The Facebook nonprofit association that is responsible for Facebook’s new cryptocurrency system which is called Libra, announced that they will pay any researchers who can identify security flaws in the technology underpinning the digital currency.
During the Facebook new bug bounty program which will be available on Tuesday, users can earn up to $10,000 if they can find a critical flaw. Depending on the quality of vulnerability, users can earn more or less prize.
Dante Disparte, head of policy and communications of the group, which is known as the Libra Association mentioned that “We are launching this bug bounty now, well before the Libra Blockchain is live,”
He also mentioned that “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.”
Facebook and its 27 partners which include Uber, Visa, and Spotify, first announced the cryptocurrency in June. The association is planning to have 100 members by the time the cryptocurrency launches.
After Facebook’s announcement, social media has faced pushback from regulators and lawmakers who are worried about the consequences of using this cryptocurrency by criminals in terms of money laundering. Some of the cryptocurrency’s backers due to increases in regulatory security are looking at distancing themselves from the project.
Disparte also mentioned in the statement that the code for the Libra Blockchain hasn’t been finalized yet and the company won’t launch it until “regulatory concerns have been taken into account and required regulatory approvals have been received.”
The bug bounty program for the Libra is started to be tested in June with around 50 researchers before opening it up to the public.