What is Bug Bounty?
Let's find out Bug Bounty meaning, definition in crypto, what is Bug Bounty, and all other detailed facts.
A bug bounty is a reward offered to users that can detect system bugs and vulnerabilities and report them to the software owner to prevent malicious attacks and hacking attempts.
In the context of crypto, businesses like exchange platforms, wallet operators, and protocols offer bounties for discovering bugs. Publicly available bounty schemes are announced to patch vulnerabilities before they can be exploited by malicious actors.
The size of a bug bounty is calculated according to the severity of the vulnerability discovered. While individual bug detections may only amount to about $100 in bounty, rewards for more serious weak points in the system can be in the high thousands. Based on data by HackerOne, in 2018, $900,000 was paid out in bug bounties.
Some hackers, known as white hat hackers, can make a career out of bug detection. Bug bounties are treated as an unofficial, added layer of system support.
Developers working with software have to prioritize code security during the process. The product should possess as few bugs and vulnerabilities as possible before launch. However, in many cases, it is not possible to detect and patch every bug due to human error.
Bug bounties are then established to create an additional level of security. Bounty hunters who detect bugs and report them to the developers help software owners protect their products from exploits or cyber attacks.