Facebook is offering up to $10,000 for any bugs found in their cryptocurrency project Libra.
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“There’s a variable amount of rewards based on bugs,” said Diogo Monica, Anchorage cofounder and Libra Association member.
“This is great for the community; this is consistent with the values of the community in general.”
The nonprofit Libra Association, backed by an alliance of companies, including PayPal and Visa, stated their interest in supporting Facebook’s blockchain network, announcing plans for the new bug bounty project.
On Sunday, Rep. Maxine Waters (D-Calif.), head of the House Financial Services Committee, released a statement repeating her apprehensions regarding “allowing a large tech company to create a privately controlled, alternative global currency.”
The Libra association is increasing their beta program with 50 third-party researchers waiting for public comment on vulnerabilities in the code.
This is being facilitated through a partnership with the HackerOne bug bounty platform.
“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,” Aanchal Gupta, security director at Facebook subsidiary Calibra, said in a statement.
Bounty programs like this are commonplace within the cybersecurity sector and allows growth of both public trust and insights.
“Some of the initiatives that Libra Association is doing is very forward-thinking,” stated Jesse Spiro, head of policy at the blockchain analytics firm Chainalysis.
“Having problems that are already beginning to be identified, by being very proactive and strategic, is a good thing.”
Several developers have been experimenting with the Libra testnet, including the dozens of teams working on the Libracamp program based in Israel.