Daox, A blockchain Startup Announces A $100K Hacking Contest
The rules say that participants should either find a way to completely freeze or steal the funds that reside on a DAO’s Ethereum smart contract. The first person to complete the objective would be unconditionally rewarded with a $100k prize in bitcoins and get an offer to join their development team.
The security of funds is the most important task for those projects that are going to fundraise via cryptos, especially after the latest Parity incident when Ether turned out to be completely stuck in the Ethereum smart contract. This is the reason why the company doesn’t give rewards in DAO, as the security on disruption might be frozen.
The main goal of the ecosystem is to establish conditions ensuring that the promising and high-quality projects are able to attract investments easily. The ecosystem consists of the elements that could be grouped into 4 categories: users, interfaces, fundraising DAOs, and third-party tools and services.
Recently, the credibility of a DAO concept suffered a negative impact after the famous “TheDAO” hack when the attacker managed to steal a vast amount of Ether, which consequently led to the hard fork in the Ethereum network. A contest is a good way to gain credibility amongst their user base as the competition directly involves them.