IOTA Foundation released a medium post about a new hash function called Troika, which has been designed by expert cryptographers Cybercrypt. The cryptocurrency company is so confident about Troika that is has placed a $220,000 (€200,000) bounty for anyone who is able to crack into it.
What is a hash function?
Hash functions are basically ways of encrypting and mapping data of different sizes to an identifier of a consistent size. Hash functions are designed so that it is one way, and hence a hacker cannot reverse engineer and locate the original data even if they have the hash. Thus IOTA has worked on improving the security features of private and public keys.
Try Your Luck
If you think you can outsmart the hash function, you will be able to gain anything from €1 to €35,000 depending on the type of hack used. There are two ways of hacking a hash function; one is through a collision where the hacker tries to find two identical input variables which will produce the same hash value. The other way is a preimage attack, where hackers use reverse engineering to find the original data through the hash value.
The co-founder of the IOTA Foundation, David Sønstebø is hoping to build the cryptocurrency community stronger in terms of security. He said, “We hope that this competition will bring the cryptographic community together on solving security in the Internet-of-Things.”
MIOTA, which is the native token of IOTA is seen to be in the green at the time of writing priced at $0.340427 with a market capitalization of $946,225,774. It is well ranked at 12th position, showcasing the importance of Internet of Things (IoT).
The new hash function and the challenge to hackers have been announced a few days after it’s positive collaboration with Audi. Thus IOTA looks to be leveling up in achieving new targets by building a well-protected security system for the IoT.
To know more about the bounty program, visit Cybercrypt’s website and don’t forget to read the terms and conditions properly. Zerocrypted wishes you good luck!
Image Source – Wikimedia Commons
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