The Libra Association, which is in charge of the cryptocurrency
project, will pay up to $10,000 for any critical vulnerabilities that will be
discovered. These critical vulnerabilities include cryptographic implementation
flaws which allow for the bypassing of signature validation.
Additionally, virtual machine flaws which allow the
alteration of the execution of smart contracts written in Libra’s own Move
language are classified as critical vulnerabilities.
Libra Vulnerabilities Pay
Security researchers who discover vulnerabilities whose severity is categorized as high will receive $5,000. The discovery of medium-level flaws will earn security researchers $1,500. The bug bounty for low-level flaws is $500. Libra Association estimates that it will reward the bounties in 14 business days after receiving a report and carrying out an investigation.
Libra testnet’s been
put to the test before
This is not the first time the Libra Association is inviting
security researchers to poke holes into its cryptocurrency’s testnet with a
view of testing its robustness.
After announcing the cryptocurrency in June, the Libra Association invited 50 security researchers possessing expertise in blockchain technology to scrutinize the platform. This is what has allowed the project to get to a level where the bug hunting can be broadened.
Prior to the release of the Libra mainnet, the testnet, which is still in the early prototype stage, is currently using a digital currency that possesses no real-world value.
Pleas by U.S. Congress fall on deaf ears
Despite the pushback that Facebook has received over its cryptocurrency plans from all across the world, this is just the latest sign that the social media giant has elected to plunge ahead against all odds. When the co-creator of Libra appeared before the U.S. Congress last month, he indicated that the cryptocurrency would not be launched until after regulatory concerns had been addressed.
He, however, made no promises to halt the development of the cryptocurrency despite a plea by the U.S. Congress to do so.