Premium drinks
Buglab – an Ethereum-based platform

Buglab is an Ethereum-based platform that connects companies with a global network of expert cybersecurity researchers. At the center of their ecosystem, there are two programs – the buglab contest and Vigilante Protocol, helping companies all over the world to discover and fix vulnerabilities on their digital solutions or assets. 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.

Blockchain Security

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. Yet even on the blockchain, by design a less vulnerable environment than centralized systems, the appeal of monetary gain in the blockchain environment is enticing attackers. The equivalent of nearly $8 million was stolen from CoinDash in July 2017, all within minutes of the ICO launch, as reported by CoinDesk, an industry publication. CoinDash, which offered an exchange platform for decentralized trading, saw the digital assets syphoned as a hacker simply took over CoinDash’s official website and replaced the corporate Ethereum address with his own Ether wallet address.

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.

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 is 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.

Source: youtube/Buglab


For more information, visit the WEBSITE or read the Whitepaper.

No comments so far!
Leave a Comment