Since Facebook unveiled its Libra project in June, it has faced opposition from regulators, financial institutions, and governments from around the world. However, Facebook is striving relentlessly to ensure that the Libra project conforms to all set regulations. It wants to solve all issues before it is launched sometime in 2021.
In that context, the Libra Association has opened its bug bounty program to the public. The Association opened this program to tackle security challenges in advance before Libra starts operating.
Developing the Operations Area
This announcement came through a post on Libra’s website on Aug. 27. According to that post, there was emphasis that the expansion of that program may help Libra to gain widespread acceptance. Moreover, it will promote values that are critical to the Libra Association including transparency, openness, and global access.
In turn, it will guarantee that challenges will reduce significantly when the project finally launches next year. The Libra Association stated that it hopes opening this bug bounty program to the public will encourage many individuals with diverse backgrounds and skills to test the security levels of the Libra blockchain.
Is this the right time?
According to another blog post on Libra’s website on August 27 by Michael Engle who is the head of the developer ecosystem at the Libra Association, participants can earn up to $10,000 for discovering any critical security issues. Engle also explained the motivation for this expansion:
“We want to help our researchers uncover issues while the Libra Blockchain is still in testnet and no real money is in circulation.”
Concluding the post, Engle meticulously paraphrased Facebook’s David Marcus’s refrain to Congress about taking all the necessary time to do this right.
Strikingly, Libra’s official announcement of this bug bounty program does not mention Facebook. Many commentators and analysts believe that the social media giant is spearheading the Libra Association. Facebook’s involvement in the Association’s activities has become a major sticking point with many regulators. For instance, one US congressman referred to the Libra mockingly as a ‘Zuck Buck.’
Responding to these concerns, David Marcus tried to reassure the public that:
“Facebook will only be one among over a hundred members of the Libra Association by launch.”
Security and regulatory concerns have made it to the forefront of Libra and Facebook’s efforts to launch their new virtual currency. Earlier on August 27, reports emerged that Facebook hired a new Washington DC-based PR firm that specializes in regulatory compliance. If there are any security issues with the Libra Project, the developers believe that they will be unearthed through the bounty program.