Blockchain-based entertainment studio SingularDTV has announced an increase in the bounty of its flaw-finding incentive to 30 BTC – currently worth almost $19,000 – for each major bug or weakness found in its Smart Contract System. Sponsored by ConsenSys, the bug bounty program began on Monday, August 29 and so far has not had to pay out any rewards.
Zach LeBeau, CEO of SingularDTV, commented, “We’ve had several participants and some false alarms, but no one has found any flaws in our code. We’re committed to extending our bounty and are grateful to ConsenSys for sponsoring the increase.”
A bug bounty is a program offered by websites and software developers where individuals can receive recognition and compensation for reporting bugs, especially those which reveal exploits and vulnerabilities. Bug bounty programs allow developers to discover and resolve bugs before the general public is aware of them, preventing incidents of widespread abuse. In SingularDTV’s case, rewards are offered for locating weaknesses found in Github contracts as well as issues with its lightwallet.