With all that’s happened in the month of October in crypto, today we take a look at major developments in IOTA in the final week of the month. Last week IOTA put out a bounty hunt for bugs in its Trinity wallet and has extended the time in order to get more developers and people in the cryptocurrency community on board to help make the wallet better. This moves the project from being a third-party audit procedure into a more public one.
The project being tagged as Trinity “Public Bug Bounty” (although the original name is Bugcrowd) is calling out to all independent developers in the crypto sphere and beyond to help find bugs in the new Trinity cryptocurrency wallet – and of course, since it’s a bounty hunt there is a reward for finding such bugs.
Trinity wallet has been received well by most people with open arms and there have been several developments in the wallet in terms of UI, security, usage, and compatibility. Most people have lauded it as providing an amazing experience for its users and still prioritising their security. It is for the concern of maintaining this security that IOTA states
“The team has delivered a great product. [But], even after the multiple external audits we’ve had on the Trinity Wallet, we understand that security isn’t something you ever finish. It’s a continual process.”
IOTA explains that Bugcrowd is primarily being used to assess how functional critical information on the wallet is. It also explains that the rewards ranged from $100 – $1,500. The regular rewards given are around $900 however, the payout is dependent on the severity of the kind of bug found.
The Trinity 101 wallet was IOTA’s own desktop cryptocurrency wallet released to help what the team refers to as non-technical users in May of this year. After being bashed for a rather user-unfriendly UI, the wallet has made much progress up to this point. It has IOS and Android versions to it developed with React Native. There are also Linux, MacOS, and Windows versions to it.
In other related news, IOTA’s Sergei Popov is claiming that the network powered largely by its Tangle distributed ledger technology (DLT) is all about freedom. During a number of blog posts in a single series posted this past week. The first post titled “IOTA and Freedom” was posted by Sergei Popov, the co-founder of the IOTA Foundation and one of its topmost mathematicians.
“To get rid of the fees one has to get rid of miners. Without miners, the system needs to be collaborative: the users would have to help themselves by vetting each other’s transactions.”
This he writes to explain how the IOTA network is devoid of miners and why the network’s nodes are the way they are and which of course makes the network’s transactions “free”. But the real problem that the network is faced with in such system is that without miners the network is now left with free-riders who use the network but do not really add anything or contribute anything to it. The decision to allow rules to define how nodes work could go against network as some nodes may be affected in a wrong way and make way for hackers into the system.
IOTA, in wanting to solve this issue, have proposed that before any transaction can be successful it has to approve at least two previous transactions that are pending approval. As to which ones exactly we are yet to find out. But Popov only says that the ability of anyone to accept or approve any transaction of their choice makes the network “truly open”.
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