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Illuvium (ILV) is a popular metaverse gaming project featuring a wide-open world populated by creatures called Illuvials that players can best in battle and then have them join their crew and fight other players. Touted as the first AAA game to be developed on Ethereum, the project has recently announced a plan to run a new bug bounty program meant to help strengthen its security.
Given the recent string of exploits that have targeted projects across the crypto world, the decision to launch a bug bounty comes at just the right time for both, securing Illuvium and giving its users peace of mind.
The project published an announcement on its Medium last Friday, June 24th, that it is teaming up with Immunefi to launch a bug bounty program, with the max bounty going up to $150,000 for some of the most severe exploits. Participants will be looking for bugs in the project’s website, applications, and smart contracts.
Illuvium noted that, while it already has its own team members who are accomplished security experts, the company’s partnership with Immunefi will add an additional layer to its security. And, of course, there is never too much security when it comes to protecting their users’ money and information.
What is the focus of the program?
So, Illuvium will now start paying rewards for all white hat hackers who locate bugs and vulnerabilities in its code and protocols. The rewards will be distributed according to the vulnerability’s severity and impact. The impacts to smart contracts, websites, and apps that are included in the current bug bounty scope include those that could lead to the loss of funds (including yield, freezing, theft), frozen or malfunctioning contract state, unavailability of web and/or blockchain assets, authentication and authorization issues that might result in loss of user funds, and reputational damage to the project.
Illuvium further noted that security is the project’s number one priority and that more bounties will be added to the list as its ecosystem continues to grow. For now, however, it is confident that the partnership with Immunefi will be beneficial, just like its collaboration with the community and any white hats willing to help out by combing through its code and finding any vulnerabilities or flaws that previous audits may have missed.
The project has plans to launch new products and features, and it wishes to ensure that the foundation upon which those new products will launch is safe, sound, and reliable, for both investors and gamers. In other words, the partnership is meant to help strengthen security by adding an additional layer, confirming the functionality of the project’s existing protocols, and building confidence with everyone who is interacting with the project in any way, especially those who wish to enter the Web3 space with Illuvium.
To learn more visit our Investing in Illuvium guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.