IOTA Boasts A $220,000 Bounty For Cracking Its New Troika Hash Code Function By Cybercrypt
Get Hold Of $220k Worth Of A Bounty Courtesy Of IOTA – If You Can Crack Its New Hash Code Function
With the longer term ambition of becoming the cryptocurrency behind the future Internet of Things (IoT), the IOTA Foundation has taken one step closer to this reality through the introduction of a new hash function to its platform. And in order to both celebrate this new launch, while also testing out its user-base, IOTA has decided to give users the opportunity to win their share of a $220,000 bounty, which will be rewarded to anyone clued up enough to crack it.
Referred to as Troika, IOTA's hash mechanism has been developed as a high-quality cybersecurity solution by expert cryptographers from the firm – Cybercrypto. The underlying objective of IOTA through implementing this new has system is to create a strong cryptographic and encrypted foundation from which to create a powerful, transparent and highly secure distributed ledger for the penultimate IOTA protocol.
If you're otherwise not familiar with the weird and wonderful world of hashing and hash protocols. They serve as a method of mapping out or encrypting sensitive data which can then be sent across to an identifier of a corresponding scale. By its very function, hashing will only work as a one-way system, and as a result, would not be able to be successfully reversed engineered. Effectively, this would make it impossible for any would be hackers to locate and get hold of any data that was put through the hash.
According to the IOTA team, it believes that Troika is designed to be the hash function to surpass all current iterations of hash functions that are available, as well as being the most cutting edge of cryptoanalytic testing and attack countermeasures.
While the IOTA Foundation has not gone as far as to claim that it is a 100 percent impenetrable system, it has still thrown down the metaphorical gauntlet when it comes to statements about Troika's capabilities. But as superior cybersecurity experts have said before, it's a matter of time, that proves things a being hackable.
So this is where the foundation is putting its money where its mouth is with its offer of $220,000 bounty for those that prove capable of cracking the code, allowing them to improve the underlying cryptographic system.
Operating as the Co-Founder and Co-Chairman of the IOTA Foundation, David Sønstbø has announced that the hash is integral to the future Internet of Things:
“We sincerely hope that this contest will help bring the cryptographic community we boast together, helping to solve the issue of security for the Internet of Things we hope to develop.”
Cryptoanalysts have been highly active in the solution of pressing issues within the blockchain and cryptographic world. Two of the ongoing challenges that they participate in include the twin matters of ‘collisions' and ‘preimage.'
‘Collisions‘ refer to the kind of attack where crackers attempt to find two duplicate input variables which can produce the same hash value, providing an exploit within the system.
‘Preimage,' in contrast, is a kind of attack which uses a sort of inverse principle, wherein the analyst will attempt to find the message data which is connected to a specific hash value.
Where one of these attacks is carried out and consequently proves to be successful, it would go a long way to demonstrating that there are still potential gaps in the otherwise pseudo-impenetrable security of Troika.
To allow for each of these potential gaps to be plugged, the IOTA Foundation is providing successful hackers with a range of prizes which range in value from $115 USD to $40,000 USD (100 – 35,000 Euros) depending on which part of the hash function hackers prove capable of cracking.
These various prizes will be rewarded and paid to the successful attackers through the cybersecurity firm, Cybercrypt, if they prove successful, the prizes will be handed out in either sovereign or virtual currencies such as Euros or MIOTA.
For more information about the Troika hashing protocol or IOTA's corresponding bounty programme can be found on Cybercrypt’s website– password: (G)st4-pf87H – A word of advice to aspiring hash crackers, make sure to read in full, the terms and conditions before you get to probing Troika's defenses.