The Immunefi Arbitration Boost is launching on March 12 with a rewards pool of $30,000 and runs until March 26, 8am UTC.
This Boost works like all other Boosts, with features such as:
- 24-hour bug report response times across weekdays
- Technical Q&A direct from the Immunefi dev team throughout the Boost.
- Duplicates as eligible for a reward!
- Immunefi’s Managed Triaging
- A public leaderboard & published bug reports
- Full distribution of the $30,000 rewards pool
We’re excited to have our whitehats scan through our code to look for bugs, and if you want to participate in the future of crypto security, get ready to hunt on March 12.
What is the Arbitration Protocol?
In short, the Arbitration Protocol is a set of on-chain workflows designed to resolve disputes between projects and security researchers over bug report validity and appropriate reward. The expected output is a final binding decision on a report, followed by enforcement (as required) of the bounty reward from the project to the security researcher. For projects that opt-in, enforcement should occur through leveraging Immunefi’s Vaults.
The Vaults are Gnosis Safe wallets, and the system includes a set of components that interact with the Vaults through a module and a guard. The purpose of the components is to scope the access of the different roles and players in the Arbitration Protocol, as well as their capabilities of rewarding, arbitration calling, and enforcing, among others.
To learn more about the technical details, see the Boost page when it’s live on March 12, and most importantly, make sure to join our Discord server and attend the technical walkthrough of the protocol on March 12, at 12pm (noon) UTC.
But for many of you, the most interesting part of this Boost is not necessarily the technical details, but rather a short description of what Immunefi Arbitration even is.
You’ve been asking us about it all week. Now we’ve got an answer for you.
When billions of dollars in funds and reputation are at stake, nothing is more important than maintaining trust between security researchers and projects.
However, the current landscape of bug bounty mediations often leaves room for disputes and uncertainties over what the severity and payout of a particular bug should be. Sometimes, whitehats believe their findings to be much more impactful than they actually are. Other times, projects attempt to wrongfully minimize the impact of an issue and withhold full payment.
This causes disappointment, frustration, and disengagement for security researchers and projects alike, which damages the industry and jeopardizes trust between the two essential entities in the cybersecurity ecosystem.
In fact, it’s one of the biggest problems in all of crypto security today.
Traditional court proceedings to resolve these disputes are cumbersome and prohibitively expensive, making them completely impractical. So, there’s an urgent need for a fast, fair, and cost-effective mechanism to address unresolved conflicts and uphold trust within the cybersecurity community.
Enter Immunefi Arbitration — a groundbreaking solution that we’ve designed to revolutionize the way conflicts between whitehats and projects are resolved, ensuring fairness, trust, and peace of mind for all parties involved.
We believe it to be the best possible solution.
The Innovative Solution: Immunefi Arbitration
Immunefi, in collaboration with globally recognized experts at Greenberg Traurig and the London Chamber of Arbitration and Mediation (LCAM), is introducing a groundbreaking arbitration procedure tailored specifically for disputes related to blockchain and DeFi security.
This arbitration procedure will set a new bar of seriousness for projects genuinely dedicated to security and also dispute resolution in crypto as a whole, with important features such as:
1. Innovation in Dispute Resolution
Immunefi Arbitration marks the world’s first formal dispute resolution system specifically designed for blockchain and DeFi security disputes.
2. Speed and Fairness
Disputes are resolved within weeks or months, not years, ensuring prompt and fair resolution of conflicts. LCAM, renowned for its impartiality and fairness, oversees the arbitration process, further enhancing trust and confidence.
3. Simplified Process
The arbitration process is designed to be straightforward, eliminating the need for external legal counsel. Parties can handle proceedings digitally, without the inconvenience of in-person meetings.
4. Cost-Effectiveness:
Immunefi Arbitration offers a cost-effective alternative to traditional litigation, making fair outcomes accessible to all parties involved. This eliminates the financial barriers often associated with resolving disputes through legal means.
6. Enforceability and Remote Execution:
Arbitration decisions are governed by binding agreements, ensuring enforceability in over 130 countries. Furthermore, all proceedings can be conducted remotely, saving time and resources for both parties.
7. Promotion of Settlement:
By providing a readily available recourse for dispute resolution, Immunefi Arbitration encourages parties to seek amicable settlements, fostering a collaborative and mutually beneficial environment within the cybersecurity community.
We’re going to save the full specifications of how the Arbitration Protocol works until it’s actually released. Right now, we’re interested in securing it first.
But our ultimate goal at Immunefi is to continue to revolutionize the crypto and security industries, and we believe that the Arbitration Protocol represents a significant step forward in ensuring trust, fairness, and transparency in bug bounty mediations. By leveraging the expertise of renowned arbitration bodies and embracing innovation, Immunefi will set a new standard for resolving disputes within the cybersecurity community.
As the cybersecurity landscape continues to evolve, Immunefi remains at the forefront, empowering whitehats and projects alike to safeguard the digital ecosystem effectively.
