Cardano Last Week: Final Testing Phase, Coinfirm Partnership, $10K Bounty, And More

Table of Contents

• Cardano Criticized Over Coinfirm Partnership; Founder Responds
• $10K “Bug Bounty” To Test Vulnerabilities
• ADA Maintains Bullish Rally Ahead Of Alonzo Upgrade

With the Alonzo upgrade deadline slowly getting closer, Cardano has been in the news for quite a while this last week. So let’s take a look. 

Cardano Criticized Over Coinfirm Partnership; Founder Responds

On Tuesday, the Cardano Foundation announced its partnership with blockchain analytics provider Coinfirm to support its anti-money laundering and other financial guidelines. The tools and services provided by Coinfirm will reportedly enable every exchange, custodian, and all other third parties to track the history of ADA held in their wallet. 

However, the move was highly criticized by Weiss Crypto, a subsidiary of the financial ratings firm Weiss Ratings, who condemned the excessive regulation. 

The company tweeted, 

“While still a free and decentralized network, this brings Cardano closer to becoming a censorship-prone, politicized, and manipulated network...The whole point is to build a new financial and economic layer, free from control and repression.”

However, Cardano founder Charles Hoskinson was quick to defend his company. In a video message, he emphasized the need to builn layers, modules, and ecosystems to comply with local regulations. 

He commented, 

“And that’s the reason these partnerships are important. They provide clarity. They provide a lot of business and technical requirements, and they allow us to make the software better for everyone everywhere, and Cardano to get more adoption in all industries, regulated and unregulated.”

$10K “Bug Bounty” To Test Vulnerabilities

The Cardano Foundation has launched a new “Bug Bounty” program, inviting hackers to find any weak links in the smart contract platform’s blockchain. As a part of the initiative, the company is partnering up with HackerOne, a vulnerability management firm that uses hackers to expose cyber security flaws. According to the program information on the HackerOne website, ​​the prize money for the program will range from $300 to $10,000, depending on the severity of the issue found. 

In a statement released by Cardano, they stated, 

“Ethical hackers can find vulnerabilities that automated scanners miss, by thinking creatively and identifying places where bugs could be ‘chained’ together to provide an exploit.”

ADA Maintains Bullish Rally Ahead Of Alonzo Upgrade

Charles Hoskinson announced that the platform is ready for the last stage preceding the final launch of the complete smart contract compatibility on the mainnet. As per discussions, Hoskinson announced that the primary testnet is set to roll over on September 1, whereas the final Cardano mainnet rollover is scheduled for September 12. 

In anticipation of the Alonzo upgrade, Cardano-based institutional funds continue to see high inflows, with a record of $10.1 million this week. This amount constitutes almost 32% of the week’s total altcoin inflows. Cardano-based instruments account for about 0.15% of the capital locked in all crypto investment products. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.