Facebook’s Libra Association, a coalition of companies like Visa and PayPal supporting Facebook’s blockchain program on Tuesday announced a bug bounty program to involve external participation. The association will offer security researchers, a sum of up to $10,000 for reporting critical bugs.
“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.
Despite constant pressure from the regulatory authorities, Facebook is moving forward with the program. The company had already invited 50 external security researchers to study the cryptocurrency ecosystem before conducting this open challenge.
There’s a need for the companies to rule out any bugs before launching its services because once it is open to the public, the issue would be hard for the company to resolve, as it requires a company to release multiple security updates.
Libra still stands miles away from the actual game, as it still has to go through a series of regulatory and security approvals before it can see the light. But the bug bounty program shows Facebook’s confidence in the program and that they are aware of the potential threats and are ready to deal with it cautiously.