Binance’s $10 Million Bug Bounty Fund for Strengthening Security
BSC has initiated a $10 mn bounty program called ‘Priority One’ for projects building on the protocol. This bug bounty program intends to keep the blockchain network safe and secure by encouraging ethical hackers and bounty hunters. The announcement from Binance states that this program aims to refine the lifecycle management of users of Binance Smart Chain and mitigate crypto project exploits. Eligible projects on the chain will leverage risk management schemes and penetration testing. BSC’s community coordinator, Julian Tan said, evaluating beforehand can prevent exploits in the future. Bug hunters on the BSC protocol shall be rewarded to weed out security flaws. The different types of vulnerabilities to be addressed in the program are as follows:
- Logic errors
- Smart contracts/Blockchain/Cryptographic flaws
- Oracle failure/manipulation
- Financial/Economic attacks
- Novel governance attacks
- Congestion and scalability
- Susceptibility to block timestamp manipulation
Global Crypto ATM Installations Increased 70% In 2021
Over 10,000 new crypto ATMs have been planted worldwide, with the United States taking the lead. According to Coin ATM Radar’s findings, ATM installations spiked 71.73%, rising from 13,993 on Jan 1 to over 24,000 at press time. The Global Crypto ATM market stood at $18.35 mn in 2019 and is projected to rise to $542 mn by 2027 with a CAGR growth of 52.7% during the period. USA leads this industry with a velocity of nearly 48 ATM installations per day with a global speed of 50.7 installations per day. ATM count in the U.S. alone has risen to 177% in just a year, now reaching a count of 16,835.
India Will Use Ethereum Blockchain To Verify Diploma Certificates
The Maharashtra government has recently announced its partnership with an Indian Blockchain project LegitDoc. The firm shall implement a credentialing system underpinning Ethereum to evolve tamper-proof diploma certificates. This innovative partnership shall place India among early adopters of blockchain technology for streamlining and reinforcing its e-governance structure for higher education. India, being a third-world country is rife with document forgery with no stringent parameters to mitigate this illegal offense. Forged government-issued documents have caused great losses to the persons/entities involved and it is getting by the day. The Maharashtra State Board of Skill Development (MSBSD) has outspokenly opposed the central government’s misinformed and distasteful narrative to ban public blockchains such as Ethereum. This partnership shall strengthen the ecosystem by utilizing the robust power of the blockchain to prevent tampering once and for all, and it could gradually start addressing other rampant problems within India, only to be rectified by blockchain-enabled systems.
No Information Is Collected On Crypto Exchanges And Investors In India
Data from crypto exchanges has revealed that there are just about 1.5 crore Indians who have holdings of above INR 15,000 crore. As crypto is getting more mainstream, a huge number of people are starting to invest in virtual currencies. India’s finance minister Nirmala Sitharaman stated in the Rajya Sabha today that the government is not collecting any information pertaining to crypto investors in India. She addressed drug trafficking and money laundering activities and said that the Finance Ministry has no information on whether crypto exchanges are involved in this practice. India is also preparing a new cryptocurrency bill and is likely to be passed in the coming months. India’s stance has been outright unwelcoming on digital currencies but hasn’t imposed a permanent ban on them either.
Crypto Portfolio Strategist Sees Cardano Going Mainstream
Amy Arnott, digital asset portfolio strategist at Morningstar says that Cardano is set to become a mainstream virtual asset along with Bitcoin and Ethereum. She quoted Cardano to be technologically identical to Ethereum and that it has numerous potential technical applications in the real world. She even reckoned that together Bitcoin, Ethereum and Cardano could make a trinity of mainstream cryptocurrencies given their abilities to transform the world as we know it. The strategist said that institutions would continue to adopt cryptocurrencies and the trend shall bring this nascent asset class to mainstream adoption right before our eyes. Regulatory risks and vulnerabilities have been a few major causes for the volatility over the past few months but governments should not try to omit crypto from the mainstream scene, which would be a large negative, she said.
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