Swisstronik Bug Bounty 1.0 launches with rewards of up to $31,000 per bug!

Swisstronik, the layer-1 network for building regulatory-compliant dApps with enhanced data privacy, is pleased to announce the launch of its first testnet and Bug Bounty program with rewards reaching $31,000 per bug, paid mostly in USDT. Swisstronik Testnet 1.0 is now ready for testing, providing dApp developers with immediate benefits such as robust encryption and enterprise-grade transaction security via Intel SGX technology.

A highly awaited debut with 750+ developers on the waitlist

With this first Swisstronik Testnet, developers can create privacy-focused decentralized applications (dApps) in line with Ethereum coding tools. Its key feature is the usage of the Intel SGX technology that allows to create a secure bubble around the Ethereum Virtual Machine (EVM). Thanks to it, all transactions and queries within the network are encrypted, shielding transaction details even from the validators themselves. This is crucial for protecting sensitive user data during user verifications in Swisstronik’s Digital Identities module which is yet to be released. 

In total, this testnet includes the following features: Intel SGX Enclaves, EVM compatibility, PoS CometBFT consensus algorithm, staking for governance, an EVM & Cosmos Block Explorer, SwisstronikJS library for encryption, and more. The next testnet scheduled for autumn 2023 will include additional enhancements such as the Decentralized Identities block and zk-SNARKs for even higher data privacy and seamless dApp compliance. A grant program for builders will also follow soon.

The perfect time to get started

Compliance and user privacy are becoming increasingly important as the global regulatory landscape tightens around the crypto industry and Central Bank Digital Currencies (CBDCs) develop. So since Swisstronik provides Web3 developers with a tool that balances regulatory compliance with decentralization and user privacy, the timing of this release is of the utmost significance. By acting as a bridget between the two worlds, Swisstronik helps the industry adapt to the tightening regulations while staying true to its core values. 

Why join Swisstronik’s Bug Bounty?

With over 750 applications already received for early access to Swisstronik’s Testnet 1.0, it appears that this is an excellent opportunity for any Web3 developer to pursue. 

However, earning up to $31,000 per reported bug (mostly in USDT) is not the only reason to join. Developers can also acquire crucial experience in sophisticated data security technologies like Intel SGX, or in the zk-SNARKs, which are scheduled to be incorporated in the next testnet phase later on in 2023. 

Swisstronik Bug Bounty participants also help Swisstronik become a secure bridge between the traditional world with its regulatory requirements and the Web3 world with its high privacy and decentralization standards. As a result, developers can contribute to a more balanced Web3 in which KYC and other user verifications do not result in personal data loss or reliance on centralized parties, and help boost the overall blockchain adoption. 

Finally, any developer should try it out simply because this is Swisstronik’s first Testnet and even inexperienced testers may discover bugs! 

About Swisstronik

Swisstronik is the first blockchain platform that enables anyone to create compliant yet private dApps with no legal knowledge and minimum coding hassle. This is made possible by a previously unseen combination of two functionalities:

To begin, it is the first Web3 Compliance Suite of its kind. Swisstronik Compliance Suite is an automated network, similar to a DAO, that brings together international regulators, KYC issuers, and other legal service providers. They collaborate to adapt the Swisstronik system to local regulations in real time and consult the builders on internal compliance issues. As a result, Swisstronik-built apps are inherently compliant, even as regulations change.

Secondly, thanks to the usage of zk-SNARKs and Intel SGX, user verifications for KYC and AML purposes can be performed in a private and secure manner on Swisstronik blockchain. As a result, by launching on Swisstronik or integrating one of its utilities in their apps on other chains, Web3 companies can become KYC, AML, and DPR compliant at a low cost. On the other hand, users can still be confident their data remain private and secure even during identity verification.

Follow Swisstronik’s Twitter for more information on the Bug Bounty program and timely updates.

Disclaimer: This is a paid post and should not be treated as news/advice.