You’ll need to go through the source code and decide for yourself if it’s safe for your use or not. If you deem it as safe, you can compile the code yourself and deploy it (as the already compiled code might be different from the source code).
how can i monitor it through some logs(e.g. example access log for incoming connections)? I would like to monitor outbound transfer and what data has transfered?
There are different tools to do that. If you want to block the connections, you can use a firewall.
But if you want to monitor the traffic, you can use tools like Wireshark to capture the packets and see what’s incoming and what’s outgoing.
And as pointed out in comments by @Steffen, the licence does not guarantee any kind of bug/malice free code. What’s bug or undesired feature for you, might be a necessary feature for other.