Blockchain-Based Security Service in Development

Buglab aims to strengthen information security by transforming the process of finding vulnerabilities into challenges for certified cybersecurity testers.

Buglub Blockchain-Based Security Service

It is said that cybersecurity remains a big problem for organizations around the world. As soon as cyber professionals adopt new methods to block hackers, the criminals find new methods and the race continues. And the latter are winning, with the lack of manpower on the security side causing this disbalance. According to data from a Global Information Security Workforce Study, there will be a shortfall of 1.8 million information security workers by 2022.

One company thinks a blockchain-based service could help this problem… Here’s what’s it all about…

Using contests to entice cybersecurity testers

The name of that project is Buglab, and it aims to strengthen information security by transforming the process of finding vulnerabilities into challenges — or “contests” — for certified cybersecurity testers. The process would include time limits for these experts to find vulnerabilities, and appropriate awards for every challenge solved. The company also wants to help secure cryptocurrency exchanges, by hosting the testings with a reward pool of $2 million.

Buglab claims this approach can help overcome the current problems of security testing — including cost inefficiency, lack of resources and irrelevance in reporting. Clients on their end would benefit from the fact that not one, but multiple cybersecurity researchers would be testing their software or network, while providing them with in-depth analysis at the end of the process.

Buglab’s white paper describes the offering as “unique, competitive, incentivized and easy-to-use platform to address this widespread and growing business need.”

In addition to cybersecurity researchers, Buglub plans to engage “whitehat” hackers through a program called Vigilante Protocol to entice them to share what they have discovered as system vulnerabilities. From there, the company would work with Computer Emergency Response Teams (CERTs) worldwide to ensure that any vulnerabilities found are not repeated in other instances.

Baglab says their service will be offered for free to companies, while whitehat hackers will be rewarded by the Vigilante Protocol reserve, which will be funded by 20 percent of the tokens created by the platform.

Buglab, the company

The Buglab team has a vast range of experience and expertise in blockchain and crypto. Founder and CEO Reda Cherqaoui has worked in a range of tech environments — from banks to electronics — helping internet giants such as Google and Yahoo find vulnerabilities for free. In 2011, his platform called Agatha reportedly found a flaw in the security system of Facebook, which gave access to users’ accounts without passwords.

Recently, Buglab was one of the finalists in the ICO RACE in Lugano, Switzerland; and has pitched its service to the Blockchain Economic Forum in San Francisco, from June 16 to 19.

The company planned to release public beta version of the platform in Q3 2018, but due to the recent hacks of Bithumb an Coinrail exchanges, the team decided to release a private beta and host security testing on crypto exchanges for free.

The Buglab token

Like any other blockchain platform, Buglab has its own cryptocurrency. Marked as BGL, it is an ERC20 compliant token, used to power all transactions in the Buglab ecosystem, as well as a reward incentive for researchers.

Buglab has started a token distribution event on June 30, 2018. that will last for four weeks. During the period, a total of 425 million BGL tokens will be created, 40 percent of which — or 170 million — will be allocated to the token distribution event. The BGL token sale price is locked at $0.15 for the duration of the the token sale. Participants will be offered with a 25 percent token bonus during the presale.

In addition, every exchange will get the enterprise plan of $10,000 and $10,000 as a bonus. If no vulnerability is found, the exchanges will get $10,000 to run a security contest at a later date. The reward will be paid to researchers in tokens after the sales end.

Going forward, Buglab will launch the public sale in Q3, when the blockchain migration and the public beta release will take place, as well. The fourth quarter will see the launch of Contest and Vigilante Protocol.

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