What are BGL Tokens?
A token on the Ethereum blockchain is a digital asset that is held inside a token contract, in trust for a wallet address.
The buglab token, identified as BGL, is based on the ERC20 standard for blockchain tokens.
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BGL tokens are required for all transactions in the buglab ecosystem, from ordering a contest to rewarding pentesters and whitehats.
Buglab leverages the power of the Ethereum blockchain to enable attainable, versatile, and reliable penetration testing for digital enterprise solutions. The platform links organizations that have information security needs with a community of certified cybersecurity penetration testers in an incentivized environment. At the center of buglab's ecosystem, there are two programs - the Buglab Contest and Vigilante Protocol , helping companies all over the world to discover and fix vulnerabilities
Blockchain Security
The method offered by Buglab deploys expertise and smart contracts across the blockchain.
A blockchain is a thread of digital records across which different types of data are stored. Together, these distributed (or decentralized) records make up a database similar to the pages of a large ledger book. These virtual ledgers are hosted across many servers, which helps verify and authenticate any given transaction. It is an intense numerical process, across many machines hosted by countless participants, or miners. See also Advantages of Using the Blockchain to Reshape Pentesting.
Methods of Fighting Cybercrime
Traditional options for fighting cybercrime are not feasible for small businesses and organizations. The cost of two common strategies outlined here rapidly becomes out of reach for all but large enterprises.
Penetration tests performed by a cybersecurity consulting firm:
Requires that clients pay for the service in terms of total billable hours, regardless of the test results. The majority of penetration tests performed by consulting firms are done by one, maybe two pentesters. This means that the client is only able to take advantage of the methodology and skillset of two consultants.
Bug Bounty challenges:
Information security researchers are paid on a per-vulnerability-uncovered basis. Companies often end up getting charged to fix issues not entirely consequential to their revenue or customers. This is described in more detail in the next section.
The Buglab Solution
The Buglab platform links organizations that have information security needs, which is just about all of them, with a community of certified cybersecurity penetration testers in an incentivized environment, where testers are rewarded when they uncover system vulnerabilities, ranked by severity and potential impacts. It’s done as a race against time. Importantly, finding unique vulnerabilities is ranked above simply producing a list of issues.
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.
Fix Companion
At the Enterprise level, Buglab will verify that the fix has been implemented. Buglab will attempt to verify (exploit) the vulnerability again. When confirmed as fixed, a Buglab team of analysts will update the status accordingly in the platform. A “fix” can be declined by Buglab to give the company a chance to address the vulnerability again. The company will be allotted up to five attempts to address the vulnerability issue
Through the entire duration of the challenge companies can chat with pentesters and access reports, they will be able to implement recommendations to remedy the vulnerabilities in real time. This is especially useful if the vulnerabilities and the associated fixes are time sensitive. Companies need not wait until the end of the contest to implement a fix.
Service Levels
For a fixed price, Buglab will organize penetration tests done by experts pre-approved by our team. Highlights of the features with the three service levels are provided in the following table.
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.
Token Allocation
This diagram depicts plans for the token distribution. These values highlight the various functions the token will serve. They include the sale itself, the buglab Vigilante Protocol Reserve (VPR), which is funded in a continuous manner by systematically acquiring ten percent of contests, and product development.
buglab ICO Review
A token on the Ethereum blockchain is a digital asset that is held inside a token contract, in trust for a wallet address.
The buglab token, identified as BGL, is based on the ERC20 standard for blockchain tokens.
BGL tokens are required for all transactions in the buglab ecosystem, from ordering a contest to rewarding pentesters and whitehats![bag.png]