Supporters of Facebook's new cryptocurrency project Libra have now launched a bug bounty program that is aimed at further improving the security and stability of the digital currency.
The initiative reportedly will give participants as much as $10,000 for any security researcher that comes forward with potential bugs and issues that are found within the Libra project.
The program was launched by the Libra Association, a nonprofit organization comprised of companies that are interested in supporting Facebook's new blockchain-based digital currency. Some of the more well-known companies that are part of the association include Visa and PayPal.
The Libra Association had announced plans for the bug bounty program earlier in the year. The program officially went live Tuesday this week.
Libra Association member Diogo Monica, explained in a statement to the media that the amount that will be given to security researchers will be completely variable.
This means that the rewards will be based on the type of bug or issue that will be found and its potential impact on the digital currency ecosystem.
The decision to launch the program was made unanimously by members of the Libra Association. The program was apparently in line with the values of cryptocurrency and the community in general, given how it allows everyone to work together to come up with a better product that everyone can use.
Under the program, any member of the public can now join the association's more than 50 external security researchers to search for and report any vulnerability in the code. Opening up the open-source aspects of the project will allow Facebook to tap into a pool of researchers with diverse perspectives and expertise. The association also hopes that the program will further foster public trust in the project.
Despite the enthusiasm and excitement of the potential launch of the new cryptocurrency, there are still some concerns over possible hurdles that could stop it in its tracks. Some members of the Libra Association had recently decided to pull out, citing possible regulatory concerns.
A number of global regulators have already expressed their concerns following Facebook's announcement of its plan to launch its own cryptocurrency.
The House Financial Services Committee in the US had released a statement over the weekend expressing its concerns on the possible impact of Libra on global markets and economies. The agency's head, US Representative Maxine Waters, mentioned in the statement that she was concerned about allowing a large tech company to establish its own privately-controlled currency.
