Facebook announced that the tech giant and its associated partners moving forward with the Libra cryptocurrency project. It is a big announcement because a few months back, this Libra project had to deal with difficult levels of scrutiny from government regulations and the company was told to suspend the project as it could possibly turn into a threat to the global financial system.
Facebook has invested a lot of time and money to develop Libra so it is undeterred. In order to address the financial system threat issue pointed out by the government regulators, Facebook announced a big bug bounty program. This shows how determined Facebook is regarding Libra and to what extent it can take responsibilities.
Facebook made an announcement of up to $10,000 as its bug bounty program. If any cybersecurity expert finds some flaw in the coding developed in testnet then he will be awarded. However, it should be noted that the launch of the bug bounty program for testnet is not yet commercially viable as Libra is not yet officially launched.
In a press release, Dante Disparte, Head of Policy and Communications, Libra Association said “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.”
Also mentioned “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.”
Aaron Henshaw, Chief Technology Officer of Bison Trails commented: “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.” Bison Trails is a blockchain infrastructure service provider and a partner of Libra Foundation.
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