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October 31 2017

ICO Alert Report: Hacken

ICO Alert Report: Hacken

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What is Hacken?

Our main goal is to unite the best white hat hackers and CS professionals of the world under the Hacken Ecosystem and build a bug bounty marketplace based on blockchain with its own token, HKN. Buying HKNs will allow one to receive high-quality cybersecurity services at an attractive price.
— The Hacken Team


ICO Alert: How does the Hacken token (HKN) function within the platform and why is it needed?

Hacken: The big idea behind Hacken is that it turns each owner of HKNs into a community member. Because HKN is a specialized software utility token that is primarily focused on cybersecurity professionals and projects, it will also bring these people together by providing incentives for doing business with one another and for investment in cybersecurity startups. These people will need to communicate and interact with each other in order to make use of their Hackens. The more vibrant the community is, the more value it delivers to each member.
Also, we will apply the burning principle to manage volatility and liquidity of the token. According to this approach, half of commission from each transaction will be deactivated forever. Thus, it provides additional value to the token holders.

ICO Alert: There are several different programs and platforms working within the Hacken Ecosystem. Can you outline and describe how these function cooperatively within Hacken?

Hacken: The Hacken Ecosystem consists of the HackenProof bug bounty marketplace, Unreported Zero-Day Remuneration Platform, Hacken Cybersecurity Startups Incubator, Cybersecurity Analytics Center, and HackIT Conference. Our ecosystem will allow customers to acquire high-quality penetration test services and vulnerabilities assessments for their products. The whole process, as well as our findings, are timestamped and published to the blockchain-based HackenProof Vulnerabilities and Countermeasures Certificate, uniquely issued for each project.

ICO Alert: What is the relationship between Hacken and the HackIT cybersecurity conference? Can you detail the importance of the HackIT Cup?

Hacken: HackIT Cup is an annual conference held by Hacken with the goal of promoting ethical hacking across the globe and to find the best young and skilled CS professionals around the world to hire them. This competition also strengthens personal and professional relationships among members of the CS community.

ICO Alert: The Mt.Gox and Bitfinex hacks are two of the more infamous hacker-related events in the brief history of cryptocurrency. What is the threat level to both exchanges and individual users going forward?

Hacken: With the rapid development of technologies, hackers are provided with more and more opportunities to steal personal data or assets. Basically, it is a reason why we believe that the issue of low cybersecurity standards must be addressed in a centralized manner.

ICO Alert: You mention Ukraine several times in your whitepaper. How have recent state-sponsored hacks in the country shaped the direction of Hacken?

Hacken: To be more specific, the majority of middle-sized and large enterprises in Ukraine were significantly damaged by recent attacks of hackers. Actually, this case grabbed our attention and encouraged us to address the threat of the dark web because promoting awareness of this subject is now a matter of the country’s survival, given Petya.A, the forced power grid blackout of 2015, and other state-sponsored cyber attacks likely to be inflicted.

ICO Alert: What are some of the current issues white hat hackers face and how will Hacken look to alleviate these burdens?

Hacken: Nowadays, it’s not always easy for white hat hackers to provide their services due to a lack of anonymity, transparency of the working process, and ambiguous legal status of their activity. For example, a customer can refuse to pay for vulnerabilities threatening to sue a bounty hunter for violating its cyber protection. In turn, blockchain can easily resolve this problem through smart contracts. Eventually, dedicated cryptocurrency can ensure the full anonymity of a CS researcher.

ICO Alert: There are other cybersecurity marketplaces? Why Hacken?

Hacken: There are two reasons: Primarily, the existing companies provide a limited scope of CS services. The existing CS companies sell complex solutions that can be expensive for SME. Secondly, the scope of hacking approaches grows every day, thus, new solutions for them must be invented. In turn, Hacken will satisfy the needs of both parties by creating a global bug bounty marketplace where white hat hackers can work remotely using their skills in accordance with the current demand. For businesses, they will be able to order a certain CS service according to their needs and budgets.

ICO Alert: The Ethereum network has occasionally suffered from slow transaction times. Is there any concern that this may affect the Hacken platform?

Hacken: Not really. Taking into consideration the progress of Ethereum since its creation, we are deeply convinced that this platform will overcome all possible obstacles related to the slow transactions.

ICO Alert: As a non-Hacken question, we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3–5 years?

Hacken: We believe in blockchain and the crypto world. So we think that in 3–5 years, cryptocurrencies will be officially accepted by the world. Bitcoin will replace gold as the most risk-free asset. In turn, ICOs will evolve as well, thereby, cutting off scams and irrelevant projects.

ICO Information
HKN tokens will be available for main ICO sale starting on October 31, 2017 at noon GMT. The ICO will run for one month and ends November 30, 2017 at noon GMT, or when the entire ICO sale allocation of HKN tokens have been sold.

USD, BTC, ETH, and TaaS will be the accepted forms of currency. The purchase price is 1 HKN token = $1. If the minimum cap is not reached, funds will be returned to the original investor. Visit the Hacken website for more information and the contribution address.

ICO Bonus:
Hour 1–4: 25% token bonus
Day 1–2: 20% token bonus
Day 3–7: 15% token bonus
Week 1–2: 10% token bonus

Token Distribution Information
During the main ICO, 18,700,000 HKN tokens will be available for distribution out of a total supply of 20,000,000. Upon completion of the ICO, all unallocated HKN tokens will be destroyed. There will be no additional HKN token emission after ICO completion.

The Hacken whitepaper is available for additional details regarding distribution.

80%: Hacken marketplace development
10%: Team members
7%: Advisors
3%: Bounty program

Use of ICO Proceeds
Minimum Milestone
1.5 million HKN
15%: HackIT conference
85%: HackenProof platform

Target Milestone — 10 million HKN
5%: HackIT conference
65%: HackenProof platform
15%: Cybersecurity big data analytics platform
15%: Unreported zero-day auction platform

Maximum Milestone — 20 million HKN
5%: HackIT Conference
40%: HackenProof platform
10%: Cybersecurity big data analytics platform
30%: Unreported zero-day auction platform
15%: Cybersecurity products acceleration and incubation

Dmytro Budorin, CFO
Dmytro has worked for Deloitte for eight years in various accounting, audit, and project management positions. Currently, he is an executive within Ukraine’s military defense industry after its large scale reform was launched by the government in 2014–2015. While at Deloitte, Dmytro won the Deloitte CIS Audit Challenge with his audit of a Big Data SAP solution, which was widely implemented in CIS offices and increased project efficiency.

Dr. Yegor Aushev, COO
Yegor holds a Ph.D. in high energy physics from DESY, Hamburg. He is the author of 22 scientific papers in this field. Since 2015, Yegor is the CEO of Information Security Group, a boutique cybersecurity firm providing penetration testing, data protection services, and information security audit.

Nikita Knysh, Community Director
Nikita specializes in cybersecurity training for various government institutions of Ukraine. He is the CEO of ProtectMaster, one of Ukraine’s oldest and reputable cybersecurity firms. Mykyta is a cybersecurity advisor to the Administration of the President of Ukraine and cofounder of HackIT Conference.

Andrii Matiukhin, Hackenproof Technical Director
Andrii has 13 years of experience in cybersecurity. He worked for corporate customers, integrators, and successfully drove complex technical solutions for a dozen projects in several countries for corporations, government agencies, banks, and the International Olympic Games Committee. He is a certified expert in a number of technologies, including such vendors as CheckPoint, Cisco, and Juniper Networks. His role in this project is to provide technology leadership for developing, integrating, and supporting the HackenProof platform.

Vladimir Taratushka, HackIT Conference Director
Vladimir studied informational and economical security. He has been involved in online moneymaking with mobile payment content providers and CPA networks. Vladimir built a distributed affiliate mining network. He is also the founder of a web development company and, co-founder of the HackIT Conference.

Olga Samoilova, Public Relations Manager
Olga is a speaker for the Hacken project at global conferences. She has more than 10 years of parliamentary debating experience and has won several international debate tournaments.

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(1) Hacken Website, Hacken, (2017)

(2) Hacken Whitepaper, Hacken, (2017)

Topics: Blockchain, ICO, Cryptocurrency, Investing, Hacker