KEY POINTS

  • Cardano Foundation has declared doubling of prizes for hackers who can find flaws on the network.
  • Cardano is considered as Ethereum killer by many
  • The native token of the blockchain has been underperforming recently

The Cardano Foundation has announced the doubling of prize money for hackers who can find potential flaws on the network.

According to the foundation's Hackerone.com profile, the campaign to identify vulnerabilities would continue for six weeks, from Feb. 14 to March 25, 2022, as part of the foundation's efforts to make the network more secure.

Under the Cardano node, the incentive has been set at $20,000 for identifying 'critical' flaws and $10,000 for bugs with vulnerability labeled as 'high'. The prize pool has been decided to be $4,000 and $600 for medium and low bugs, respectively.

According to the foundation, hackers must submit detailed reports with reproducible methods to qualify for a prize.

The foundation announced, “Cardano Foundation looks forward to working with the security community to find security vulnerabilities in order to keep our businesses and customers safe from this program, we aim to strengthen the Cardano brand through this public bug bounty program, covering essential items to access and manage crypto assets that are issued on the Cardano Blockchain."

The vulnerability detection competition contributes to Cardano's developing network, which has seen widespread adoption for various use cases. The improvements are expected to have a favorable effect on the price of ADA.

Cardano has been growing at a rapid pace. As per a Finbold report, there have been 30.4 million Cardano transactions as of Feb. 8, 2022. The volume of transactions is proportional to the number of ADA wallets. The report also states that as of Feb. 3, the total number of ADA wallets stood at 3,002,727, increasing from Dec. 24, 2021’s figure of 2.5 million. This equates to an average daily addition of approximately 12,200 wallets during the period.

Furthermore, the Cardano Blockchain has been successful after following the implementation of smart contract capability. On Jan. 27, Plutus (a Cardano-based smart contract platform) crossed the 1,000 smart contract mark, reaching 1,003.

Cardano's smart contract capabilities have garnered the attention of rival cryptocurrencies, with many experts dubbing it the Ethereum killer.

According to a crypto-analyst, ADA, the native token of the Cardano Blockchain is currently undervalued, based on Santiment's Market Value to Realized Value (MVRV) indicator. According to the report, Cardano has not been this cheap since March 2020.

ADA was trading at $1.08, up by 4.29% in the last 24 hours at 3:32 a.m. EST.

Cardano logo Cardano hits 1M staking wallets. Photo: Pixabay