Buglab: Delivering Unprecedented Cybersecurity Through Blockchain Technology

Georgi Georgiev · June 6, 2018 · 4:00 pm

Harnessing the power of the Ethereum blockchain, Buglab delivers actionable solutions to some of the critical issues currently plaguing the field of cybersecurity penetration testing. After a substantial amount of time of careful preparation, development, and planning, Buglab has finally announced the date of its presale and public sale. The whitelisting process is set to begin on June 10th.

Today’s computing environment has become particularly complex and incredibly dynamic. The hackers’ apparatus portfolio has grown substantially, putting everyone connected to the internet at risk. This has created a substantial demand for cybersecurity professionals that far exceeds the current supply. What is more, it has pushed specialist towards finding new and more efficient solutions to oppose the growing number of security threats.

Growing Field Yet Filled With Issues

A joint report provided by the Global Information Security Workforce Study (GISWS) in 2017, determined that the cybersecurity industry is growing by an average of 11% per year. It is forecasted to reach $232 billion in revenue by 2022 whereas it stood at $138 in 2017.

Yet, traditional penetration testing and bug bounty approaches have proven to have quite a lot of underlying problems, including:

Substantial Cost Inefficiency

Most cybersecurity firms will employ traditional billing models on a per-hour basis or per-vulnerability one. Both models have proven to be widely inefficient and outdated.

Report Irrelevance

The results which are obtained through bug bounty programs are often inefficient and lack substantial value for the client. It is frequently the case that researchers are paid per bug and not per a whole score. Hence, they could only seek out as many bugs as they find necessary and fail to provide an exhaustive report where the whole picture gets clear.

Simple Lack of Resources

Due to the scarcity of qualified personnel, and to cut costs, cybersecurity companies often dedicate a small number of penetration testing professionals to a particular project. The problem with this is that it limits the overall skillset which is leveraged which could cause additional inefficiencies – not to mention overlooked vulnerabilities.

The result? The client is presented with a hefty receipt but little in the way of the results they were seeking in the first place. Opportunities for continuity as well as repeat businesses are completely lost.

Buglab’s Approach: Solving the Issues

Buglab delivers a fully developed cybersecurity platform based on the Ethereum blockchain which is specifically designated to connect organizations needing cybersecurity with a community of seasoned, certified, and professional cybersecurity penetration testers. It brings an incentivized ecosystem where the testers will receive rewards for uncovering system vulnerabilities. Said rewards will be ranked based on a myriad of factors such as severity as well as potential impacts.

This brings serious motivation for researchers to work efficiently and quickly so that they can find the maximum amount of vulnerabilities in the shortest amount of time. If two researchers identify the same issue, only the first will get the reward. Blockchain-based technology is used to accurately timestamp the moment of discovery.

Of course, in order to deliver the extensive number of capabilities needed by the current dynamic computing environment, the platform brings a range of core features on the table. They include but are not limited to:

Public and Private Contest

Once an organization has set forth its requirements and provided the necessary basic information, the community or a private group of contestants, depending on the preferences of the organization itself, will receive an invitation to take part.

Comprehensive Selection Filters

Each contestant’s performance capabilities and previous achievements are to be comprehensively summarized and provided to the company seeking cybersecurity assistance.

Unbiased Mediation

Buglab will deliver objective mediation in order to handle the disputes which may arise during the general conduct of activities.

Incentivizing Leaderboard

How better to motivate someone to perform than to include him in a leaderboard? A dashboard will provide rankings of penetration testers from the existing community based on their performance on the platform and their experience.

Introducing BGL Tokens

Based on the ERC20 standard, the BGL token will be used as the main medium of exchange on the Buglab platform. The token will be necessary for all transactions within the ecosystem, from ordering a contest to rewarding the professionals for the work they’ve completed. Additional functionalities will also exist. The token will also allow organizations to “tip” penetration testers or other white hats on the platform.

Furthermore, tokens will be fully transferable according to the smart contract. Given the fact that the majority of penetration testers, as well as other white hats, don’t really like disclosing their finances to the public, the BGL token seems to be the perfect solution.

The token pre-sale starts on June 30, 2018, with the whitelisting process beginning on June 10 – so mark your calendars!

Solid Foundation

The Buglab project is truly substantiated, as the team has already concluded a massive airdrop including more than 20,000 participants. The bounty campaign is underway as the team is set to take part in the ICO race, aiming to grab the serious $1 million prize on June 7th.

Immediately after that, the team heads to San Francisco, where they will attend the Blockchain Economic Forum from June 16-19th. In July, they will take part in the Dubai International Blockchain Summit.

Furthermore, the project was amongst the few companies selected for the French Tech Ticket. The company did a one-year incubation in Rennes and was formerly received by France’s previous president Francois Hollande.

To learn more about Buglab and to keep track of the latest developments and team events, please visit buglab.io. Announcements are also made regularly on their Facebook page and Twitter. Additionally, you can join the live discussion on Telegram, where you can ask any questions you might have.

Do you think Buglab has what it takes to provide unprecedented cybersecurity through blockchain-based penetration testing? Don’t hesitate to let us know in the comments below!

Images courtesy of Buglab

Bitcoinist does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company.

blockchain technologyBuglabcybersecurityICOsPenetration Testingtoken sales Show comments

Be the first to comment

Leave a Reply

Your email address will not be published.


Privacy Policy

WideBitcoin.com is committed to safeguarding your privacy. Contact us at if you have any questions or problems regarding the use of your Personal Data and we will gladly assist you.

By using this site or/and our services, you consent to the Processing of your Personal Data as described in this Privacy Policy.

Table of Contents

  1. Definitions used in this Policy
  2. Data protection principles we follow
  3. What rights do you have regarding your Personal Data
  4. What Personal Data we gather about you
  5. How we use your Personal Data
  6. Who else has access to your Personal Data
  7. How we secure your data
  8. Information about cookies
  9. Contact information


Personal Data – any information relating to an identified or identifiable natural person.
Processing – any operation or set of operations which is performed on Personal Data or on sets of Personal Data.
Data subject – a natural person whose Personal Data is being Processed.
Child – a natural person under 16 years of age.
We/us (either capitalized or not)

Data Protection Principles

We promise to follow the following data protection principles:

  • Processing is lawful, fair, transparent. Our Processing activities have lawful grounds. We always consider your rights before Processing Personal Data. We will provide you information regarding Processing upon request.
  • Processing is limited to the purpose. Our Processing activities fit the purpose for which Personal Data was gathered.
  • Processing is done with minimal data. We only gather and Process the minimal amount of Personal Data required for any purpose.
  • Processing is limited with a time period. We will not store your personal data for longer than needed.
  • We will do our best to ensure the accuracy of data.
  • We will do our best to ensure the integrity and confidentiality of data.

Data Subject’s rights

The Data Subject has the following rights:

  1. Right to information – meaning you have to right to know whether your Personal Data is being processed; what data is gathered, from where it is obtained and why and by whom it is processed.
  2. Right to access – meaning you have the right to access the data collected from/about you. This includes your right to request and obtain a copy of your Personal Data gathered.
  3. Right to rectification – meaning you have the right to request rectification or erasure of your Personal Data that is inaccurate or incomplete.
  4. Right to erasure – meaning in certain circumstances you can request for your Personal Data to be erased from our records.
  5. Right to restrict processing – meaning where certain conditions apply, you have the right to restrict the Processing of your Personal Data.
  6. Right to object to processing – meaning in certain cases you have the right to object to Processing of your Personal Data, for example in the case of direct marketing.
  7. Right to object to automated Processing – meaning you have the right to object to automated Processing, including profiling; and not to be subject to a decision based solely on automated Processing. This right you can exercise whenever there is an outcome of the profiling that produces legal effects concerning or significantly affecting you.
  8. Right to data portability – you have the right to obtain your Personal Data in a machine-readable format or if it is feasible, as a direct transfer from one Processor to another.
  9. Right to lodge a complaint – in the event that we refuse your request under the Rights of Access, we will provide you with a reason as to why. If you are not satisfied with the way your request has been handled please contact us.
  10. Right for the help of supervisory authority – meaning you have the right for the help of a supervisory authority and the right for other legal remedies such as claiming damages.
  11. Right to withdraw consent – you have the right withdraw any given consent for Processing of your Personal Data.

Data we gather

Information you have provided us with
This might be your e-mail address, name, billing address, home address etc – mainly information that is necessary for delivering you a product/service or to enhance your customer experience with us. We save the information you provide us with in order for you to comment or perform other activities on the website. This information includes, for example, your name and e-mail address.

Information automatically collected about you
This includes information that is automatically stored by cookies and other session tools. For example, your shopping cart information, your IP address, your shopping history (if there is any) etc. This information is used to improve your customer experience. When you use our services or look at the contents of our website, your activities may be logged.

Information from our partners
We gather information from our trusted partners with confirmation that they have legal grounds to share that information with us. This is either information you have provided them directly with or that they have gathered about you on other legal grounds. See the list of our partners here.

Publicly available information
We might gather information about you that is publicly available.

How we use your Personal Data

We use your Personal Data in order to:

  • provide our service to you. This includes for example registering your account; providing you with other products and services that you have requested; providing you with promotional items at your request and communicating with you in relation to those products and services; communicating and interacting with you; and notifying you of changes to any services.
  • enhance your customer experience;
  • fulfil an obligation under law or contract;

We use your Personal Data on legitimate grounds and/or with your Consent.

On the grounds of entering into a contract or fulfilling contractual obligations, we Process your Personal Data for the following purposes:

  • to identify you;
  • to provide you a service or to send/offer you a product;
  • to communicate either for sales or invoicing;

On the ground of legitimate interest, we Process your Personal Data for the following purposes:

  • to send you personalized offers* (from us and/or our carefully selected partners);
  • to administer and analyse our client base (purchasing behaviour and history) in order to improve the quality, variety, and availability of products/ services offered/provided;
  • to conduct questionnaires concerning client satisfaction;

As long as you have not informed us otherwise, we consider offering you products/services that are similar or same to your purchasing history/browsing behaviour to be our legitimate interest.

With your consent we Process your Personal Data for the following purposes:

  • to send you newsletters and campaign offers (from us and/or our carefully selected partners);
  • for other purposes we have asked your consent for;

We Process your Personal Data in order to fulfil obligation rising from law and/or use your Personal Data for options provided by law. We reserve the right to anonymise Personal Data gathered and to use any such data. We will use data outside the scope of this Policy only when it is anonymised. We save your billing information and other information gathered about you for as long as needed for accounting purposes or other obligations deriving from law, but not longer than 1 year.

We might process your Personal Data for additional purposes that are not mentioned here, but are compatible with the original purpose for which the data was gathered. To do this, we will ensure that:

  • the link between purposes, context and nature of Personal Data is suitable for further Processing;
  • the further Processing would not harm your interests and
  • there would be appropriate safeguard for Processing.

We will inform you of any further Processing and purposes.

Who else can access your Personal Data

We do not share your Personal Data with strangers. Personal Data about you is in some cases provided to our trusted partners in order to either make providing the service to you possible or to enhance your customer experience. We share your data with:

Our processing partners:

  • facebook.com
  • google.com
  • bing.com
  • twitter.com
  • pinterest.com

Our business partners:

  • facebook.com
  • google.com
  • bing.com
  • twitter.com
  • pinterest.com

Connected third parties:

  • facebook.com
  • google.com
  • bing.com
  • twitter.com
  • pinterest.com

We only work with Processing partners who are able to ensure adequate level of protection to your Personal Data. We disclose your Personal Data to third parties or public officials when we are legally obliged to do so. We might disclose your Personal Data to third parties if you have consented to it or if there are other legal grounds for it.

How we secure your data

We do our best to keep your Personal Data safe. We use safe protocols for communication and transferring data (such as HTTPS). We use anonymising and pseudonymising where suitable. We monitor our systems for possible vulnerabilities and attacks.

Even though we try our best we can not guarantee the security of information. However, we promise to notify suitable authorities of data breaches. We will also notify you if there is a threat to your rights or interests. We will do everything we reasonably can to prevent security breaches and to assist authorities should any breaches occur.

If you have an account with us, note that you have to keep your username and password secret.


We do not intend to collect or knowingly collect information from children. We do not target children with our services.

Cookies and other technologies we use

We use cookies and/or similar technologies to analyse customer behaviour, administer the website, track users’ movements, and to collect information about users. This is done in order to personalize and enhance your experience with us.

A cookie is a tiny text file stored on your computer. Cookies store information that is used to help make sites work. Only we can access the cookies created by our website. You can control your cookies at the browser level. Choosing to disable cookies may hinder your use of certain functions.

We use cookies for the following purposes:

  • Necessary cookies – these cookies are required for you to be able to use some important features on our website, such as logging in. These cookies don’t collect any personal information.
  • Functionality cookies – these cookies provide functionality that makes using our service more convenient and makes providing more personalised features possible. For example, they might remember your name and e-mail in comment forms so you don’t have to re-enter this information next time when commenting.
  • Analytics cookies – these cookies are used to track the use and performance of our website and services
  • Advertising cookies – these cookies are used to deliver advertisements that are relevant to you and to your interests. In addition, they are used to limit the number of times you see an advertisement. They are usually placed to the website by advertising networks with the website operator’s permission. These cookies remember that you have visited a website and this information is shared with other organisations such as advertisers. Often targeting or advertising cookies will be linked to site functionality provided by the other organisation.

You can remove cookies stored in your computer via your browser settings. Alternatively, you can control some 3rd party cookies by using a privacy enhancement platform such as optout.aboutads.info or youronlinechoices.com. For more information about cookies, visit allaboutcookies.org.

We use Google Analytics to measure traffic on our website. Google has their own Privacy Policy which you can review here. If you’d like to opt out of tracking by Google Analytics, visit the Google Analytics opt-out page.

Read more about cookies on our Cookie Policy

Contact Information

email: contact@widebitcoin.com

Changes to this Privacy Policy

We reserve the right to make change to this Privacy Policy.

You can configure your Internet browser, by changing its options, to stop accepting cookies completely or to prompt you before accepting a cookie from the website you visit. If you do not accept cookies, however, you may not be able to use all portions of the WideBitcoin Websites or all functionality of the Services.

Please note that disabling these technologies may interfere with the performance and features of the Services.

You may also disable cookies on the WideBitcoin Sites by modifying your settings here:

Visitor comments may be checked through an automated spam detection service.

Last Update: May 25, 2018