Cryptocurrency

Facebook Offers Experts Big Bucks To Find Libra Bugs

Facebook Libra

Facebook’s Libra cryptocurrency project is working with HackerOne on a bug bounty for applications built on its blockchain, TechCrunch reported on Tuesday (Aug. 27).

They’re offering up to $10,000 to anyone who can find code flaws in projects developed on the foundation’s testnet.

As regulators call for a delay of the social media giant's cryptocurrency project, Facebook is moving forward, pointing to the bug bounty program as evidence it is taking security seriously.

“We are launching this bug bounty now, well before the Libra Blockchain is live. 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,” said Libra Association Head of Policy and Communications Dante Disparte in a statement. 

“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. We remain committed to taking the time to get this right and we will not launch the Libra Blockchain until regulatory concerns have been taken into account and required regulatory approvals have been received,” he added.

Although there is no guarantee Libra will get the green light to launch, the bug bounty is intended as a gesture that security is important.

“As Libra moves towards mainnet launch, this is an important step that shows the association is thinking about security actively and in a progressive way,” said Aaron Henshaw, chief technology officer of Bison Trails, a blockchain infrastructure service provider and partner in the Libra Foundation.

U.S. House Financial Services Committee Chair Maxine Waters met with government officials in Switzerland about Libra and said she remained concerned about the viability of the currency. Despite meeting with the regulatory body for the proposed cryptocurrency, the implications of a large tech company providing a digital currency for billions of people still troubled her. 

“While I appreciate the time that the Swiss government officials took to meet with us, my concerns remain with allowing a large tech company to create a privately controlled, alternative global currency,” Waters said.

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