Dash, the top payments-focused digital currency, has received approval from the Dash community to employ the services of Bugcrowd, the leader in crowdsourced security testing. The partnership means thousands of security researchers will be incentivized to identify critical software vulnerabilities within Dash’s code and present them to the Dash Core Team for remediation. Commencing in August, Dash will employ a private bug bounty program through Bugcrowd, tapping into a curated, invite-only crowd to find Dash vulnerabilities, and then, in line with the rollout of Evolution, expand to a public program where over 60,000 registered security experts around the world will detect issues on behalf of Dash and be rewarded in bug bounty payments.
Jim Bursch, Director of DashIncubator and Bugcrowd’s proposal creator said, “Our goal is a safer, stronger network. We are talking about money — the digital equivalent of cold, hard cash. Meaningful amounts of cash attract a powerful incentive for thieves on a global scale. The Dash project is like building a bank vault, and inviting elite bank robbers to participate in its design, so it can’t be robbed by other criminals.”
In the short history of cryptocurrencies, hacks have already marred the industry, and enterprise have felt the pain for well over a decade. Just last month, a hacker walked away with $7 million USD from investors participating in CoinDash’s ICO, in June last year over $50 million USD was stolen in The DAO (Ethereum) hack, and large companies like Bell Canada and Tesco Bank have recently been victims of information breaches and lost customer funds.
Dash Core CEO Ryan Taylor said:
“As Dash gains more mainstream attention, identifying and fixing vulnerabilities is absolutely imperative. Bug bounty programs attract fresh eyes to review code which ensures white-hat hackers help identify any security flaws. Providing strong incentives to attract experienced programmers is one of the many tools we have at our disposal to ensure the Dash codebase is as robust as possible.”
Bugcrowd enlists over 60,000 security researchers to surface critical software vulnerabilities. In any given fortnight, Bugcrowd researchers typically find about five critical vulnerabilities, 70 unique vulnerabilities and 200 total vulnerabilities.
Bugcrowd CEO Casey Ellis said:
“Currently, there is a massive shortage in cybersecurity professionals – pair this with an expanding attack surface and companies are at a major security disadvantage. We have amassed a solid resource of professional security researchers and years of experience managing highly complex programs. We are living in the era of digital transformation — cryptocurrency is the next stage in this evolution. Given the globalization of the workforce, it stands to reason that the demand for cryptocurrency will grow.
When a security researcher finds a bug in Dash’s code, the Bugcrowd Technical Operations team will handle bug triage and validation. Bugs are assigned a ‘severity’ rating and remediation advice is provided to the Dash Core Team.
“Our landmark release, Evolution, aims to completely redefine how a digital currency functions and will be available for Alpha testing in December. Providing that optimal user experience requires a massive change to the underlying technology. The more improvements Dash adds to the original Bitcoin code, which Dash is based on, means we will continue to invest heavily in ensuring our product meets the highest standard possible. Because digital currencies store wealth and facilitate transfer of payments, it is critical that we take all measures possible to make absolutely sure that even minor software bugs are addressed,” Taylor said.
“Regardless of size, organizations that attempt a self-managed program quickly find the process overwhelming. Defining scope, identifying program security owners, establishing a vulnerability management program, and even determining time-to-fix agreements within that program — all of these require time and resources both in the setup, and on an ongoing basis as the program evolves. By choosing Bugcrowd to manage their bug bounty, Dash has taken the work out of running a bug bounty program, so all they see are results.”
- Indian Central Bankers Excludes Cryptocurrency Projects from it’s New Startup Fintech Sandbox - April 19, 2019
- Enterprise Ethereum Alliance Plans to Launch New Token Taxonomy Initiative - April 19, 2019
- Social Blockchain Project BitGive Signs Deal with Uphold - April 19, 2019
- Crypto Wars Continue – Bitcoin’s Self Proclaimed Founder Craig Wright Threatens to Sue Ethereum’s Vitalik Buterin - April 19, 2019
- Gate.io Exchange Releases IEO Startup Platform and Launches First Project with CNNS - April 18, 2019
- Telegram Cuts Deal With Wirecard to Build Blockchain Shared Payment and Banking Solutions For TON - April 17, 2019
- Token-as-a-Service (TaaS) Shuts Down – Distributes Assets to Token Owners - April 17, 2019
- eToroX Launches 8 Stablecoins on New Cryptocurrency Exchange - April 17, 2019
- Powerhouse Production Company Endemol Shine International Partners with Blockchain Startup BitMovio - April 17, 2019
- Huobi Prime’s Second EO Launch – Two Billion NEW Tokens Sold in Six Seconds - April 17, 2019
- Panxora safeguards ICO assets with crypto treasury management service - April 17, 2019
- Turing Award Winner and MIT Cryptographer, Dr. Silvio Micali, Publicly Opens TestNet at VC-backed Algorand Blockchain - April 16, 2019
- Gibraltar Stock Exchange Opens the Doors to Secondary Market for Security Tokens - April 15, 2019
- Bittreo Releases Crypto Brokerage SAAS - April 14, 2019
- International Monetary Fund (IMF) Head Says Cryptocurrency is Shaking the System – Wary Eye on Silicon Valley Data Collectors - April 14, 2019
- US Regulator SEC Issues First ‘No Action’ Letter for Unregistered ICO - April 13, 2019
- Jason Hanania: Architecture of a Technodemocracy – Author Interview - April 12, 2019
- Block.one’s FinLab EOS VC Fund Invests in Moonlighting - April 11, 2019
- Blockstack Files with SEC for Reg A+ Token Offering - April 11, 2019
- US Congress Introduces Bipartisan-Supported Token Taxonomy Act - April 10, 2019