Blockchain Startup IOTA Launched Bounty Campaign For Remuneration of $ 229,220
The blockchain startup IOTA Foundation together with the cyber security company Cybercrypt launched the Bounty campaign. They will pay a reward of $ 229,220 to anyone who can hack the Troika algorithm.
The Troika algorithm was developed by Cybercrypt in 2017 and successfully tested and applied in the IOTA blockchain.
This algorithm allows to reduce the cost of electricity and computing power for data processing, so it is ideal for use on devices with low hashrate. IOTA's target market is IoT devices with weak processors that cannot work effectively on standard algorithms.
IOTA and Cybercrypt are 100% sure that Troika is safe. To confirm the bulletproof algorithm on the practice of the company launched a bounty campaign. Anyone can try to hack Troika, in case of success the company will pay $ 229,220.
A similar action conducted by John McAfee. He stated that the Bitfi hardware wallet was impossible to crack and offered a $ 250,000 reward to anyone who could hack the device. A few days later, the ambassador of the beginning of the campaign, Andrew Tierney hacked Bitfi, however, he did not get his money because organizators reffered to violation of the rules of the campaign.