Insights on Launching Projects Without the Risk of Hacking
Oliver Hörr, Director of Operations at Hats Finance, shared valuable insights at the ETHBarcelona conference regarding launching projects without the risk of being hacked. Here are the key points from his speech:
- Challenges in selecting auditors for web3 projects – high costs and difficulty verifying their track records.
- Solution 1: Auditors should have a “skin in the game” by allocating a portion of their payment into a bug bounty, sharing the project’s risk.
- Solution 2: Improve code auditing by offering financial incentives to auditors, encouraging thorough code review and timely vulnerability notifications.
- Audit challenges or competitions can involve a larger pool of auditors, increasing the chances of identifying vulnerabilities effectively.
- Ethical hackers face legal consequences when reporting vulnerabilities.
- Importance of vulnerability disclosure and bug bounty programs.
- Proposed system: Bug bounties securely held in a vault and only paid out when vulnerabilities are proven, leveraging platforms like Kleros.
- Hackers often come from reputable universities, debunking misconceptions.
- Hats Finance offers bounties ranging from $20,000 to $500,000.
- Legitimacy of bounties on external platforms and their model of rewarding the first person to discover a vulnerability.
- Success of project audits and collaborations with renowned auditors.
- Competition model as a promising approach to incentivize vulnerability discovery.
Hot Take: Oliver Hörr has provided valuable insights on launching projects without the risk of hacking. By considering solutions such as auditors sharing the project’s risk through bug bounties and offering financial incentives for code auditing, projects can improve their security measures. Furthermore, the use of audit challenges and competitions can involve a larger pool of auditors and increase the chances of identifying vulnerabilities effectively. It is crucial to address the legal consequences faced by ethical hackers and establish a system that securely holds bug bounties until vulnerabilities are proven. Overall, these insights contribute to making ethical hacking a more attractive option and enhancing the efficiency of bug bounty programs.
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