Immunefi has launched the smart contract system Vault Systems, which can hold funds for paying out code vulnerabilities

ChainCatcher news, Immunefi has announced the launch of Vault Systems, a smart contract system that allows developers to securely store funds for paying hackers or researchers who report vulnerabilities in their code. These funds will only be released to the hackers once the vulnerability report has been verified.

Immunefi founder Mitchell Amador stated that the purpose of this is to build trust between the typically cautious two parties.

The relationship between the hacker community and project developers can be very complex. Developers are particularly concerned about their projects being abused, but even well-meaning hackers may worry about legal troubles from discovering vulnerabilities. Even when they submit reports, they are concerned that their work will not receive proper recognition or compensation.