I am putting out this discussion to request an initiation of a regular Bug bounty program for the community and its users.
Some might know, and maybe some might not know that bug bounties are an excellent strategy for enhancing the security and overall quality of a platform, especially in the Web3 space where security is of paramount importance.
Bug bounties involve offering rewards to individuals who discover and responsibly disclose security vulnerabilities or bugs in a platform’s code or infrastructure.
Here’s how bug bounties can benefit Galxe:
- Enhanced Security: This will incentivize ethical hackers, security researchers, and developers to actively search for vulnerabilities and weaknesses in the platform’s code. This proactive approach can lead to the identification and resolution of potential security risks before they are exploited by malicious actors.
- Rapid Issue Resolution: Bug bounties encourage a steady stream of security reports, leading to quicker identification and resolution of bugs. This minimizes the window of opportunity for attackers to exploit vulnerabilities.
- Diverse Expertise: Bug bounty programs attract a wide range of security experts with diverse skill sets and perspectives. This can help uncover a broader spectrum of potential vulnerabilities that might not have been identified otherwise.
- Cost-Effective: Bug bounties can be a cost-effective way to discover and fix security issues. Paying for bug reports can be more efficient than dealing with the potential consequences of a security breach.
- Positive Reputation: Running a bug bounty program will showcase Galxe’s commitment to security and transparency. This can build trust among users, partners, and the broader community.
- Engagement and Participation: Bug bounty programs engage the developer and security communities, fostering collaboration and a sense of ownership in ensuring the platform’s security.
- Learning Opportunity: Security researchers who participate in bug bounties often learn about new technologies and techniques, which can contribute to the broader ecosystem’s security awareness.
- Customized Rewards: The bug bounty will allow Galxe to tailor rewards based on the severity of the vulnerabilities. Critical vulnerabilities can receive higher rewards, while less severe ones receive appropriately lower rewards.
Before doing this, I propose Galxe to draft out a proper framework such as;
- Eligibility criteria
- Reward structures
- Communication channels
Also, it should be well promoted to attract skilled security researchers; this could be existing and potential community members.
We have a lot of dApps and DEXes get hacked recently and bug bounties could have taken a while to notice these vulnerabilities on their platform.
A typical example is Eralend (now Eralend classic) on zkSync which was explioted in July.
After a series of bargains with the hacker, it requested community help to find the hacker. https://twitter.com/Era_Lend/status/1684564824997654529?s=20
This could have been avoided if there was a regular bounty.
After dealing with all the scenes, it partnered with @immunefi (a bug bounty platform)
Galxe deals with user-sensitive data and financial transactions, and can greatly benefit from a bug bounty program to fortify their security posture and reassure users of their commitment to safeguarding their assets and information.
Let me know your thoughts guys!