Ontology has announced in a recent Medium post that it would be partnering with security audit company SlowMist Zone to create a new “Security Vulnerability and Threat Intelligence Program”. Ontology will be offering hackers up to 6,400 ONG ($7,000) rewards for detecting critical security issues on the platform.

Ontology has Joined @SlowMist_Team Zone Bug Bounty Programme https://t.co/TwGsqgENL1 $ONT $ONG

— Ontology (@OntologyNetwork) August 14, 2018

Hackers will now be awarded both ONG and Slowmist tokens for bug detection on the Ontology network. The reward structure works as a tiered system. Low level rewards begin at 320 ONG tokens and can go up to 6,400 for critical error detection.

SlowMist Zone is currently partnered in bug bounty programs with seven other cryptocurrency companies, including VeChain, OTCBTC, ImToken and Chaince. The company reports to be actively taking on new clients.

Suggested reading: Learn the ins and outs of Ontology in our ‘What is Ontology‘ beginner’s guide.

Vulnerability-disclosure programs complete with bug bounties are becoming increasingly popular among cryptocurrency platforms, and are proving to play a critical role in developing cryptocurrency security. Ontology now joins a growing list of companies expressing faith in the importance of these types of programs. The company stated that its new bug bounty program is designed to provide “better connection between white hat and blockchain enterprises, [and] maintain the ecosystem security of blockchain.”

Recently, an exclusive report given by HackerOne to online crypto news outlet The Next Web estimates that the number of bug bounty programs is likely to double in 2018 from the previous year, and reward payouts are reported to have already increased by more than 500 percent as of August 2018. HackerOne states that more than 3,000 blockchain-related vulnerability submissions have been received since January.

Following its turbulent launch in June, fifth-ranked cryptocurrency EOS is the clear leader in bug bounty payouts, having paid out a whopping $417,000 in rewards so far this year.

HackerOne CEO Martin Mickos recently told Hard Fork, “For cryptocurrency and more broadly blockchain technologies and companies to grow and prosper, on-going security vetting by independent hackers is a must … With a large community of hackers looking for security vulnerabilities, there is a real chance of finding and fixing the weaknesses in time.”

Further details on Ontology’s Security Vulnerabilities and Threat Intelligence Bounty Program can be found here.

The post Ontology Offering 6,400 ONG Rewards in New Bug Bounty Program appeared first on UNHASHED.

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