Cardano Founder Offers IDR 15 Billion For Those Who Can Hack Lace Paper Wallet

Cardano founders offer IDR 15 billion for those who can hack the Lace Paper wallet (Photo; Doc. U.Today)

JAKARTA - In an effort to strengthen the security of the latest product of Cardano's blockchain ecosystem, Charles Hoskinson, founder of Cardano, launched a major challenge to his community. Hoskinson is offering a reward of 1 million US Dollars (Rp15 billion) to anyone who successfully hacked the newly introduced Lace paper wallet. The initiative was announced through platform X (formerly Twitter) and is expected to attract the attention of technology enthusiasts and developers to test the security of the wallet.

In its announcement, Hoskinson invites technology and developers to participate in the Bug Bounty Lace Paper Wallet program. This challenge is open until the end of 2024, or until someone manages to break into the wallet's security defenses. "If you can hack it, you can save it," Hoskinson tweeted, referring to the 1 million US Dollars (Rp15 billion) prize on offer.

According to Coingape's information, Lace's paper wallet is designed with advanced encryption integration and user-friendly interfaces, offering a formidable security option for users. This wallet allows the recovery of access to funds through an encrypted QR code, which is designed to simplify as well as strengthen security by requiring physical ownership of QR codes for access.

This announcement was made at the Rare Evo 2024 event, where various innovations in Cardano scale solutions were also exhibited. One of the highlights is Hydra, who demonstrated its ability to process transactions using the frame of Doom's classic game. In addition, Cardano's development team continues to launch updates to improve platform capabilities, in line with community efforts to strengthen the visibility of their informal chain, SNEK.

This month, Cardano also introduced an alpha v1 update aimed at integrating the partner chain more securely into the network. This update allows developers to interact with stake pool operator Cardano in a joint security model, simplifying the process for validators to join and contribute to the network.

This move is a strategy to adapt to increasing demand for blockchain applications and ensure that these platforms remain at the forefront of blockchain innovation. Integration of partner chains through alpha v1 is expected to increase network security and operational efficiency.