Crypto Terms:
Letter B
What is Bug Bounty?
Meaning:
Bug Bounty -
a reward offered to users that detect software bugs and vulnerabilities.
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.
denial-of-service strikes<\/strong><\/a>.<\/p>\n<p>Bugs like these may be used to inflict major losses of cash by causing <strong>massive disruption<\/strong> of services and time-sensitive contracts deployed throughout impacted cryptocurrency marketplaces and trades.<\/p>\n<p>Hence, it’s essential that developers have extensive security for their projects, as well as testing prior to rolling out to their mainnet for public use.<\/p>\n<p>There is some information out there implying that there are still many <strong>masked bugs<\/strong> in blockchain and cryptocurrency platforms, which hackers are trying to unmask. Overall, exploits can be put in one of the two main categories - <strong>known or unknown.<\/strong><\/p>\n<p><strong>Back in 2018, Braydon Fuller found a <a href=https://www.bitdegree.org/"//crypto//buy-bitcoin-btc/">Bitcoin bug named “INVDos” and it, in fact, could completely crash Bitcoin nodes, as he revealed to the public. <\/strong>Therefore, hackers could be able to develop a distorted Bitcoin transaction that would absorb the network’s memory supplies.<\/p>\n<p>Besides that, a cryptocurrency project named <strong>Pigeoncoin<\/strong> was targeted by hackers at the same time. These hackers took advantage of Bitcoin's inflation issue to create around <strong>$15,000<\/strong> worth of Pigeoncoins.<\/p>\n<p>Following these instances, analysts fear that there may be additional flaws in the Bitcoin network, allowing hackers to inflate the supply of Bitcoin.<\/p>","definition":"is a type of attack that focuses on the system's weak areas.","status":"published","meta_title":"What is Bug Exploit? Definition & Meaning | Crypto Wiki","meta_description":"Bug Exploit meaning: Bug Exploit - is a type of attack that focuses on the system's weak areas.","meta_keywords":null}"
:prev-section="{"id":135,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble","level":"easy","author_id":1,"created_at":"2023-06-19T06:58:59.000000Z","updated_at":"2023-11-25T10:28:14.000000Z","slug":"what-is-bubble","title":"What is Bubble?","section":"B","keyword":"Bubble","content":"<p>Many individuals throughout the years said that <a href=https://www.bitdegree.org/"//crypto//buy-bitcoin-btc/">Bitcoin and other cryptocurrencies are a bubble. To be exact, this indicates that the cost of a digital asset or a coin is much bigger than their true worth overall.<\/p>\n<p>Besides, some crypto doubters say that <strong>most cryptocurrencies don’t have value at all<\/strong>. This worry about the supposed crypto bubble was very popular back in 2018, at the same time the market capitalization of cryptocurrencies skyrocketed.<\/p>\n<p>Skeptics also point out that it is hard to use cryptocurrencies in the real world, claiming that <strong>it is complex to purchase a meal or make payments for services using <a href=https://www.bitdegree.org/"//crypto//buy-ethereum-eth/">Ethereum or Bitcoin<\/strong>.<\/p>\n<p>Nonetheless, cryptocurrency applications and use scenarios are expanding by the day. Crypto supporters hope that the system and its tokens will be demonstrated to have <strong>genuine worth.<\/strong><\/p>\n<p>For example, Ethereum grants currency as well as the foundation for an entire ecosystem of decentralized financial and estimating services.<\/p>\n<p>At the time the <strong>market cap <\/strong>including all cryptocurrencies was approximately <strong>$800 billion,<\/strong> it was still thought that it was unachievable to prescribe inherent worth to crypto. These reasonings go hand in hand with the belief that the main purpose of cryptocurrency is speculating.<\/p>\n<p><a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-defi/">DeFi advocates use blockchain technology to provide benefits over traditional financial goods such as <strong>loans and insurance.<\/strong> Many feel that this development speaks to the true potential of decentralized technology.<\/p>","definition":"is defined as an event in which an asset is exchanged at a price that exceeds the item's intrinsic worth.","status":"published","meta_title":"What is Bubble? Definition & Meaning | Crypto Wiki","meta_description":"Bubble meaning: Bubble - is defined as an event in which an asset is exchanged at a price that exceeds the item's intrinsic worth.","meta_keywords":null}"
:model="{"id":127,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Bug_bounty_program","level":"easy","author_id":1,"created_at":"2023-06-19T06:58:59.000000Z","updated_at":"2023-11-25T10:44:23.000000Z","slug":"what-is-bug-bounty","title":"What is Bug Bounty?","section":"B","keyword":"Bug Bounty","content":"<p>A <strong>bug bounty<\/strong> is a <strong>reward<\/strong> offered to users that can <strong>detect system bugs and vulnerabilities<\/strong> and report them to the software owner to prevent <strong>malicious attacks and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-hacking/">hacking attempts<\/a><\/strong>.<\/p>\n<p>In the context of crypto, businesses like <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-centralized-exchange-cex/">exchange platforms<\/strong><\/a>, <strong><a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-wallet/">wallet operators<\/strong>, and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-protocol/">protocols offer bounties for discovering bugs. Publicly available bounty schemes are announced to patch vulnerabilities before they can be exploited by malicious actors.<\/p>\n<p>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.<\/p>\n<p>Some hackers, known as <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-white-hat-computer-hacker/">white hat hackers<\/strong><\/a>, can make a career out of bug detection. Bug bounties are treated as an unofficial, added layer of system support.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>","definition":"a reward offered to users that detect software bugs and vulnerabilities.","status":"published","meta_title":"What is Bug Bounty? Definition & Meaning | Crypto Wiki","meta_description":"Bug Bounty meaning: Bug Bounty - a reward offered to users that detect software bugs and vulnerabilities.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}"
:chapter-list="[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published","modified_content":null},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published","modified_content":null},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published","modified_content":null},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published","modified_content":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published","modified_content":null},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published","modified_content":null},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? 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The Ins and Outs","status":"published","modified_content":null},{"chapter_id":5,"order":3,"slug":"buying-nft","title":"Tips and Tricks of Choosing the Right NFTs","status":"published","modified_content":null},{"chapter_id":5,"order":4,"slug":"how-to-store-nft","title":"How to Store NFTs: Best Practices","status":"published","modified_content":null},{"chapter_id":5,"order":5,"slug":"how-to-create-an-nft","title":"How to Create Your Own NFTs?","status":"published","modified_content":null},{"chapter_id":5,"order":6,"slug":"how-to-make-passive-money-with-nft","title":"Making Passive Money with NFTs","status":"published","modified_content":null}]},{"id":6,"title":"dApps & Defi","slug":"dapps-and-defi","updated":true,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-dapps.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/dapps-defi-101.jpg","rating":80,"sections":[{"chapter_id":6,"order":1,"slug":"what-are-nfts","title":"What are Non-Fungible Tokens 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Contracts?","status":"published","modified_content":null},{"chapter_id":6,"order":7,"slug":"what-is-a-dao-in-crypto","title":"The Notion of a Decentralized Autonomous Ogranization (DAO)","status":"published","modified_content":null},{"chapter_id":6,"order":8,"slug":"what-is-staking-in-crypto","title":"What is the Goal of Staking Crypto Assets?","status":"published","modified_content":null},{"chapter_id":6,"order":9,"slug":"what-is-liquidity-pool-in-crypto","title":"What is a Liquidity Pool and How Does It Work?","status":"published","modified_content":null},{"chapter_id":6,"order":10,"slug":"what-is-automated-market-maker","title":"Automated Market Maker: the Cornerstone of the Decentralized Crypto Exchange Industry","status":"published","modified_content":null},{"chapter_id":6,"order":11,"slug":"what-is-yield-farming-in-crypto","title":"The Main Yield Farming 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current-chapter="B"
current-section="what-is-bug-bounty">
