Investing.com – Preparations for the Alonzo upgrade and the associated smart contract integration on the Cardano blockchain are in full swing.
The foundation is now starting a so-called bug bounty program, with which honest hackers are supposed to find weaknesses in the blockchain of the smart contract platform and are rewarded with money for their services.
These types of hackers specialize in finding security vulnerabilities and reporting them to companies or organizations instead of publishing them or distributing them on the darknet.
In a blog post, the Switzerland-based non-profit organization said it was working with HackerOne, a vulnerability coordination and troubleshooting platform that hackers use to uncover cybersecurity vulnerabilities.
“In the coming months, our Bug Bounty Program together with the Cardano Foundation will harness the power of the ethical hackers from HackerOne and careful procedures to ensure the greatest possible stability and security of the Cardano blockchain. The Cardano code base is tested for any performance errors that represent a critical vulnerability or potential exploit for Cardano core components. A bug bounty program gives ethical hackers an incentive to find vulnerabilities and responsibly report them so that they can be fixed before serious damage is done. “
According to the HackerOne platform, the rewards for detecting vulnerabilities at Cardano range from $ 300 to $ 10,000. The more serious the bug, the higher the reward. The scope of this bug bounty program is currently limited to the Cardano node and the backend of the Cardano wallet, the website said.
According to the Cardano Foundation, human “ethical hackers” are better suited to finding defects in blockchains than automated vulnerability scanners.
“No company is immune to vulnerabilities. The only solution is to find and fix them before cybercriminals exploit them. Ethical hackers are able to find vulnerabilities that automatic scanners miss.”
According to Input Output Hong Kong (IOHK), the background to the weak point analysis of its network is that Cardano is entering the “last, critical phase” of its smart contract integration.
The Cardano developer IOHK is aiming for September 12th to officially optimize the blockchain for smart contract functionality.
“In the coming days, we will be doing final checks and tests in a controlled environment to ensure that we are ready to upgrade the Cardano network. This will usher in a new era of smart contracts capability.”
On Friday, Cardano founder Charles Hoskinson had a video on YouTube that the Alonzo upgrade was right on schedule.
“It looks like we are heading for a smooth transition, at least that’s what it looks like at the moment. We are very satisfied. We are on schedule with everything.”
Alonzo upgrade eagerly awaited
Many investors see the Alonzo upgrade as an opportunity for Cardano to finally catch up, especially with regard to smart contracts, an area currently dominated by the Ethereum blockchain. Whether this succeeds, however, also depends on how successful the upgrade process is.
“If the Alonzo upgrade is successfully implemented, it represents a potentially important milestone for Cardano and positions the platform as a direct competitor to Ethereum’s current dominance in the field of dApps and smart contracts,” said Josh Goodbody, COO at Qredo, the provider of decentralized Infrastructure and product solutions for managing digital assets, in an exclusive comment to Investing.com.
However, Goodbody also urged caution. Because “despite the progress made, the road to widespread acceptance of smart contracts on the Cardano blockchain remains long and difficult”.
According to the expert, only if Cardano succeeds in fully exploiting the full potential of the semi-flexible programming language Haskell, the Ethereum blockchain can overtake it.
But this will still take time, said Kent Barton, Head of Research and Development at the Swiss crypto platform ShapeShift, in a note to Investing.com. After all, Ethereum has “a considerable lead” and is already converting trillions of dollars in value every quarter.
“Over time, however, Cardanos could resort to formal verification to improve smart contract security on Ethereum-based DApps [dezentrale Applikationen] move to increase their own reliability and security through more intense third-party reviews, better developer tools, and improved programming best practices, ”said Barton.