Platform to Launch Security Audit Contests for Crypto Exchanges With $2 Million Reward Pool

An Ethereum blockchain-powered platform Buglab aims to strengthen information security by transforming the process of finding vulnerabilities into challenges - or "Contests" - for certified cybersecurity testers.

Buglab also plans to secure cryptocurrency exchanges, by hosting the testings with a reward pool of $2 million.

In 2017, data from a Global Information Security Workforce Study projects that by 2022, there will be a shortfall of 1.8 million information security workers.

With Gartner predicting the need for $93 billion spent on information security this year, Buglab's white paper claims that their service will provide a "Unique, competitive, incentivized and easy-to-use platform to address this widespread and growing business need." They highlight that many companies that already have cybersecurity systems in place may not be aware of gaps or weak spots in their defences.

According to the company's website, the diverse team behind Buglab has a vast range of experience and expertise in blockchain and crypto.

The platform's own crypto token, BGL, is based on the ERC-20 compatible token, and is used to power all transactions in the Buglab ecosystem, and as a reward incentive for researchers.

According to the company, in total Buglab will create 425 million BGL tokens, of which, 40 percent, or 170 million will be allocated to the token distribution event.

Buglab will offer participants a 25 percent token bonus during the presale.

The company says they planned to release public beta version of the platform in Q3 2018, but due to the recent hacks of Bithumb an Coinrail exchanges the team decided to release a private beta and host security testing on crypto exchanges for free.

If no vulnerability is found the exchanges will get $10,000 to make them able to run a security contest later.