MOSCOW, 22 Oct – PRIME. The Telegram messenger has announced a contest to test the reliability of a smart contact, which will form the basis of a platform for auctioning unique usernames, whoever finds a serious vulnerability can win up to $50,000, according to the messenger’s official contest channel.
Smart contracts are a computer algorithm that allows you to conduct secure online transactions, including those used to transfer ownership.
“A smart contract has just been published that Telegram will use to put its usernames up for auction. Anyone can analyze the smart contract for potential security flaws. Anyone who can spot a major security issue within the next 70 hours can win up to $50,000.
It is specified that the prize fund of the competition is up to 100 thousand dollars. “The reward depends on the severity of the problems found and can potentially range from $200 for minor code adjustments to $50,000 for major flaws – for example, behavior that can bypass the logic and conditions of a smart contract to reassign ownership of assets.” in the message.
At the end of August, Telegram founder Pavel Durov announced the emergence of an auction of usernames, where owners of unique nicknames could transfer them in secure transactions with ownership secured by smart contracts. Later, on October 20, on the official Telegram channel about usernames, information appeared that the platform development stage was almost completed.