be judged based on their problem-solving skills and ability to apply the knowledge gleaned from the program’s first phase.

At the end of the program, Immunefi intends to publish a comprehensive report on the findings, celebrating the contributions of the researchers.

The Ethereum Foundation has disclosed that it intends to incorporate more attackathon events into its security strategy by slating similar events at every hard fork.

On the Flipside 

  • The Ethereum Foundation already has a bug bounty program.
  • The starting date for the event remains unclear.

Why This Matters 

Organized bug bounty events like the proposed Ethereum Attackathon are good ways to develop attack response strategies and fix vulnerabilities. Identifying and fixing vulnerabilities ahead of time is often less expensive than an actual attack.

Read these for more on Ethereum:
Ethereum ETF Amendments Roll in Ahead of “Informative Week”
Ethereum Market Gets the Jitters as ICO Project Offloads $100M Ether

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.