The post Can You Crack The Cardano Lace Wallet? appeared on BitcoinEthereumNews.com.

Cardano founder Charles Hoskinson made something of a bold move toward beefing up security when he issued a challenge that riled up the crypto community. In his keynote speech at the Rare Evo 2024 event, Hoskinson issued a challenge to anyone who could hack the newly launched Lace Paper Wallet—for a prize money amounting to $1 million. This is not about the money; it is more about ensuring that the Cardano ecosystem is always robust and secure. The challenge comes in handy as cyber threats continue to rise and further proofs that proactive security measures are a must in this evolving world of cryptocurrency. If you can hack it; You can keep it! 1 million dollars! https://t.co/TTtHocHHbs — Charles Hoskinson (@IOHK_Charles) August 17, 2024 Ambition For Security The Lace Paper Wallet is designed with user-friendliness and security in mind. It allows users to restore access from only one encrypted QR code, which becomes one huge leap toward making digital wallets much safer. But even the best design has vulnerabilities. That’s what the bounty program is for. It lets Cardano invite hackers to test the wallet’s defenses and find any weaknesses before they can be used maliciously. The challenge by Hoskinson remains open until the end of 2024 or in case people successfully hack the wallet. This timeframe gives a wide window to hackers who can test the wallet’s security features to see any flaws. ADA market cap currently at $12.2 billion. Chart: TradingView Clearly, Cardano wants to ensure the security of its environment. It means that through this move, Hoskinson is building a culture of openness and collaboration with the community. It’s a wise step; the returns could be overwhelming in the long term. Community Engagement And Market Impact Community response has been overwhelmingly positive. For many, this presents an…

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Filed under: News - @ August 18, 2024 9:03 pm