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Programmers can earn up to R$1 million to find errors in Bitcoin update

Programmers can earn up to R$1 million to find Bitcoin update errors

Taproot has barely been in existence for three months, but the Bitcoin network (BTC) is already eyeing a new update. And developers who find errors in the proposal can take up to R$1 million.

Entitled Bitcoin Improvement Proposal 119 ( BIP-119 ), the proposal was presented two years ago, but began to gain repercussions in 2021. Its objective is to create new features for how to send money over the network, especially in cases of inheritance.

Another important feature of the proposal is the CTV, which adds features to validate more transactions on the network. In short, the network could increase its transaction capacity, especially during peak hours. Consequently, the fees paid at these times would also be lower.

However, the measure generated controversy in the community, which warned of the risks that BIP-119 could bring to the blockchain. Programmer Jeremy Rubin, author of the proposal, decided to put his skin on the line, offering $10,000 to anyone who found errors in the system.

Initial reward generates chain of donations

It should be noted that most Bitcoin Core developers do not receive payment. The resources for the project come from donations, including from large companies. Some developers get paid by these companies, but no money for that comes out of Bitcoin Core itself.

In this sense, the reward proposed by Rubin would come out of his own pocket. He himself was willing to pay for any errors discovered in the proposal.

The purpose of the measure is to guarantee the security of the proposal, as well as the fairness of an independent evaluation. Upon seeing Rubin's initiative, however, a number of Bitcoin Core supporters began to help by donating funds.

With that, the initial reward, equivalent to R$ 56.9 thousand in the quotation this Tuesday (4), became a real chain. Rubin posted a list of campaign supporters on Twitter, whose numbers grew by the hour.

Even big names like Adam Back (CEO of Blockstream) and Dan Held of the Kraken exchange have joined the movement. As a result, Rubin has managed to accumulate around 3.6 BTC so far, which gives a reward of R$945,000 based on the current cryptocurrency quotation (R$262,771).

Rubin thanked his supporters and was surprised by the initiative. The programmer highlighted that this union is one of the aspects that make BTC a “strong money”.

“This is not a game. Bitcoin is solid money and we want equally solid review and security first. But we also can't lose momentum in providing functionality to bring more users to Bitcoin and keep all bitcoiners safe,” he said.

The fund's goal is not to create a competition, Rubin said, but rather to encourage the search for flaws in BIP-119. That's why the money will be divided among all the people who find errors in the proposal, which should encourage the attraction of talent and allow BIP-119 to have as few flaws as possible.

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