Buglab Will Launch Security Audit Contest For Cryptocurrency Exchanges With a Reward Pool of $2 Million USD
An Ethereum platform called Buglab has recently announced a contest to improve the information security by creating challenges that will engage people in finding vulnerabilities on the system. Certified cyber security testers will participate in this “game” and have time limits to discover vulnerabilities in the software and be awarded by their discoveries.
The company believes that, by using this method, it will be able to overcome the current problems of security testing that plague the whole industry like the inefficiency of the money used to conduct the tests and pay the testers, lack of resources and irrelevant reporting. By receiving a lot of money, these testers would be engaged and give in-depth analysis of the issues of the platform.
Buglab’s Vigilante Protocol
The company has also created something called the Vigilante Protocol in addition to these contests. In this program, whitehat hackers share their discoveries with the company and the company would use its team to correct these problems as soon as they were reported.
Unlike the content, the rewards for this program would be smaller but the service would be active for more time and anyone could profit from relating problems to the company.
An Effort To Address Cyber Security Gaps
Recent data from the Global Information Security Workforce Study shows that by 2022 there will be a huge shortfall of security workers. In fact, 1.8 million of them will be in demand as the market is not able to grow as fast as the online hackers. This is certainly a war that security is losing, as the hackers are getting more and more inventive in ways to hack systems and security is having a hard time to stop them.
Buglab’s main goal is to carve its place on the market as a company that offers cost-effective solutions that can help companies that need services of data protection and security. This way, it will be able to help other companies to identify their security breach problems and close these gaps.
The founder and CEO of the company is Alexander Belokon, which has worked in this area for more than 15 years. The company was a finalist in the ICO Race which has recently happened in Lugano, Switzerland.
Buglab Token And Road Map
Buglab is already running its own Initial Coin Offering, which will last until the end of July. The company’s token, BGL, will be based on the Ethereum blockchain and use the ERC20 standard. It will be used to power transactions on the ecosystem of the platform and used as a reward incentive. Whitelisting will be required for the people who want to invest in the company.
The company will create 425 BGL tokens and 40% will be distributed during the ICO. The price of the tokens is $0.15 USD for the duration of the sale.
Previously, Buglab has planned to released an open beta in the following months but after the recent hacking of Bithumb and Coinrail, the company decided that it would be a better idea to release a private beta and host the security testing on cryptocurrency exchanges for free for now.
The contest will start at the end of the year together with the Vigilante Protocol.