New York, Dec. 13, 2023 (GLOBE NEWSWIRE / Knowledge Bylanes) -- ShentuChain is proud to announce the launch of OpenBounty, an innovative platform designed to revolutionize bug bounty programs and fortify security within the Web3 ecosystem.

OpenBounty emerges in response to the inherent risks and vulnerabilities prevalent in the Web3 industry. With the rapid growth and evolution of blockchain technologies, the need for effective security infrastructure has never been more critical. OpenBounty addresses this need by providing a decentralized platform that connects Web3 protocols with skilled white hat hackers, ensuring the security of projects while rewarding ethical hacking efforts.

OpenBounty sets a new benchmark in the Web3 industry with its unparalleled commitment to transparency and efficiency. Underpinning this all, OpenBounty’s utilization of ShentuChain ensures permanent and tamper-proof records of project vulnerabilities and bug reports. Publishing all findings and bounty program details on-chain brings unmatched transparency. This approach, coupled with the upcoming introduction of on-chain payments for bounty payouts, streamlines the reward process, ensuring timely, efficient, and verifiable compensation for security experts.

At the core of OpenBounty's approach is the development of a Decentralized Autonomous Organization (DAO) for white hat hackers, directly tackling the challenges they face in the bug bounty market. OpenBounty’s tailored dashboards for Web3 clients and white hats simplify bounty management and collaboration, while ShentuChain’s commitment to establishing industry standards and fostering a diverse ecosystem amplifies the platform's impact, driving both economic and network effects in the Web3 space.

With OpenBounty, ShentuChain reinforces its position as a leader in blockchain security, marking the latest evolution in its commitment to safeguarding the future of Web3.

About ShentuChain (https://www.shentu.technology)

ShentuChain, founded in 2019, initially began as a division of CertiK, a leading security company in the Web3 industry. In 2020, CertiK made the strategic decision to spin off ShentuChain as an independent entity. Since this separation, ShentuChain has continued to operate autonomously.

ShentuChain is committed to advancing security and trust in decentralized technologies. With a focus on innovation and collaboration, ShentuChain seeks to empower developers, enterprises, and users with tools and platforms that set new benchmarks in security and efficiency. Envisioning a more secure decentralized future, ShentuChain dedicates itself to pioneering solutions that build trust and enhance innovation in the Web3 space.