Tron has increased its bug bounty reward to a maximum of $10 million as it prepares for what they’re calling independence day when Tron tokens leave the ethereum blockchain for their own Tron chain.
“We take the security of our platform very seriously,” Justin Sun, founder of the TRON Foundation, said in a statement before adding:
“We are looking for developers who specialize in global network security to help make TRON MainNet one of the most secure public blockchains in the industry and provide a stable infrastructure for future DApps to be deployed on the MainNet.”
After nearly a year since its ICO, Tron launched its mainnet testing phase on May the 31st, but the network isn’t really up and running yet as there is a migration period up to June 26th.
Between June 21st and June 24th tron tokens will be converted into tron coins, with the blockchain itself to become operational on June 25th when a vote for 27 Super Representative Seats begins.
The announced bug bounty is only up to June 24th during which period “rewards range from $1,000 to $10,000,000 based on the severity of the issue,” Trustnodes is told.
Rewards range in scale and cover most of the main aspects, with the highest level reserved for fatal bugs:
It’s unclear what they mean by unauthorized operations because any bug that allows others to spend someone else’s coins would be very much a fatal bug in our view, but that may be covered by the $50,000 and up reward.
The maximum amount of $10 million is the highest level of bug bounty reward for any public blockchain or even other industries as far as we are aware.
They can afford it since they raised $70 million in an ICO that finished on the 2nd of September, with only 40% of around 100 billion TRX tokens sold.
It appears some more were issued as 65% of tokens are currently in circulation, with the 35 billion TRX so giving them around $1.5 billion on paper.
Yet their holdings may be higher as they say tron “will have a reward pool of $2 billion… for the TRON community and developers.”
How they can afford it is unclear, but they may be including potential super nodes rewards in that tally.
Tron, very much similar to EOS, uses a Delegated Proof of Stake (DPoS) system whereby tron holders vote for 27 entities or individuals to in effect run the entire network on a Proof of Stake basis.
The code has effectively just launched in its final form, so analysis of how exactly the system will work remains to be seen, but what we can say is that the voting will be manual.
As shown in the previous image above, individuals have to go to a certain website, or potentially use a wallet app, to select who they want to vote for. In return, they may receive nothing or they may receive quite a bit, unlike in EOS where supernodes can not buy votes due to social constraints.
In contrast, Sesame Seed, a tron supernode candidate, says they intend to “run for Super Representative Seats, Develop Master Nodes and provide 90% of earnings back to its community. In addition Sesameseed aims to hold a voting seat in Blockchain organizations such as Tron (TRX).”
Super nodes, or master nodes, or representatives or delegates, or whatever other name, receive 32 TRX per second, translating to each one of the 27 supernodes receiving 64 TRX per minute, or $3.2 a minute at current prices of 0.05 cent per tron.
That amounts to around $4,600 a day, or $140,000 a month. To take part, they say that “to run a Super Representative node, the Tron Foundation recommends a technical budget of $40,000 per month.”
That’s a fairly high cost because all 27 supernodes have to be able to handle 2,000 transactions a second, as claimed by the tron papers.
You would think the structural design here, in its foundations, is pretty much identical to bitcoin or ethereum. That is, each of the 27 nodes need to keep a copy of all transactions. Each transaction is of course just data, so to move 2,000 x whatever bytes a second would require some considerable storage and some considerable bandwidth.
Their calculations apparently suggest it would all cost $40,000 a month, but except for these 27 nodes, it is unclear why anyone else would pay such sum.
Arguably, if this did become critical world infrastructure, plenty in government departments or universities or corporate halls would want to be sure themselves that the blockchain history is correct, but the ordinary guy wouldn’t have that luxury, and if there was some conspiracy it would be difficult to prove it.
In other words, it is difficult to call this set-up as being trustless, and the voting aspect really adds nothing if we are considering grandma level usage. Which is why there has been some considerable debate regarding layer two, sharding and all the rest.
In tron, as well, some documents mention node sharding, but that would probably take some time and the set-up itself isn’t very inclusive as if you are going to run PoS, then why not have it open to all through automatic checks and balances rather than requiring manual voting.
Nonetheless, although this project hasn’t had the best of starts, and although they do seem very tribalistic in some of their “official” writings, the bug bounty is a very smart move and Justin Sun may well surprise.
His competition for now is EOS, of course, rather than Eth, so we’d suggest he drops some of his rhetorics regarding the platform that made his project possible.
That’s because tron is described as aiming “at becoming the world’s largest digital entertainment blockchain platform.” That is, a decentralized YouTube of sorts, which makes it very different from eth and potentially a niche blockchain.
Whether he can pull that off remains to be seen, but 2018 now is heating up once again as summer once more finds itself on the streets of London.