Copy link
Increase text size
Decrease text size
Link copied

Elrond Network CEO tests its blockchain by offering $60K to hackers who can break it

Elrond is letting node-runners test the security of its blockchain.

TheDigitalArtist / Pixabay

Fri, 12 Jun 2020, 10:47 am UTC

Elrond Network CEO Beniamin Mincu’s goal is to build the best blockchain possible. But the means with which he plans on building the most secure chain is a bit unorthodox. Mincu wants hackers to do their best to break Elrond’s network and he is even willing to shell out $60,000 for the one who can successfully do so.

Beniamin Mincu, the CEO and founder of the Transylvania-based Elrond Network, launched a 15-day campaign called “Battle of the Nodes: Onchained” challenging node-runners to give it a try, according to Coindesk. His 24-strong developer team is even sweetening the deal by offering $60,000 to the one who can “successfully wreak havoc upon their code.”

The goal of the campaign is to expose every critical breakpoint, bug, vulnerability, and attack vector on the Elrond network. Mincu feels that only after his network can stand the 15-day test will it be deemed ready for mainnet launch.

“When we have 15 days without interruption of the network despite this kind of attack and stress testing, at that point we know Elrond is finally prepared and good – robust enough to go live,” Mincu said.

The network’s 15-day clock will reset once someone successfully breaks the network down but it hasn’t happened yet. The protocol proved to be secure as it has managed to block three attacks so far.

But the underminers’ efforts are not without their purpose. The attacks have uncovered a lot of low-level bugs that need to be fixed to make Elrond’s network even more secure.

“We’re on a daily basis discovering some things that we can improve from the validators,” Mincu said. “We usually do one or two releases per day.”

Aside from exposing bugs and glitches, Elrond’s campaign will also allow it to showcase its network specs. The blockchain’s “divide and conquer” sharding protocol was already showing a peak transactions-per-second rate of 712. At full capacity, the Elrond Network is capable of handling up to 10,000 TPS.

The campaign is also a competition for mainnet validator slots. Around 34 percent of the network’s initial 1,500 nodes will be assigned to “trusted parties” who participated in the campaign and helped Elrond hunt for bugs.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.06.13 01:47:00
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door inbox me for more me on whatsapp :+12067425358 happy new year to you all .............
  • 0
  • ·
  • 0
  • Bitcoin (BTC) $9,219.11 (-0.58%)
  • Ethereum (ETH) $239.92 (-1.44%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $230.51 (-2.41%)
  • Bitcoin SV (BSV) $181.04 (-1.56%)
  • Bitcoin (BTC) $9,219.11 (-0.58%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.