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As Ethereum builders gear for the Merge improve subsequent month, the Ethereum Foundation desires to make it possible for there are not any bugs that stay unaddressed. As a end result, the Ethereum Foundation has actually quadrupled the bug bounty rewards for pleasant hackers who would uncover any vital bugs within the Ethereum code.

So far, the bug bounty program was providing funds as much as $250,000 together with a spot on Ethereum’s leaderboard for uncovering important errors. As per a Bloomberg report, the Ethereum Foundation has now elevated these bug bounty rewards to greater than $1 million. This announcement for the rise got here on Wednesday, August 24.

As the Ethereum Merge occasion is simply three weeks away, the increase within the bounty reward goals to cut back any important points arising on the final second. Currently, the scheduled date for the Ethereum Merge is September 15. However, the precise date will differ based mostly on the computing energy supporting the community.

Just two days again, two execution layer purchasers Go Ethereum and Nethermind discovered some bugs within the mainnet updates. However, on Wednesday, August 24, Ethereum shopper Go Ethereum released Geth v1.10.23 fixing the bug as half of a secure Mainnet Merge replace.

The Ethereum Merge

The Ethereum Merge occasion goals for a profitable transition of the Ethereum blockchain from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) blockchain community. This has been the much-awaited improve for the Ethereum neighborhood as will it drastically enhance community scalability and effectivity in addition to cut back transaction prices.

The Ethereum Merge improve will occur in two totally different components. The Bellatrix improve will occur on the Beacon Chain at 11:34 am UTC on September 6. While the Paris improve will occur on the execution layer on September 15.

The ETH worth rallied all the way in which to $2,000 over the optimism surrounding the Merge improve. However, there’s been some worth correction during the last week. Currently, ETH is buying and selling at a worth of $1,650 with a market cap of $203 billion. The latest ETH worth actions have additionally been strongly correlated to S&P 500.

Bhushan is a FinTech fanatic and holds a great aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is constantly in a studying course of and retains himself motivated by sharing his acquired data. In free time he reads thriller fictions novels and generally discover his culinary expertise.

The introduced content material might embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability in your private monetary loss.