Why Cardano (ADA) Founder Charles Hoskinson Announces $1 Million Bug Bounty Challenge 

Charles Hoskinson, the founder of Cardano (ADA), has announced a $1 million challenge to the ADA community. Hoskinson revealed this challenge during the recent Rare Evo 2024 event. He invited participants to hack the newly introduced Lace Paper Wallet, with a lucrative reward awaiting those who can breach its defenses.

Lace Paper Wallet Bug Bounty Program Launched

The Lace Web3 wallet, developed by Cardano’s (ADA) parent company Input Output Global (IOG), has recently introduced a security feature known as the Paper Wallet. This feature aims to make the wallet even more secure. This allows users with existing PGP keys to restore their wallets using a single encrypted QR code.

Lace has launched the Lace Paper Wallet Bug Bounty Program. This program challenges ADA community members to hack the Lace Paper Wallet and gain control of its contents. The program will remain open until the end of 2024 or until someone successfully breaches the wallet’s security.

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Cardano’s (ADA) Transition to Voltaire Era Nears Completion

Another highlight of the Rare Evo 2024 event was the demonstration of Hydra, Cardano’s powerful scaling solution. The demo featured the classic game “Doom”, with every frame of the game being transmitted as a transaction on the Cardano (ADA) blockchain. This showcased Hydra’s potential to handle high-throughput, real-time applications.

One of the most anticipated updates in the Cardano (ADA) ecosystem is the transition to the Voltaire Era through the Chang Hard Fork. This upgrade is set to transfer governance controls to the community, making Cardano one of the first Proof-of-Stake (PoS) networks to achieve this milestone. According to recent updates, the block transition to the Chang Hard Fork is 80% complete, indicating that the upgrade could happen at any time.

Despite recent setbacks in the Decentralized Finance (DeFi) sector, Cardano’s price has shown resilience. At the time of writing, ADA price was trading at $0.3365, marking a 1.68% increase.