Web3 security-focused DAO Code4rena will be conducting audits on three selected parachains in the Polkadot ecosystem: Phala, Acala, and HydraDX.
The Polkadot Assurance Legion, or PAL, has partnered with DAO Code4rena to conduct 3 separate audits of Rust, the programming language used in the Polkadot blockchain ecosystem.
The blockchain network's developers reported that Code4rena will be in charge of auditing three of its parachains, which are custom blockchains, secured by Polkadot, that seek to solve specific real-world problems.
The three parachains to be audited, Phala Network, Acala Network, and HydraDX, make up Polkadot’s cross-chain ecosystem, an interoperable protocol that seeks to accelerate true innovation in blockchain technology.
Code4rena uses a novel auditing method that allows auditors to demonstrate their skills individually.
According to the DAO, the audits will start next month, starting with HydraDX on February 2nd, with a bug bounty of $100.500 in USDC. Audits of Phala and Acala Network will take place on March 1st and 22nd, respectively, with a cumulative bounty of $112.500.
A safer and more reliable ecosystem
The audits that will begin on Polkadot parachains in February are intended to make the growing blockchain ecosystem safer and more trustworthy for Web3 developers and builders.
Rust audits on selected parachains will also increase the network’s attractiveness as a framework for building new interoperable blockchains, Code4rena said.
The DAO also highlighted the importance of audits in the blockchain ecosystem, to identify vulnerabilities and code errors before they can be exploited by bad actors and end up affecting the stability of users and investors and the crypto ecosystem in general.
Un report A report published by Chainalysis last week notes that $1.700 billion worth of cryptocurrencies were stolen last year due to cyberattacks targeting primarily DeFi protocols and applications. This highlights the need and importance of establishing better security practices across the crypto space.
Through Code4rena, Polkadot will be able to increase the security of its parachains and its ecosystem in general, as the auditors who are part of this decentralized organization “work creatively to find as many rare and high-risk vulnerabilities as they can,” he noted.
Polkadot, interoperability in the crypto space
Polkadot was born as an interoperable blockchain framework, seeking to solve the problem of fragmentation in the blockchain ecosystem, connecting different networks and solutions in the crypto space.
This blockchain ecosystem is currently the 13th largest in the cryptocurrency market in terms of market capitalization. According to data from the CoinMarketCap platform, the DOT price is trading at around $6,68 per unit, with a total market capitalization of $8.680 billion, at the time of this edition.
