Facebook through its Libra Association has finally opened a bug bounty for everyone as part of its early-stage security check
As you would have expected from a controversial company like Facebook; the tech giant alongside the rest of the Libra association wants researchers to test the security strength of its yet to launch Libra- a cryptocurrency-based blockchain, Calibra it intends to use in trading its own cryptocurrency, Libra.
The latest announcement also fulfills the association’s initial promise to offer up to $10,000 in rewards to participants who find critical flaws in the Libra testnet code. Also, the development is coming in the time that the G7 and U.S. Congress are having concerns about the potential risk of the Libra being transformed into a sovereign currency that could be exploited for money laundering and other criminal activity.
Facebook had announced the Libra cryptocurrency and Calibra digital wallet back in June, during the time it released a growing list of major corporations and nonprofits, including Visa, Mastercard, Spotify, Lyft, Uber, and eBay which together make up the Libra Association, although the group is currently backed by 28 participants in total. It is this group of organizations that is responsible for processing the network’s transactions and maintaining the blockchain underlying the currency. The coin is expected to launch in 2020, by which time the project hopes to include around 100 members.
Talking about the bounty program, Michael Engle, Head of Developer Ecosystem at the Libra Association, informed in a blog post that who are able to assist the organization in discovering “the most critical issues” will be entitled to $10,000 in rewards per bug report. That said, the Libra Association told a reliable source that it could pay more or less than that sum, based on the type of vulnerability that someone brings to their attention.
Engle went further to emphasize on the goal of the bounty program, which according to him is to encourage members of the security community to scrutinize the blockchain which won’t feature any actual money during this test.
In Engle’s word; “With the launch of the Libra Bug Bounty, we are excited to build an open and vibrant network of security and privacy researchers around the globe,”. “We know it will take a global community to launch a global cryptocurrency, and we are committed to taking the time to get this right.” he further added.
The Libra bounty program isn’t coming as a surprise anyway, considering that it is been spearheaded by Facebook who has been crowdsourcing security effort for several years now, and at that, has offered millions of dollars for this same reason, hence offering $10,000 to anyone who is able to succeed in the current program is only a minor stake.