Facebook and its supporters are driving the social giant’s Libra cryptocurrency project to the next level. In the most recent declaration, the Libra supporters told that HackerOne has been working with Libra experts on a bug bounty program.
Despite the release of suspension orders by the government regulators, the company is still working on its cryptocurrency projects even after being familiar with the potential risks it could pose to the global economy.
In a bug bounty program, the company has set a reward of $10,000 for identifying flaws in the codes in the designed project available on Testnet Explorer. However, the Testnet-associated program is not possible to be launched commercially.
Different people have different opinions over the company’s bug bounty program. Some are envisioning the launch as a surfeit of caution, while others are calling it as a security assurance stunt to calm the policymakers and public regarding the platform, whose launch is not yet confirmed.
On a related note, Facebook’s renowned cryptocurrency platform, Libra, has been facing some regulatory issues. Due to this, three long-term sponsors, who have been backing the project from earlier this year, are now looking to step back, reported by the Financial Times a few days back.
However, Facebook along with 27 supporters officially announced its plan for Libra in June 2019. Since then, policymakers have been pressurizing the social media giant that offenders will misuse the cryptocurrency, which could even hamper the fiat currency. The European Union is also supposedly investigating if the new virtual currency could violate antitrust laws with its global domination. On the other hand, Facebook uttered that it would launch cryptocurrency only if all the policymakers will give a green signal.
Facebook expects that Libra will be commercially launched by June 2020. Besides this, the company has also formed a group with the name of Libra Association, particularly for governing the cryptocurrency.
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