Technology

Libra Association announces new bug bounty program

The program aims to reduce the concerns about the cryptocurrency raised by the U.S Congress and G7

Libra Association announces new bug bounty program
  • As an answer to the governments’ concerns, Libra Association will offer a  $ 10,000 reward for those who find critical failures in the testnet code
  • The program started with a selection of 50 security researchers and is now open to the public
  • HackerOne, a vulnerability identification platform, is hosting the bug bounty program

Since the official announcement, Facebook’s cryptocurrency has been the target of several critics in governments of the U.S and European countries. Despite Facebook’s bad reputation about privacy and data control, the biggest concern is that Libra could be used for money laundering and criminal activity. These risks were reinforced during a G7 meeting in July, when Finance Ministers discussed the need for tighter regulation of the cryptocurrency after its official launch. 

To change the game in its favor, Libra Association is launching a new bug bounty program that will pay a $ 10,000 reward for those who find critical failures in the Libra testnet code, according to Venture Beat

Libra is expected to officially launch in 2020, although the Libra Association’s head of policy and communications, Dante Disparte has explained in a statement that “our hope is that people around the world can turn to Libra for their everyday financial needs, so the infrastructure must be dependable and safe. It’s important to note that the Libra Blockchain remains in testnet, which is an early-stage version of the code that is far from final.” 

The program started with a selection of 50 security researchers with earlier experience in blockchain technologies and has now been opened to the general public. The program can also count with the expertise of HackerOne, a vulnerability identification platform that is used by huge companies such as General Motors, Twitter, Starbucks, Dropbox, and even the US Department of Defense, having been selected to host the process.