The social networking giant, Facebook, is leaving no stone unturned to make its well-planned cryptocurrency, Libra’s, launch a massive success.
In its attempt to induce an increased amount of external contributors to its much-anticipated project, Libra, the Libra Association has announced a ‘Bug Bounty’ program which promises to pay security researchers a hefty amount of $10,000 in return for exposing the vulnerabilities in the decentralized network.
The spearhead in a press conference stated that their team is confident to present a secure, compliant, and reliable cryptocurrency in the market only after getting the security reassurance. Mr. Marcus added that the launch of Libra currency would be followed by routine conversations with the lawmakers and financial houses as and when required.
In its attempt to make the blockchain bug-free, the Libra Association has teamed up with HackerOne bug bounty platform under which it allowed its 50 external researchers to appoint any person from the public to point out the potential drawbacks in its blockchain security.
Aanchal Gupta, the security director at Facebook subsidiary Calibra, in her statement, clarified that,
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.
“Having problems that are already beginning to be identified, by being very proactive and strategic, is a good thing,” quoted Jesse Spiro, head of policy at Chainalysis while praising Facebook’s ‘Bug Bounty’ program.
According to an official statement from the firm, the Bug Bounty program will foster a safe, secured, and successful launch of Libra as it will ensure a scrutiny check of the blockchain by the skilled professionals prior to the long-awaited launch of the cryptocurrency.
To facilitate transparency and accountability, Facebook promises to display some of the best and crucial reports given the professionals testing the decentralized portal. However, the showcase is only possible after receiving permission from the concerned reporter. This step will help the investors to get a thorough understanding of the blockchain network, its critical issues, along with the substantial solutions.
Apart from getting informed about the blockchain setbacks, the program offers lucrative rewards to the bug scanners. These rewards are expected to go to a whopping amount of $10,000 for recognizing the issues which the company allocates as ‘critical issues.’
The launch of Libra will surely be a breakthrough in the financial world as it will put forward the span of virtual currency in a highly susceptible arena, i.e., the social networking platforms.