Blockchain Platform Buglab Hosts Cybersecurity Challenge with Two Million Dollar Reward
In an attempt to enhance data security, Buglab, a platform powered by Ethereum, is hosting a series of contests to change the conventional way of searching for security anomalies by cybersecurity professionals.
Cybersecurity testers will be pitted against each other and the clock to search for weaknesses and loopholes. In return for discovering these vulnerabilities, the testers will be rewarded for their efforts and observations. The company has also expressed interest in securing digital asset exchanges through a reward pool totaling two million dollars.
Buglab hopes to break through the existing issues with cyber security testing- such as overpricing and unreliable reports- through the series of competitions it plans on hosting. As many security experts will go head to head while attempting to complete the tests provided by Buglab, this opens many windows into potential insight provided by the testers which will only prove to benefit cybersecurity in general.
Vigilante protocol is a program designed by Buglab as a means of allowing ethical hackers to report any weaknesses they find within the system. In return, Buglab will operate alongside CERT’s on a global scale to provide any information discovered and prevent these exposures from occurring anywhere else.
Rewarded For Efforts
The company intends on lending its services to others free of charge, with ethical hackers participating in its Vigilante program being rewarded for their efforts through digital assets raised by the framework.
Online hackers seem to be prevailing over security experts as they constantly adapt and evolve past any new security measures implemented to protect assets. Cybersecurity professionals are struggling to keep up with the speed and creativity hackers are displaying with each passing day.
Another major issue is the limited workforce of security professionals, as opposed to the persistent rise in online criminal activity.
Gartner, another research and consulting agency, expects that at least $100B is needed to maintain cybersecurity in 2018 while Buglab insists that its new service will aid the constantly growing needs of the cybersecurity business. Buglab will provide its services to many companies, and explains that several of these businesses remain completely oblivious to vulnerabilities within their own protection programs.
The company consists of a wide array of digital expertise related to crypto-tech. Buglab’s own currency, known as the BGL, serves as the sole overseer of all transactions performed on the company’s own blockchain. Researchers, whitehat hackers, and other employees are also rewarded for their actions via BGL.
The company plans on producing more than 400 million tokens to fund an asset allocation event, with over 170 million of these tokens shared. With plans on launching a beta phase of its framework to the public, quick decisions to privatize the release were made after the latest hacks on a number of exchanges.
Exchanges participating in the event will receive $10,000, with an added bonus of another $10,000. Should an exchange emerge with no weaknesses in its system, the experts behind each exchange will be awarded in digital assets once the event is concluded.