The headline phrase for the Buglab project is “Cybersecurity Penetration Testing on the Ethereum Blockchain”.
The idea is that it will use Ethereum to allow for versatile and reliable testing for digital enterprise solutions.
The platform will connect companies with a global network of cybersecurity experts.
The private sale of tokens is currently underway at the time of writing, with a planned end date of August 4, 2018.
The main ICO sale is scheduled to run from August 11 through to September 11, 2018.
We can more fully understand the Buglab ICO by looking at the details provided on their website, as well as on supporting documentation such as the White Paper.
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Token: BGL tokens
Hard Cap: $20 million
Payment Methods: ETH
Total Cap Size: 425 million BGL tokens (170 million for sale)
Technology: Buglab contest and Vigilante Protocol programs connected to an Ethereum-based platform.
Private Sale: Completed on August 4, 2018
Public Sale: August 11 – September 11, 2018
The idea is that this project is split into two different aspects. First of all, comes the Buglab contest element.
A company that wants to search for security issues opens up a contest on the platform.
The certified testers who take part in the contest are then in a race against time to find weaknesses in the company’s systems.
The company gets a comprehensive testing report and the testers are rewarded for their work.
The other aspect is the Vigilante Protocol program.
What this does is give a way for anonymous whitehats to share any discoveries that they have made, ethically, in terms of vulnerabilities.
These issues can then be notified to the companies at risk and the whitehat rewarded.
Project Use Case
The Buglab White Paper gives us a lot of details on how this platform would work in real life situations.
The company that wants to look for security issues can open either a public or private contest.
They can use a set of filters to ensure that they get a team of testers that meets their needs. The dashboard will show the relevant issues that have been found.
According to Buglab, there is a long list of possible security vulnerabilities that can be uncovered in this way.
These include malicious SQL injections to re-route database content, authentication bypass vulnerabilities, unprotected file uploads, and a range of other matters.
Buglab Team Overview
A total of 7 members of the Buglab Management Team are mentioned on their site.
They are led by Founder and CEO Red Cherqaoui, who is based in France.
He is described as a cybersecurity expert, and his LinkedIn profile shows that he was previously the CEO of Achilles Security in Morocco.
Alexander Belokon is the Backend Developer and Youness Aamiri is their Blockchain Developer.
Other job titles covered include those of Software Architect, Frontend Developer, Full Stack Developer, and Marketing & Communications Manager.
There are currently only two Advisors listed on the Buglab site. This is a lower number than expected, so it will be interesting to see if they add further Advisors over time.
At the moment they have got IT security expert Herve Schauer and cryptocurrency expert Alexander Reay on board.
How The Token Works
A total of 425 million BGL tokens will be generated, with 170 million of them for sale. This is an ERC20 coin with an initial price of $0.15 in the public sale.
This token will be used on the system to pay for transactions and also to reward the top testers in each contest.
Whitehats can also be rewarded in this way for discovering vulnerabilities.
What Do Investors Gain
As usual, this ICO is aimed at people who see value in the project and want to get in early while the coin costs little.
In this respect, it is good to see that there are a number of interesting bonuses for early investors.
The public sale has 4 tiers, with a 20% discount in the first 24 hours gradually reducing to 0% from week 3 onwards.
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Opportunities & Risks
The Buglab team state that the global demand for cybersecurity professionals currently exceeds demand.
In addition, smaller businesses often lack the budget and resources to deal with this matter effectively.
Their platform aims to allow even small enterprises to fully check their systems for weaknesses.
With a reported $93 billion being spent globally on information security in 2018, this is a growing industry with a lot of potential.
In terms of the risks, we can see the usual standard points about forward-looking statements and so forth. Perhaps the biggest risk in this case is that it simply isn’t as widely adopted as hoped for.
This is a product that seems to have a fairly limited appeal, as it is a niche market.
It also has to be said that there is the risk of not enough testers taking part.
With each project to be run as a contest, there is the risk of a tester not receiving a reward even if they carry out their work diligently.
ICO SIGNALS :
There is no doubt that the global cybersecurity industry is growing and offers scope for further growth.
Yet, the first question we need to ask is whether it is an area that needs to be decentralized in order to provide benefits to the companies and testers.
At the moment, it appears that not enough has been done to truly convince their target market to switch over to this platform. There are some benefits mentioned but are these going to get enough people to adopt it?
The team working on Buglab certainly has experience in cybersecurity and coding. However, it seems to be a small team with very few Advisors.
To improve their chances of success it would make sense to bring in extra team members with additional, relevant skills.