Immunefi Launches Vault Systems to Foster Trust Between Developers and Hackers
Learn about Immunefi's Vault Systems, a smart contract system that fosters trust between developers and hackers in the DeFi space. Discover how it improves security in the ecosystem. Stay updated with the latest crypto news and get daily updates in your inbox.
Posted 10 months ago in DeFi and CeFi
Bug bounty platform Immunefi is launching Vault Systems, a smart contract system that aims to improve cooperation between developers and security researchers in the decentralized finance (DeFi) ecosystem. The system allows developers to deposit funds for paying hackers or researchers who report vulnerabilities in their code. The funds are only released when a vulnerability report has been verified, fostering trust between the two parties.
The relationship between developers and hackers can be complex, with developers anxious about their projects being exploited, and hackers wary of legal consequences despite their good intentions. Immunefi's Vault Systems bridges this trust gap by providing a secure setting for hackers to cash in on their knowledge of vulnerabilities.
Improved security is crucial in the DeFi space, as there has been a significant increase in hacks targeting blockchains and DeFi platforms. According to a report, there was a 63% rise in blockchains hacks in the second quarter of 2023 compared to the previous year. DeFi platforms alone lost $228 million across 79 incidents.
Immunefi founder Mitchell Amador believes that building trust within the community is essential to mitigate future losses. By increasing the level of trust between developers and the security community, projects and users will benefit in the long run.
Stay updated with the latest crypto news and get daily updates in your inbox.
Last updated 9/26/2023, 9:15:07 AM
Related Articles
Terra Classic Community Approves Minting and Reminting of USD Tokens
Posted 10 months ago in DeFi and CeFi
Preventing DeFi Hacks: Addressing Dumb Mistakes in the Ecosystem
Posted 10 months ago in DeFi and CeFi
SEC Warns of Increased Enforcement Against Crypto Exchanges and DeFi Platforms
Posted 10 months ago in DeFi and CeFi
Compound (COMP) Sees Impressive 9% Growth Amid Positive Sentiment
Posted 10 months ago in DeFi and CeFi
News Letter
Subscribe to the CryptoCat.ai newsletter to stay updated with the latest cryptocurrency news, insightful articles, market trends, and more – delivered directly to your inbox!
Is email too old school? Well you can get your news directly on twitter just by following us
Follow Us