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In an increasingly digitalized world, an error in a single line of code can be all it takes for people to incur devastating financial losses, emphasizing the need for robust and comprehensive security checks. This security consciousness is critical in the crypto space, where little safety nets exist.

Boasting a total value locked (TVL) of over $52 billion, the stakes could not be higher for the Ethereum network. In the latest move highlighting the commitment of developers to the networks security, the Ethereum Foundation Protocol Security (EPS) Research Team has announced the launch of an attackathon in partnership with crypto security firm Immuefi that promises to contribute to the enhancement of the networks security.

Wondering what this attackathon is all about? DailyCoin is here with all the details.

Ethereum is seeking to enhance security with an attackathon. The term attackathon is a portmanteau of two words: attack and marathon. It is used to describe an event or competition where participants rigorously simulate attacks to find vulnerabilities in a system. In the case of the Ethereum Attackathon announced on Monday, July 8, this system would be the Ethereum network.

As detailed in the announcement, the Ethereum Attackathon aims to enhance the security of the networks codebase through the largest crowdsourced audit. The event will run for four weeks, though the start date has yet to be revealed.

The EPS team has set the reward pool for the event at $2 million. Disclosing that the Ethereum Foundation has already seeded the pool with $500,000, the EPS team called on projects and members of the Ethereum community to contribute to the pool.

You can join the Ethereum Attackathon sponsorship program by completing the following process:

Immunefi notes that contributors will receive commemorative NFTs and will be recognized on their sponsorship boards to further incentivize sponsorship.

Over the past 24 hours, the event has already raised 164.5 ETH worth over $506,000 at current rates. For context, the deadline for sponsorships is August 1.

The Ethereum Attackathon will kick off with an educational phase to familiarise participants with the protocol to ensure they are armed with all the information needed to know where potential vulnerabilities may lie.

During the event, these participants will search for vulnerabilities following specific rules. As highlighted by the EPS team, only impactful findings compliant with the set rules will be rewarded. Participants will be judged based on their problem-solving skills and ability to apply the knowledge gleaned from the programs first phase.

At the end of the program, Immunefi intends to publish a comprehensive report on the findings, celebrating the contributions of the researchers.

The Ethereum Foundation has disclosed that it intends to incorporate more attackathon events into its security strategy by slating similar events at every hard fork.

Organized bug bounty events like the proposed Ethereum Attackathon are good ways to develop attack response strategies and fix vulnerabilities. Identifying and fixing vulnerabilities ahead of time is often less expensive than an actual attack.

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Ethereum's First Attackathon Explained: All You Need to Know - DailyCoin