Jun 18, 2018
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.
Attention. There is a risk that unverified members are not actually members of the team
BUGLAB is an Ethereum based platform that connects with a global network of experts cybersecurity researchers. Through its major components of buglab contest and vigilante protocol, the platform helps companies all over the world to discover and fix vulnerabilities on their digital solutions or assets.
The platform use enables the clients to easily fix any vulnerability on their digital assets through the improved cybersecurity. This makes it viable and I would highly put my investment on it.
Differentiation: It is stated that the current issues with bounty programs today are due to the costs and the sub-par results.The platform will utilize a scoring system which will incentivize pentesters (penetration testers) to increase their score by uncovering a high number of significant vulnerabilities.The platform lists the following features for the Buglab solution:
– Public Contest– Private Contest– Selection Filters– Reports (performance summary)– Mediation (customer service)– Triage System (duplicate identification)– Client-Managed (three levels of contest management: basic, pro, enterprise)– Leaderboard– Chat– Fix Companion (enterprise: bug fix verification)
Notable differentiating features of the platform are fairly weak. The scoring system is not specifically outlined and other major features of the platform are primarily discussed in broad terms.
Market Penetration Potential: There are a number of competitors in this sector that are much further along. The platform does not provide many notable features that would indicate the the project will effectively distinguish itself from the competition
Solution Advantage: Competitive advantages of the platform are outlined in the whitepaper as follows:
– First to market (for pay-per-vulnerability payment model)– Verified researchers (hand-picked accredited global researchers)– Time-limited (time-limited contests)– Money-back guarantee (retrieve the paid contest fees if no bugs are found)– Identity protection– Bug fix assurance (mediation)
Most of the advantages seem contrived and overall the advantages of the platform are fairly weak, especially considering the lack of detail provided in the whitepaperp with regards to these aspects of the platform.
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