Platform to Launch Security Audit Contests
Buglab, which is an Ethereum Blockchain-powered platform is working in the sector of information security by coming up with a new method of finding flaws into challenges — or “contests” — for certified cybersecurity testers. They are implementing a deadline for these experts to find the short-comings; hence will be rewarded for their joint discoveries. Buglab is hosting the testings with a reward pool of $2 million in the hope that it will secure cryptocurrency exchanges.
To list few of the current problems of traditional security testing: cost inefficiency, lack of resources and irrelevance in reporting are to name a few. If several cybersecurity researchers compete against each other to complete the task, it would benefit the clients. The testers could also add in-depth analysis of any issues discovered.
Alongside the contests, Buglab has a program called Vigilante Protocol where ‘whitehat’ hackers can exchange information regarding what they have discovered as system vulnerabilities. Buglab aims to work with computer emergency response teams (CERTs) worldwide to ensure that the vulnerabilities are not repeated in other instances.
Buglab wants to help companies and wants to reward whitehat hackers by the Vigilante Protocol reserve, which will be funded by 20 percent of the tokens created by the platform.
Buglab’s white paper claims that their service will provide a “unique, competitive, incentivized and easy-to-use platform to address this widespread and growing business need.” The fact that many companies who have cybersecurity systems in place may not be aware of gaps or weak spots in their defenses was highlighted by Buglab.
Buglab were finalists in the ICO RACE in Lugano, Switzerland, and pitched themselves to the Blockchain Economic Forum in San Francisco in June.
Buglab claims that their team has a vast range of experience and expertise in blockchain and crypto. Alexander Belokon who is the backend developer has worked in the code for over 15 years. Founder and CEO Reda Cherqaoui has worked in a range of tech environments — from banks to electronics.
BGL, which is the platform’s own crypto token, is based on the ERC-20 compatible token, and is the source of power of all transactions in the Buglab ecosystem, and serves as a reward incentive for researchers. Buglab will be running a token distribution event (whitelisting required) from June 30, 2018, for a period of four weeks.
The company claims that it will create 425 million BGL tokens, of which, 40 percent, or 170 million will be assigned to the token distribution event. The BGL token sale price is locked at $0.15 for the duration of the token sale. Buglab will offer participants a 25 percent token bonus during the presale.