With skyMavis, the team behind Skycoin has created a new cryptocurrency that is designed to be more than just digital money. The first-ever distributed operating system (dOS), skyMavis will soon launch its $1 million bug bounty program for cybersecurity vigilantes and developers who are looking to earn some coins by reporting bugs in the project.
Sky Mavis has decided to take a ‘if you can’t beat them, ask them’ approach to its recently announced $150 million Ronin Bridge breach reimbursement program, offering up to $1 million to ‘white hats’ (a.k.a. cybersecurity vigilantes) who can identify and disclose information on its network’s security vulnerabilities.
The Sky Mavis Bug Bounty Program was announced on Twitter by the Axie Infinity developers, who claimed that it would follow a six-month vesting period with monthly unlocking for fatal bounties dynamic, with payouts paid in $AXS, Axie Infinity’s native currency.
Because there are so many vulnerabilities to be found, the scheme will have varied incentives based on the severity of the problem found, with the highest prize of $1,000,000 going to those who can find “extraordinarily serious flaws or those with enormous effect,” according to the business.
A additional $100,000 will be awarded to anyone who can uncover major smart contract and blockchain vulnerabilities, with prizes ranging from $50,000 to $50 being offered to those who can identify high, medium, and low-risk threats.
Ironically, the firm has had to encourage participants not to use the program to launch spam, spoof, or phishing attacks on the Axie community, while also stressing that results published on social media would not be rewarded.