ICO Analysis: HACKEN.IO
Blockchain technology has the ability to revolutionize large sectors of the economy. However, it is way to volatile at the moment to go mainstream. Since 2009, over 25% of all bitcoin exchanges have been hacked. Companies get hacked every day, its their worst nightmare, enter Hacken.
Hacken is a new ecosystem consisting of 5 different parts. Basically what they do is offer a place for companies to get their cybersecurity tested and fixed. Hacken is also a place for “white hat hackers” to get paid to do what they do best. Until now, hackers were basically black hatted crooks, who would find vulnerabilities in products, and sell them on the black market to bad actors. Hacken looks to switch that up, they want to pay the hackers to do good.
Here’s how Hacken describes what they do:
“Hacken provides individualized service based on the unique code of each client, as well as their cybersecurity perimeter. The platform offers a wide range of customization options for each bug bounty program. Hacken organizes and manages the bug bounty program, and companies enjoy better application security through a network of security experts.”
All the work the hackers do is timestamped, and logged. Once a bounty program is completed, the customer will be awarded a certificate which shows his product is protected.
The following is a quick summary of each part that makes up the ecosystem. Keep in mind, the HKN token is the only currency accepted. Its what runs the entire ecosystem!
- Zero-day Remuneration Platform: Here is where hackers can sell vulnerabilities they found in certain systems. Before Hacken, the only place for hackers to sell these “zero day exploits” was in black hat hackers marketplaces. Now they have a better option.
- The HackenProof Marketplace: A bug bounty marketplace where anyone can send their code to be tested for vulnerabilities by white hat hackers.
- CyberSecurity Analytics Center: A research and analytics platform that will act as a supporting function within the ecosystem. The results of the research will be made available by subscription or direct purchase.
- The HackIT Conference A yearly international cybersecurity forum, that features the best new talent in the hacking industry competing for prizes. This is very unique for a token , and will help the community grow in so many ways, just beautiful.
- The Hacken Accelerator: An incubator that will nurse the creation of startups within the hacken ecosystem. Birthing new projects into the market thru Hacken! me likey.
(It’s important to note The Hacken Accelerator will not be a part of the ecosystem if they Hacken project doesn’t raise at least 85% of what they are asking ($20million)
The HKN token is the lifeblood of the entire ecosystem.
- 20 million token fixed supply. 1.3 million for pre-sale ,15 million for token sale, 3.7 million for the team
- Token allocation: 80% to hacken marketplace devp, 10% team remuneration, 7% advisors, 3% bounty program
- Bonus for main token sale: first 4 hours=25% , 2 days =20%, 3-7days=15%, 1-2 weeks =10%
- The Burning Model: This is where things get very interesting. Hacken has designed a unique way to pay back investors without violating the Howey test.
Hacken is based in “the silicon valley of the east” Kiev, Ukraine. As of now, the team is made of 6 experienced executives, 2 of them are important math doctors. All of them are legit.
Dmytro Budorin, their Lead manager and CFO, stood out.
After watching a few of his interviews, and seeing some of his connections, theres no doubt he’s capably ambitious.
Found some interesting info on dmytro. Just 2 months ago he was CEO of Ukrinmash (a ukranian military related company) . They made a strategic parnership with Infopulse (ip video surveillance) and Remme (another cool ICO related to cyber security)
I emailed Hacken, and asked them about this. They said that Dmytro is no longer working for Ukrinmash, although he is still well connected to the Ukrainian military. I also talked to the Remme representative in telegram who told me they are still partnered with Ukrinmash, Dmytro no longer works there, and they are “just friends” with Dmytro. The reason im so concerned with this is because what Remme offers is a possible game changer. Im shaky on the tech talk, but they are making it so passwords and emails are no longer needed. That means no more phishing!. This would be huge if Hacken was able to land a partnership, and start using this technology. HUGE!
Hacken.io is a unique, and needed concept. The timing is perfect, with enigma (one of the most promising ICOs of 2017) getting stomped into the ground after phishers hacked their ICO. They are now stuck in “sketchy” territory in the eyes of traders…
- There is a chance the HKN token doesn’t sell out. A decent sized chance, because they only sold 75% of what they offered in the pre-sale. If they dont reach the 16 million out of 20 million milestone the Hacken Accelerator wont be built, and thats the coolest part.
- Their only average community and marketing may prevent the token price from taking off right away. Tho the community will surely grow, as long as the project does. And there wont be many presale dumpers since only 1.5 of the 20 million tokens were sold in the presale.
- Are companies going to trust Hacken enough to allow them to dig into their system for vulnerabilities ? Are we to just blindly believe they are actually the “good guys” just because they wear white hats? What if they start using customers systems to mine Monero… or worse, SiaCoin!
- Blockchain cybersecurity is a huge issue, and will only get bigger. Hacken is one of the first to arrive, and they are coming hard. This is a fairly under the rador ICO, which i like to look for. Better chance to grow if it starts out small and unheard of, than if it starts out capped and overhyped
- The token is the lifeblood of the Hacken ecosystem. Low supply is great, Token price is good, $1, bonus is pretty good 10-25%
- They are very active, Dmytro is a go getter. They are already partnered with TaaS fund, and just recently announced a strong partnership with a cool new ICO, Neuromation, Their goal is to police blockchain cybercrime thru machine learning and pattern recognition.
- The incubator is the icing on the cake. They are going to allow new projects to build out of their ecosystem, thats huge!
- Token price will definately pop off once they start meeting their road map goals. Also, there are certain photos, and other evidence of Hackens potential out there that will probably cause price jumps when they start to circulate.
(hacken team with John Mcafee)
Sunny , with a small chance of rain. The rain will come if they dont reach all their funding milestones. They need to promote their project harder, and build a bigger community. I recommend maybe waiting until the 20% bonus area (day 2) to see how likely they will sell out.
They have a great chance of succeeding as a company. With all the updates, partnerships, and conferences (as well as the low token supply and cool burning method) seems like a darn good investment to me. For me, it’s a 7.5 out of 10.
- Type: Crowdsale
- Symbol: HKN
- Pre-sale: ended (but can buy now from whitelist)
- Opening Sale: Oct 31
- End Date: Nov 30
- Total Supply: 20 million
- Payments Accepted: BTC, ETH, DASH, LTC, USD, EUR, TaaS
- Platform : ETH
Featured image courtesy of Shutterstock.