A company that needs the services will have the opportunity of selecting verified pentesters based on certain criteria or use the pool of pentesters by publishing their contests on the platform where the pentesters will be notified to participate. As the contests continue, the vulnerabilities discovered by the pentesters is sorted through Buglab’s triage system to identify the duplicates before the company is notified, thereby giving them the opportunity to get only the most relevant reports. Companies can either manage their challenges on the platform themselves or use the services of Buglab’s team by choosing from the types of content management systems (Basic, Pro and Enterprise). They may request for client-managed contest if they do not want to give sensitive information to the pool of pentesters. This will be done through the blockchain such that even Buglab’s team will not have access to the information. There is a leaderboard that ranks the pentesters on the platform according to experience, qualifications and other useful metrics so that companies can easily find participants for their private challenges.
And then the pentesters are rewarded according to the potential impact of their findings and the time it takes them to find them by using the Common Vulnerability Scoring System 3 (CVSS3) standard (For more information about the CVSS3, see their whitepaper. Therefore, the participants are motivated to thoroughly and efficiently carry out the needed tasks. The system is unique because the vulnerability reports offer companies the opportunity to request the help of the pentesters in solving the challenges.
Buglab will reserve 10% of funds realized from the contest to the Vigilante Protocol that will reward hackers for carrying out different ethical hacking tasks on enterprises not on the Buglab’s platform to prevent hacking and hence reduce the spate of cybercrime. This is especially useful because these hackers uncover security issues the companies are not aware of that can negatively impact them. Here the companies are invited to reward the hackers (which cost little compared with the potential damage the black-hat hackers can bring). The Vigilante Protocol Reserve will also compensate third parties that play an intermediary role and also pay the transaction costs on the Ethereum blockchain. The Buglab Token (BGL) will be used for all transactions on the platform.
Only 425 million tokens will be available of which 170 million is reserved for token sales. Currently, their presale event is ongoing. BGLs can be purchased at a price of $0.15 with 25% bonus (a minimum contribution of 6.67ETH is required) which will close in 22 days. All remaining tokens not sold on the presale will be available for public sale for a period of one month in four phases.
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