ICO Analysis: AntiHACK
As more and more businesses increase their online presence, their exposure to online security threats increases as well. The security of their online presence has to be protected and thus cybersecurity becomes mandatory for them. For instance, a small souvenir shop might do well with some security gaps, but it hardly is the same with big corporations. To enhance security, they usually appeal to top cyber security firms, yet in some cases, they ask for help from external sources. For example, bug bounty campaigns can be created and tech-savvy people that find any security vulnerabilities are rewarded in return for their efforts.
In popular culture, hackers are people who abuse a computer’s security flaws for their own benefit. Yet this is not an accurate image as there are people called white hat hackers who specialize in penetration tests and other methods and test a computer system’s security. To find these security holes, white hat hackers work solo or in groups and employing them is proven to be a cost-effective method for such tasks.
Still, it is not easy to connect with a white hat hacker as many choose to stay anonymous. Also, in bug bounty programs with smaller scales, the organization running the campaign might not be willing to pay the reward at the very end. In order to solve these problems, a group of white hat hackers has created a democratic and decentralized project called AntiHACK.
In the spirit of anonymity, AntiHACK provides private transactions. A hall of fame feature is also used as a reputation system in the platform, so that white hat hackers who complete bug bounty campaigns in the platform get more recognition. One final thing to note is that the project has a long roadmap as the main-net is planned to be launched in the last quarter of 2019.
The ATH token is used for transactions within the platform and every service and bug bounty programs are paid for in ATHs. Although ATH will start as an ERC-20 token, the team is planning to move to a side-chain later. Doing so will allow the team to enhance security to protect white hat hackers’ personal information.
The initial total supply of ATH is 2,000,000,000 tokens with the following token distribution:
- 50% ICO
- 25% reserves
- 15% community
- 5% advisors and partners
- 5% hacker challenge
The team is planning to use the token sale proceeds as follows.
- 5% legal and finance
- 5% admin
- 5% security
- 5% PR and comms
- 5% research
- 10% marketing
- 20% business development
- 45% product development
COO Andy Prakash: Prakash has worked at Certis Group.
Jan Leow: Leow was a senior business development executive at Voyager Innovations.
Michael Ang: Ang has worked as a regional director at Xirrus and as the vice president of enterprise networking at Alcatel Asia Pacific.
Shane Chiang: Chiang is the head of marketing of HMD Global’s APAC division. He previously has worked at honestbee and HTC.
Ong Jun Hao: Hao is a consultant at ConsenSys and advisor at Kinguin.
Benjamin Mah: Mah is the director of digital transformation at Oracle. Previously he has worked at IBM and CA Technologies.
Nizam Ismail: Ismail is the head of compliance at Morgan Stanley Southeast Asia. Previously he has worked at Lehman Brothers, Citi and Monetary Authority of Singapore.
Below is a breakdown of the risks and growth potential of AntiHACK.
- Very niche project, implying that there will likely be a very small audience to use the platform and low demand for ATH tokens. (-1)
- A hard cap of $60,000,000 for such a project seems way too high. (-2)
- Multi-signature wallets are used as an escrow service. Prior to starting a bug bounty campaign, the organization sends ATH tokens to a multi-sig wallet which the AntiHACK team and the organization the have private keys of. Both keys are required to have access to stored funds, so it is not possible for the organization to refuse to pay the promised bounty after the campaign starts. This is actually a quite smart use of multi-sig wallets. (+3)
- The team consists of many white hat hackers. (+2)
As more and more businesses move online, cybersecurity becomes a more important issue. Small businesses such as souvenir shops might not suffer that much due to cybersecurity vulnerabilities, but this hardly is the same with big corporations as even a very small and hard to detect vulnerability can be very costly. To test their systems, these organizations usually run bug bounty campaigns to get the help of white hat hackers. Still, it is hard for these organizations to connect with white hat hackers, which AntiHACK aims to address. However, the project will likely appeal to a niche audience, implying a low demand for ATH tokens. Also, the hard cap of $60 million is very high. Multi-sig wallets are used for escrow services in a quite smart and impressive way, solving an important problem of the current bug bounty market. The ICO investor should also note that the team consists of many white hat hackers. AntiHACK receives a 2/10.
- Type: ERC20 – Utility
- Symbol: ATH
- Platform: Ethereum
- Crowdsale: Unspecified
- Minimum Investment: Unspecified
- Price: $0.05
- Hard Cap: $60,000,000
- Payments Accepted: Unspecified
- Restricted from Participating: Unspecified
Featured image courtesy of Shutterstock.