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Dreaming Crypto, Facebook’s Libra Launches $10k Bug Bounty Program

As Facebook’s ambitious plans for its forthcoming crypto project faces intense scrutiny by regulatory bodies both in and outside of the United States, the social media platform has just launched its Libra Bug Bounty Program, in hopes of getting through to people. Rewards will provide strong incentive with payouts scaling up to $10,000 for finding critical issues on the testnet.

According to reports, the bounty bug program isn’t just some tactic that the Libra Association pulled out last minute; in fact the program was going through beta testing and after more than 2 months, is now available to the public. The newest program was announced via post on Libra’s website, according to which is intended to strengthen the security of the blockchain.

The Association invited 50 security researchers with blockchain expertise and encouraged their deep scrutiny of the platform, which helped in polishing and fine-tuning the program. The Bug Bounty program is a way of broadening the circle; they hope to further accelerate and expand their feedback loop. The Libra Association has struck a partnership with HackerOne in order to support the Libra Bug Bounty program.

The post further elaborates that the program will enable developers across the globe to submit bugs and alert the Libra Association to the possible security and privacy issues as well as vulnerabilities, in order to ensure that Libra is scalable, reliable, and secure at the time of its launch.The post also read:

The program will encourage many more people with diverse skills and backgrounds to inspect and review the blockchain design and implementation

The program is purportedly a reflection of principles of the Libra Association, openness, transparency and global access. Thus, the bug bounty program will reflect on the same set of principles and will be open for anyone willing to participate in making Libra better before its launch. Moreover, the post claims that every discovery will be dealt to maintain transparency in order to fix the problem that has been uncovered and also to help the team learn from the issue.

READ ALSO: Facebook’s Crypto Succumbing to Regulators as Zuck Steps Up Lobbying Game

One of the key things that Facebook has been stressing about Libra is its potential to be global. Which is what the bug program will be, it will be internationally inclusive and will promote researcher contributions from around the world and host bug bounty events in diverse locations. Aanchal Gupta, security director at Facebook subsidiary Calibra, said in a statement.

We hope that developers will bring a diversity of perspectives and expertise to this initiative while holding the Libra Blockchain to the highest security standard

Arguably one of the most interesting features of the Libra Bug Bounty Program is, rewards. Per the post, there will be a rewards program that is specifically designed to encourage a thorough investigation of even the subtlest bugs.

Furthermore, in order to help removing the obstacles that come in the way of security research on blockchain, best-in-class documentation and support will be provided. The Association is all in for helping its researchers to detect issues while the Libra Blockchain is still a testnet and no real money is in circulation, otherwise the stakes would be a lot higher.

READ ALSO: Crypto War Fired-Up: How Similar Venus is to Faceook’s Libra?

This newest rollout by the organization has managed to attract unanimous praise from members of the association. Which is breath of fresh air and a sigh of relief for the platform as just earlier this month reports suggested that 2 of the firms in the Libra association were considering jumping ship in light of the regulatory issues that Facebook’s project has been facing.

The Bug Bounty Program receives a warmer welcome than Libra itself, however, only time will tell if this program can somehow help Libra in garnering support. It looks like the social media behemoth isn’t ready to back off, despite the regulatory issues; earlier today Facebook hired a Washington D.C.-based PR firm that specializes in regulatory compliance.

READ ALSO: Tackling Libra, China’s Own Crypto Will Also End AliPay & WeChat Pay

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Abeer Anwaar

Abeer holds a Bachelors degree in Media studies and covers blockchain startups for BlockPublisher. An optimist, excels in the art of the written word and swears by the joy of all things sweet. Contact the editor at editor.startups@blockpublisher.com

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