Your daily distillation of crypto news for Tuesday, March 19, 2019:
Gitcoin Acts on Eigenmann's Idea
In response to Dean Eigenmann's Medium post yesterday regarding "[t]he broken EIP security incentive," Gitcoin has created a bounty – worth up to 20 ETH – for finding critical security issues in accepted Istanbul hard fork EIPs. Further, bounty payouts will be subject to Eigenmann's proposed exponential decay model, meaning the bounty will start to decrease on May 15 (when EIPs are finalized) until the hard fork occurs, at which point the payout will be 25 percent, or 5 ETH, of the original bounty.
As Eigenmann explained in his proposal, the exponential decay model is intended to encourage the discovery of EIP bugs early in the development timeline. Funders can also contribute to, and therefore increase the incentive of, the bounty to further encourage early bug detection.
The discovery of security issues deemed high but not critical will yield up to 5 ETH. Individuals who find low- or medium-level issues will receive Gitcoin Kudos for their efforts.
ERC20 Tokens for Fiat
A new feature on the Dether wallet app allows users to sell their ERC20 tokens for cash. To accomplish this exchange, the Dether team has developed a direct bridge between ERC20 tokens and fiat; all a user needs to sell their tokens is ETH. Conversely, individuals can use their cash to purchase tokens from sellers on the Dether marketplace.
On the backend, the Dether protocol processes token-to-fiat transactions via Kyber's on-chain liquidity mechanism. Integration with Kyber allows individuals to sell their ERC20 tokens without having liquidity in any one token.
Dether believes various groups will benefit from the app's new exchange feature, whether they be individuals looking to purchase tokens without barriers or sellers wanting to increase their trade volumes.
Getting Down with Art
Back at ETHDenver, the Bounties Network – in partnership with ArtProjectDecentralized – launched the "Faces of Ethereum" portrait series to showcase the diversity of people involved in the growing Ethereum ecosystem. Since the project's launch last month, the Bounties Network has received 17 submissions but wants to continue to receive as many as possible throughout 2019.
The plan is to later create a giant image from the portraits that would be sold at an auction, possibly at Devcon5. The Bounties Network would then reserve 10 percent of the proceeds for social impact-related bounties and distribute the remaining 90 percent among all the artists who submitted to the project.
Further, the Bounties Network has partnered with Pixura to create the "Faces of Ethereum" gallery. The best submissions will be tokenized using the Pixura platform, resulting in non-fungible token collectibles.