The public bug bounty was announced in a blog post by Libra’s head of development. He said the prize is designed to uncover any weaknesses in the cryptocurrency’s underlying blockchain.
He wrote that, when we built the Libra blockchain, security was top of mind. If people are going to rely on Libra for their everyday financial needs, it is critical that the infrastructure behind it is dependable and safe.
“The security community is encouraged by our program. They would dig deep, helping us find even the most subtle bugs… Participants can receive up to $10,000 in rewards for discovering the most critical issues.”
The bug bounty program will allow any hacker to earn the reward
A common tactic employed by tech companies are bug bounties. They use bug hunters to find issues with their software. So that they can’t be exploited by hackers for malicious purposes. Facebook’s bug bounty program for its social network has paid out more than $7.5million since it launched.
Google launched the vulnerability rewards program in 2010 and provides cash rewards to security researchers who report vulnerabilities in Google code. The company stated that they’ve received around 8,500 vulnerability reports and paid rewards over $5 million (£4 million).
Also, technology giant, Microsoft admitted that it paid $4.4 million to hackers as bug bounties in the past 12 months. The technology giant confirmed this at the Black Hat 2019 security event in Las Vegas.
Facebook first unveiled Libra earlier this year, alongside 27 other companies. Among those firms are PayPal, Mastercard and Visa. They combined with Facebook’s huge reach could see the cryptocurrency achieve mainstream adoption.
With more than 2.5 billion users around the world of Facebook-owned apps like Instagram and WhatsApp, Libra could well surpass the reach of traditional cryptocurrencies like bitcoin.
Libra has tough competition…
Before it can even compete with bitcoin. However, Libra will first need to overcome a number of regulatory challenges in Europe and the US.
Last month, US lawmakers called for an immediate halt to Libra’s development, with democrats on the House Financial Services Committee. They written to Facebook CEO Mark Zuckerberg outlining their concerns about Libra.
The systematic risks that endanger the US and global financial stability could be posed. If products and services like these are left improperly regulated and without sufficient oversight.
“These vulnerabilities could be exploited and obscured by bad actors, as other cryptocurrencies, exchanges, and wallets have been in the past.”
The bug bounty program should help to keep hackers from breaching Libra when it goes live on Facebook’s WhatsApp and Messenger platforms next year. Before then, however, Facebook has to find a way of stopping regulators from derailing the project before it even begins. Unluckily for Facebook, these ‘bugs’ are much harder to squash.
The release date of Libra has not announced. The association behind it originally said that it hoped to roll it out in the first half of 2020.