Facebook is trying to get more external contributions for its Libra cryptocurrency project, starting with an error reward program that will pay security researchers up to USD 10,000 for the work.
A new reward program
The Libra Association, a nonprofit organization backed by a coalition of companies such as Visa and PayPal, that are interested in supporting the new Facebook blockchain ecosystem, announced on August 27 its plans for the development of this rewards program.
According to Diogo Monica, co-founder of Anchorage and member of the Libra Association “There is a variable amount of error-based rewards. This is excellent for the Libra community, and also consistent with the values of the security-linked community of the information”.
The Libra error reward program attracted unanimous praise from the members of the Association and is considered an important political step, even beyond the technical benefits. This taking into account that the Financial Times reported earlier this month that two of the Association’s member companies could withdraw completely due to regulatory concerns.
In this regard, the representative of the USA. for the 43rd California congressional district, Maxine Waters, who heads the House of Representatives Financial Services Committee, issued a new statement on Sunday repeating its concerns about “allowing a large technology company to create a global currency alternative and privately controlled ».
Within that context, encouraging voluntary contributions to the open-source of the project may be more important than ever. Consequently, the Libra Association is expanding the beta program with 50 external researchers. The idea is to welcome any member of the public to report potential vulnerabilities in the code, through a partnership with the error rewards platform, HackerOne.
Aanchal Gupta, security director of Calibra said:
“We expect developers to bring a diversity of perspectives and experience to this initiative while maintaining the Libra blockchain platform at the highest level of security.”
These rewards programs offer significant value to the project both for the ideas they contribute and for the public trust they generate. On this, the communications leader of the Libra Association, Dante Disparte, added that the Libra test network is still in development. Therefore, the vulnerabilities found now could significantly affect the final version.
The head of policy of the blockchain analysis firm, Chainalysis, Jesse Spiro, said that some of the initiatives that the Libra Association is taking are very progressive. “Having problems that are already beginning to be identified, because they are very proactive and strategic, is a good thing,” he said.
Generally speaking, there are already developers who are experimenting with the Libra test network, including dozens of teams that applied to the Israel-based Libracamp Program, which is not officially affiliated with Facebook.
Regarding regulatory concerns, Disparte concluded the press release, related to the new bug rewards program, clarifying that they will not launch Libra Blockchain until all regulatory concerns have been taken into account and the required approvals have been received.
A regulation struggle for Libra
Recently, a US lawmaker noted that concerns continue even after meeting with regulators in Switzerland, the host country of the Libra Association.
According to the report, Congresswoman Maxine Waters says that the meetings held were “useful for understanding the status, complexity, and magnitude of Facebook’s plans.” However, doubts about whether to allow a large technology company to create an alternative global currency that is privately controlled persist.
However, this does not mean that Facebook has been paralyzed by worries. It was recently announced that Calibra has decided to strengthen its compliance team while the company tries to convince the world’s regulators that they pose no threat.
In fact, the company has been searching for a specialist in charge of creating policies, procedures, and controls that ensure that Calibra is fully compatible with the requirements of regulators. In addition, it also seeks the additional intellectual capacity to comply with all general Calibra legal compliance efforts. In general, the website currently lists 27 jobs available only for Calibra, of the 47 available jobs related to Facebook Blockchain technology.
Therefore, it seems that Facebook is making the greatest possible efforts in order to obtain the best professionals who are able to take the crypto project hand in hand until it can see the light.
Regulators have not made it easy. In fact, an antitrust investigation on Calibra in the European Union was recently opened, which, as expected, did not facilitate the matter. However, Facebook remains more active than ever and with its head held high. In fact, he has decided to hire a Lobbying company. According to the media, John Collins, partner of FS Vector, will be the one who will have the arduous task of doing Lobbying for Facebook.