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Buglab (BGL) ICO Review – ICO Token News

Overview

Buglab will offer a unique, competitive, incentivized, and easy-to-use platform to address this widespread and growing business need. Buglab will assist companies, whether in IT, financial services, or in retail, to identify and mitigate cybersecurity gaps they may not (but should) know about. The solution makes cybersecurity services accessible to even the very smallest enterprises that typically lack both the resources and budget to tackle cybersecurity vulnerabilities using traditional means. The Buglab platform detects and remedies vulnerabilities on various business applications, websites, mobile applications, Internet of Things (IoT) devices, and smart contracts by transforming penetration test services into challenges, referred to as contests, for a community of independent information security consultants with certified qualifications.

Core Features of the Buglab Platform

The Buglab platform enables customers to either use the mass of pentesters or choose a validated team from a known company. Teams must include no fewer than five pentesters. A variety of customizations are available, specific to your organizational needs. Some of the features envisioned are highlighted next.

Public Contest

Once a company has provided basic information and launched the contest, the community receives a public invitation to participate.

Private Contest

Clients also have the option to choose a select number of pentesters from the community or choose a validated team from a known cybersecurity firm to complete the challenge.

Selection Filters

Clients have the option during a private challenge of selecting pentesters using different filters. These include country, score, skillset, etc.

Triage System

Vulnerabilities reported go through our sorting system to identify duplicates before landing on the customer’s dashboard. The customer is guaranteed to only get notified about relevant submissions.

Reports

The company receives reporting on it’s security contests. This feature summarizes each contest’s performance and allows the client to graphically compare the security status and progress of its assets.

Client-Managed

The company can choose from three types of contest management (Basic, Pro, and Enterprise). In the case of the latter, the client is responsible for sorting, classifying and grading reports.

Mediation

When a customer opts to manage their challenge themselves, a pentester from the community can ask for mediation from Buglab. This mediation may be required in the event that a pentester deems the score or validation to be inaccurate. A Buglab team can obtain details regarding the cause of the disagreement and evaluate it impartially.

Leaderboard

A dashboard offers ranking of pentesters from the community according to experience and results on the platform. This provides greater visibility for the best pentesters and makes it easier to select participants for a private challenge.

Chat

Every vulnerability report is a chance to engage in conversation with pentesters and to obtain their help fixing it.

Fix Companion

At the Enterprise level, Buglab will verify that the fix has been implemented.

Advantages Of Using The Blockchain To Reshape Pentesting

Disintermediation

For a transaction to go into effect, it has to be approved by all the miners, which verify the transaction’s validity. Only then the transaction can be incorporated into network nodes on the blockchain. Adding new blocks requires a consensus between the network’s players. This process renders control by a third party obsolete.

Security

The code for each new block is built on that of the block that precedes it in the blockchain, in such a way that modifying a single block would involve changing all of the blocks in the chain, which is impossible. Within a blockchain, the blocks as a whole are replicated across nodes on the network and don’t reside on an individual single server. This decentralized architecture acts as a structural defense against data theft. The data on these blocks are protected by a number of innovative cryptographic procedures to prevent modification after the fact.

Autonomy

Within a blockchain, servers and supporting architecture are dispersed across the network. The blockchain is ideally independent of third-party services. Miners allocate a portion of their machines’ calculating power to compute algorithms required to validate transactions. This work is rewarded. In a Buglab contest, the first miner to validate a block wins tokens. This opportunity for financial gain encourages powerful competition. For uncovering cybersecurity threats, this method provides value to the client.

Smart Contract

A smart contract is an “If this, then that” logic. It verifies that the goal has been met and then enables a digital transfer. The terms of the contract are not changeable after the fact, although the parties involved in the transaction still retain access. The competitive nature of contests make them a crucial part of accelerating exchanges. In this environment, pentesters will discover and communicate vulnerabilities quickly.

The Buglab Token

The Buglab Token (BGL) is being introduced to incentivize penetration testing in the blockchain environment. In the context of the Buglab experience, token exchange occurs in the following scenarios:

  • To reward contest winners— up to the top three in rankings, or as customized by the client.
  • To cover the cost of a contest, including transaction costs.
  • To enable and tokenize “tipping” functionality for white hats.
  • To fund both the VPR and BTR.
  • To reward CERTs and CSIRTs for triaging of vulnerabilities and help build new partnerships.

The BGL ICO Token is based on the ERC20 standard for blockchain tokens. As illustrated in the following figure, the token will be required for all transactions made within the ecosystem, including ordering a contest.

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Team

  • Reda Cherqaoui
    Reda Cherqaoui
    Reda Cherqaoui
    Founder, CEO
  • Youness Aamiri
    Youness Aamiri
    Youness Aamiri
    Blockchain Develope
  • Alexander Belokon
    Alexander Belokon
    Alexander Belokon
    Backend developer
  • Azdine Bouhou
    Azdine Bouhou
    Azdine Bouhou
    Software Architect
  • Konstantin Bditskikh
    Konstantin Bditskikh
    Konstantin Bditskikh
    Frontend Developer
  • Amine Bioudi
    Amine Bioudi
    Amine Bioudi
    Full Stack Developer
  • Dalal Cherqaoui
    Dalal Cherqaoui
    Dalal Cherqaoui
    Marketing and
    Communications Manager
  • Herve Schauer
    Herve Schauer
    Herve Schauer
    Advisor

Milestones

  • 1
    March, 2016
    Development Begins.
  • 2
    February 2017
    French Tech Ticket. Acceptance and Team Relocation.
  • 3
    June, 2017
    IBM Global Entrepreneur. Program Acceptance
  • 4
    November 2017
    Partnership with CERTs & CSIRT Begins.
  • 5
    Q2 2018
    Public Pre-sale Opens
  • 6
    Q3 2018
    Public Sale Opens
  • 7
    Q3 2018
    Blockchain Migration
    Begins
  • 8
    Q3 2018
    Public Beta Release
  • 9
    Q4 2018
    Launch of Contest &
    Vigilante Protocol

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