Binance Chain Mainnet for New DEX Trading Platform Offers BNB Bug Bounty Program for $10,000
Binance, the largest digital asset exchange in the market, has recently launched the new bug bounty program that aims at finding bugs and issues on the Binance decentralized exchange (DEX). The information was released by the company a few hours ago in a blog post.
Binance Launches Bounty Program for its DEX
Binance is currently offering a bounty of up to $10,000 USD to be paid in Binance Coin (BNB) for each vulnerability found by developers. These bugs should be found on .binance.org -dex.binance.org and Binance Chain. The submissions must be reported in this link.
— Binance (@binance) March 4, 2019
The reward will be evaluated taking into account the level of security impact related to the vulnerabilities found. The rewards are going to be issued within 2 weeks after the vulnerability report is verified.
Binance mentioned that it will only be rewarding just the first verified report of a specific vulnerability. If there are users that share similar reports, these will not be rewarded.
Binance is currently working on a decentralized exchange that aims at improving the services offered by the company. Decentralized exchanges allow users to remain in control of their private keys. Nowadays, centralized exchanges are in control of users’ private keys. If there is a hack or the exchange is affected, users are in danger.
There have been several exchanges hacked during the last few years. The most popular case is related to Mt. Gox that lost around 800,000 BTC.
Although decentralized exchanges provide better security over centralized platforms, they do not have a friendly user interface and they work less smoothly than traditional exchanges. Even when DEXs have been released to the market, they were not able to gather enough attention. This is why Binance’s decision to launch its DEX could help the space move towards these new platforms.