The brains behind the crypto currency, which is built on the Tangle technology, which is similar to the blockchain technology but with a unique structure, started a competition to find the errors in the new hash functions. The IOTA Foundation gives those who find faults in their codes a chance to get a share of a $220,000 prize pool!
The new hash function designed by a Denmark-based security company called Cybercrypt is called Troika.
IOTA Contest: Hash. Break, Earn Money
Hash functions are a vital component of cryptocurrencies. The main purpose of these functions is to convert data of varying lengths into character strings of consistent sizes. For any hash function to be successful in a cryptocurrency implementation, it must be impossible to detect the original data just by looking at the hash.
IOTA’s new update will feature a redesigned hash function. Of course, Troika, developed by Cybercrypt, must first fully prove that it is secure in order to be integrated into the IOTA mainnet.
According to the report of Next Web, the IOTA Foundation invites all tangle developers to take a step to crack the new hash functions. is doing. Those deemed successful by Cybercrypt will receive payments from the $220,000 prize pool in MIOTA tokens or Euros, depending on their preferences.
The co-founder of the IOTA Foundation, David Sønstebø, expressed his thoughts on this competition. Sønstebø believes that the competition will first and foremost bring the crypto community together:
“I hope this competition will bring the cryptographic community together by solving the security issue of the Internet of Things.”
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