LayerZero to Begin Reward Distribution for Sybil Bounty Hunters

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As a seasoned analyst with extensive experience in the blockchain industry, I have seen my fair share of Sybil attacks and their destructive impact on decentralized projects. The recent actions taken by LayerZero to combat Sybil threats and distribute rewards to bounty hunters is a commendable effort that resonates deeply with me.

Starting on July 25, blockchain interoperability leader LayerZero will dispense rewards to individuals who have successfully identified and reported suspected Sybil accounts as part of its Sybil bounty program. Previously, this initiative, which is designed to root out duplicate or fraudulent identities within the network, unearthed over 800,000 potential offenders through a self-reporting process.

In December 2023, LayerZero unveiled plans for an upcoming ZRO token airdrop, leading to the development of this program out of necessity. During this announcement, Bryan Pellegrino, LayerZero Labs’ co-founder and CEO, raised concerns about ensuring fairness in the distribution process. He specifically addressed potential conflicts of interest among company employees. In an X post, he cautioned his team internally with the following statement: “We must uphold transparency and impartiality throughout this airdrop.”

At LayerZero Labs, none of our employees are allowed to make such claims and will face termination if they attempt to do so.

To prevent unscrupulous individuals from manipulating the distribution process through the creation of false accounts, the company turned to experts for assistance. Specifically, they collaborated with risk management platform Chaos Labs and blockchain analytics firm Nansen to conduct a comprehensive investigation into potential Sybil attackers.

At first, approximately 2 million addresses were identified as potential Sybils during the preliminary airdrop snapshot. Later on, after a thorough examination, the number of suspect addresses was reduced to around 803,093. LayerZero undertook this meticulous process to ensure that their focus remained solely on authentic threats and not on any other non-relevant entities.

LayerZero to Reward Sybil Bounty Hunters

After the initial self-reporting stage, LayerZero initiated the Sybil Bounty Program on May 18. This enabled community members to help identify Sybil addresses and receive a reward for their contribution. To participate, individuals needed to submit at least 20 transparently identified addresses. Rewards were established as 10% of the allocated tokens for each correctly identified Sybil address.

After completing the selection process, a definitive roster of certified Sybil bounty hunters has been made public on Commonwealth.im, a trusted online hub championing openness in the realm of blockchain technology.

Based on the report, the event for distributing rewards from the bounty program is set for 13:00 UTC on July 25. Consequently, hunters of bounties will receive their compensation promptly, with the rewards being transferred directly to each of their wallets.

LayerZero’s proactive stance against Sybil attacks is an exemplary one for blockchain projects that are keen on establishing secure and transparent ecosystems. The firm has also shown how community participation might be an underrated tool in blockchain security.

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2024-07-24 13:42