The developers of Ethereum, the second largest cryptocurrency in the world after Bitcoin, are hard at work preparing the network for the transition from the Proof-of-Work algorithm to Proof-of-Stake.
As part of the transition to the Ethereum PoS fund announced about increasing payments for detecting errors in the network by four times. So, if security researchers can find a “critical bug” — one that has a big impact or is likely to have a big impact on the blockchain – they will be paid up to $1 million (previously they could get up to $250,000).
Similarly, “high risk” errors will now be rewarded up to $200,000, “medium risk” errors up to $40,000, and “low risk” errors up to $8,000.
Increased payouts will be available from August 24 to September 8. Ethereum believes that this approach will help to notice more bugs and reduce the likelihood of a critical problem when switching to a new algorithm.
Ethereum developers said that as part of the transition to Proof-of-Stake, the network “must first be activated on the Beacon Chain through the Bellatrix update.” This event is expected to take place on September 6th. The transition of the entire network to the new algorithm was planned for September 15, but now Ethereum representatives do not give the exact date, noting only that the main network will switch to Proof-of-Stake between September 10 and 20.
Earlier it was reported that after the transition of Ethereum to the Proof-of-Stake algorithm, new participants will appear in the network – block constructors. This can lead to network centralization.