Buglab - Bringing Whitehats and Digital Enterprise Together

It is estimated that the vast majority of large companies have been hacked or breached to some extent in the past, this often leads to the theft of sensitive data including company information and customer data. One of the major reasons for this is the difficulty in finding and executing information security practices due to a shortage of security specialists and risk awareness.

Buglab looks to shake up the system by bringing information security to the mainstream and producing a platform that facilitates the interaction between digital enterprise and a large community of certified cybersecurity penetration testers to produce an arrangement where bug testers, white hats and pentesters are rewarded for identifying security vulnerabilities. 

To do this, Buglab will implement a contest feature, which allows clients to register either a public or private contest on the website. The client simply provides information about itself, details the terms of the contest and are able to define an extensive rule set for their contest, indicating how much funds will be allocated, the terms for participation (and winning) and also restrictions to the types of users that can take part. 

The Buglab platform uses an algorithm that automatically allocates the best pentester for the job, or the client is able to select from a list of users based on a large number of criteria, such as experience, country and skill area. Participants are then rewarded based on how quickly they discover the vulnerabilities and the severity of the issue discovered.

The Buglab Vigilante Protocol

Besides offering a platform for bug testing, Buglab will also be introducing a hacking defense system known as the vigilante protocol. This system allows the submission of vulnerabilities by whitehats for companies that are not part of the Buglab database. Unlike the content system, these bugs are not guaranteed a reward, though Buglab does invite companies to tip or reward those who help to secure their project. In time, it is expected that the vigilante protocol will lead to a better, more secure environment of digital projects, whilst improving the portfolio and credibility of the white hats that contribute to this security. 

The Buglab vigilante protocol looks to allow computer security experts to assist with vulnerability testing for companies not currently running a contest on the platform (source)  

Token Sale

As of writing, Buglab has sold over 34 million tokens, and are offering a 15% bonus on all investments up until the end of the public sale ( 1 ETH = 4,025 BGL). The project is based on the Ethereum platform, using the ERC-20 standard for their tokens. KYC is required for investment, an residents of the USA and China cannot participate.

The Buglab token is transferred between users on the Buglab platform and can be used for a number of purposes including;

• Rewarding contesting winners for penetration testing
• For covering contest costs
• To enable the white hat tipping economy
• To fund the vigilante protocol and Buglab transaction reserve

Our Thoughts

As many of you are aware, cyber security is becoming an increasing concern as hacks, data theft and data brokerage becoming more frequent. However, until now, there has not been a simple way to crowdsource bug testing, instead requiring firms to undergo often needlessly expensive security audits. Buglab now brings pentesting and bug reporting to a massive scale, allowing the millions of white hats to profit from their hobby, whilst allowing certified security testers to find additional clients. 

Overall, we find the Buglab project to be strong. The token sale caps are realistic and fairly attainable, the team has a strong background in security and business development, and the token allocation matrix seems appropriate. Because of this, we give Buglab a solid score of 7.9/10. 

Links and Additional Resources:

Website: https://buglab.io/
Whitepaper: https://bitcointalk.org/index.php?topic=2851719

My Profile:

https://bitcointalk.org/index.php?action=profile;u=721115