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What is Hacken?
Some companies invest so little cybersecurity that they never know when cybercriminals are targeting them. Some, like Apple, invest millions of dollar every year. Others are willing to invest in cybersecurity but have few resources and they don’t know who to hire.
Hacken is a decentralized blockchain-based ecosystem for ethical hackers. The Hacken community held an ICO late in 2017, and by early 2018, Hacken token was available on the Yobit decentralized exchange.
Beneath the Hacken token, is a platform that wants to connect companies with cybersecurity experts. Like many blockchain networks, Hacken hopes to eliminate third parties entities that previously raised the cost of acquiring ethical hacking services.
The Hacken platform encompasses 5 main components that will be achieved at different quarters of 2018 and 2019.
The Launch of Hacken
In July 2017, Budorin Dmytro, Nikita Knysh, and Yegor Aushev conceptualized Hacken, a decentralized ecosystem for white-hat hackers. By September, the team had developed an MVP that could be used to attract investors for the project.
The Ukraine-based team soon held an ICO based on several concepts. For one, Hacken would be an Ethereum dApp whose vision was to connect ethical hackers directly to companies that need their services. This would help eliminate middlemen, lower the costs for the company and raise the wages of hackers.
Second, 80% of the funds raised through the crowdfunding campaign would be used to develop the Hacken platform. Advisors of the team, such as John MacAfee the founder of the McAfee antivirus software, would earn 7% of the ICO’s tokens. The company’s team would earn 10% whereas 3% of the tokens would go to bounty hunters.
Hacken works to a great extent like many Ethereum-based decentralized projects. At the heart of the platform is a side-chain that acts as a specialized ledger that stores the specific data of each project. After hackers evaluate code and fix bugs, companies are allowed to comment on the work done before everything is projected to the Ethereum blockchain. Ethereum’s blockchain holds data permanently but in a way that everything can be accessed.
Smart contracts act as the intermediary that protects both the hackers and companies that publish their projects on the Hacken platform. Smart contracts offer trustless communication. They lock projects after they are fixed by hackers and only release them to their owners confirm their payment.
The Hacken token is the currency of payment on the platform. Startups set their budgets and send the amount of Hacken tokens they want to pay for each project. The tokens are locked by smart contracts as they wait for hackers to fix them. Once the company is satisfied with the services delivered, they then command the contracts to release the payment.
In addition to acting as a utility token for buying hacking services, the HKN token can be traded in cryptocurrency exchanges. The token can also be used to pay bounty hunters among other uses.
The Hacken Team
Dmytro Budorin: Co-Founder/CEO
Dmytro is a former certified ACCA account who worked and won an award at Deloitte, the financial organization that brings together expert auditors, accountants, and financial advisors. He is a co-founder of Hacken, a close financial advisor to Ukrainian government officials and the current chief financial officer of the Hacken project.
Dmytro brings his award-winning skills to an ICO project that requires proficient management of finances to succeed. While the company will use smart contracts to handle finances, Hacken requires lots of development work, marketing, branding and other aspects that will need someone like him.
Mykyta Knysh: Chief Security Officer
Mykyta has a background in cyber training and has been involved with training services for employees in different agencies in the Ukrainian government. He also owns a cyber-security firm, ProtectMaster.
Mykyta leads a team of three other ethical hacking experts. His extensive knowledge of cybersecurity and his authority as a trainer will prove formidable in developing the Hacken platform and in managing other hackers who will be using the platform.
Dr. Yegor Aushev: Business Development Director
Dr. Yegor owns a Ph.D. in High Energy Physics from the University of DESY, Hamburg. He is the former CEO of Information Security Group, a cyber-security company that offers penetration testing, data protection services and IT security auditing services.
Dr. Yegor’s background in energy physics may not look applicable to a cyber-security project, but his rich experience as a business development leader could be used to steer Hacken forward from a business development point of view.
Hacken is built around five main pillars. Each pillar offers services paid for using HKN coins and managed by smart contracts.
HackenProof is the main services offered on the platform. It’s a bug bounty program aimed at helping businesses secure themselves by hiring a community of white-hat hackers to assess the company’s security systems and fix threats where they are found.
HackenProof leverages numbers in providing quality services. In a traditional cybersecurity platform, companies are restrained to a small team. If a company has 5 security experts, that’s all you get. Your company is limited to the skills the five experts have.
The community at HackenProof is large. And by large we mean hundreds of ethical hackers based in different parts of the world. The hackers test your business for vulnerabilities and cooperate with your company’s security team to fix any bugs found.
The company claims to keep things as transparent as possible. The level of seriousness of any issues found is disclosed to you and negotiations are made so that the experts work on your systems with your full consent. In essence, Hacken isn’t just after your money. They have offering quality, ethical services in mind.
How does the HackenProof Platform work?
There is a simple six-step process to get started on Hacken. We’ve summarized it below:
Customers sign up for the program
Companies interested in the bug bounty services sign up for a private or public program. They specify the skill set they want from hackers and the number of hackers they want to work with. They also specify the reward mechanism for the hackers.
The Hacken security managers work with customers to manage their projects
The team also assesses the scope of security work the customers are looking for. Some companies are only interested in vulnerability testing. Some want bugs fixed. Others want a complete package. The Hacken team assesses the scope of work needed and invites ethical hackers based on the customers’ specifications.
Hackers Submit Reports
After hunting and finding bugs, the hackers submit detailed reports. The Hacken security team evaluates the report for originality, relevance, and accuracy.
Hackers get Rewards
Initially, customers lock project funds in smart contracts. Hackers are paid after submitting their reports to the Hacken security team.
Customers evaluate the reports and order additional services if need be.
If a company wants the bugs fixed and other security measures implemented, they can then work with Hacken again for additional services.
Crypto Exchange Ranks (CER)
The Crypto Exchange Rank will help solve one problem crypto traders have always had: finding a secure, quality exchange. CER will be enrolled in the second quarter of 2018 and will rank exchanges through highly advanced AI, machine learning, and programming techniques.
CER will be like your favorite cryptocurrency exchange review site but won’t be biased. The service won’t base decisions based on personal opinions. Instead, Hacken will use a series of state of the art tools to give a detailed analysis of how each exchange performs in the following categories:
- Market liquidity
- KYC Processing
- Arbitrage Trading
- Trust and Reputation
- Cyber Security Performance
- Cheating (Inflating Liquidity)
- Limits and the Withdrawal Process
- Legal Compliance
Hacken Hub is a specialized marketplace where businesses work in conjunction with the Hacken team to hire experts that can help with:
- Anti—Phishing services
- Penetration testing
- Smart Contracts Auditing
If you want to protect your company from phishing emails, Hacken will hire the right security experts for you. If you want to educate your company’s employees about how phishing scams work, Hacken will connect you with the right educators.
The smart contract auditing service targets decentralized apps and businesses with smart contracts. Since smart contracts are programmed by humans, they often contain vulnerabilities that can be exploited by hackers to steal funds. The Hacken Hub will offer services to evaluate the code used to program smart contracts and offer solutions where there are issues.
The Hacken Coin (HKN)
Symbolized by HKN, the Hacken cryptocurrency is a utility token used to purchase services on the Hacken dApp ecosystem. The tokens were pre-mined prior to the ICO in September, but they are now available on both Yobit and KUcoin exchanges.
Unlike many ICO tokens in circulation, Hacken kept their coin’s supply to the minimum. Only 5.6 million HKN will ever be in distribution, of which 4.95 million HKN coins are in the market.
HKN Burning Principle
Hacken might have supplied 4.95 million coins to investors, but they don’t want that many coins in supply. To achieve this, Hacken charges 30% for every transaction made on their platform. Half of the trading fees will be held by the company while 15% will be burnt.
Hacken wants to raise the value of their coins to attract the quality white-hat hackers to their platform. The tokens are valued at around $1.55, meaning that a company would have to buy at least 750 HKN coins to pay for a $1000 project. However, if the coins are burnt while the Hacken platform gains adoption, there will be fewer coins in supply.
Fewer coins available and high demand will drive the prices of HKN tokens up, which is exactly what investors and Hacken hackers want.
The 15% trading fee held by Hacken will be reserved until it equals at least 1% of the total supply of HKN coins. The company will then distribute the coins in exchanges.
Hacken held an ICO on the 30th and 31st of November 2017. Initially, the company planned to supply a total of 20 million HKN coins. The tokens were then slushed to 5.6 million. Only 4.9 million HKN coins would be distributed henceforth, with about 0.7 million tokens going to the team.
The Hacken mining process occurred prior to the ICO and as such investors can’t mine them anymore. It’s not likely there will ever be a Hacken fork also as it does not have a blockchain of its own.
Hacken ended up raising $7 million through the crowdfunding campaign. Each HKN token was sold at a valuation of $1 tradable with BTC, USD, ETH or TaaS.
To the surprise of Hacken’s investors, the Hacken ICO didn’t receive as much hype as they hoped for. There was almost no thread about the company on Reddit and other forums until the ICO was over. The hype kicked in after the HKN coin got listed on Yobit and KuCoin. The Hacken price quickly rose from $1 to $7 within a week.
How to buy Hacken?
Use the guide below to set up a Hacken wallet and purchase HKN coins on the only two exchanges where it’s listed: Yobit and KUcoin.
Step 1: Setting up a Hacken Wallet
Cryptocurrencies stored in insecure, buggy wallets can easily get lost. Storing coins on a cryptocurrency exchange is not safe either. The best way to secure coins is to buy them safely on a trusted Hacken exchange and to secure them in a reputable wallet.
The most recommended wallet for storing Hacken crypto is a personal wallet. ERC20 tokens like the HKN token are best secured on a trusted wallet for ERC20 coins. The following three wallets are easy to use and reputable for holding Hacken tokens.
Arguably the best wallet to hold coins, the Ledger is a hardware wallet that secures coins offline. That way, the coins can’t be accessed by hackers. The wallet further provides security backup so that you could easily recover your HKN coins should you ever lose the flash-drive looking wallet.
Regularly used together with the Ledger, Myetherwallet.com is a web wallet that lets you keep the private keys needed to withdraw your HKN coins. It’s freely available online, easy to set up and reputable.
Mist is the official Ethereum and ERC20 wallet. It is a desktop wallet that can be accessed on the official Ethereum website. Since the wallet is a full node wallet, you have to download the Ethereum blockchain to access the desktop version. However, ethereum also offers the wallet as a web wallet for easy trading.
Step 2: Get Some BTC/ETH
Hacken coins are only available on crypto to crypto exchanges. These exchanges pair altcoins with either BTC or ETH. If you want to buy Hacken coins, therefore, you must first purchase Bitcoin or Ethereum on a reputable exchange like Cex.io.
Cex.io is one of the most popular trading platforms for buying crypto with fiat. It’s more recommended compared to other exchanges because they offer lower fees and have a variety of payment methods.
Like many FIAT to cryptos exchanges, however, expect to submit KYC documents on the exchange. After that, you can buy coins using either a credit card or pay via wire transfer. Either way, you will have your Bitcoins within a few hours after creating an account. For comparison, most FIAT to crypto exchanges takes up to 2 weeks to approve your account.
Step 3: Choose a Hacken Exchange
After you set up and ERC20 token wallet and purchase BTC or ETH, you are ready to trade them for HKN coins.
Kucoin is among the top 50 biggest cryptocurrency exchanges in the world. It supports more than 300 coins, including HKN coin. Registration is free and open to anyone in the world. HKN is paired against both BTC and ETH. It doesn’t matter which of the two coins you purchase at cex.io; you will be able to buy HKN.
Yobit is as equally popular as Kucoin. It’s known for supporting over 500 cryptocurrencies, mostly erc20 tokens. Yobit was the first exchange to list HKN coins. However, the exchange has slightly higher trading fees at 0.2% compared to Kucoin’s 0.1% per trade. HKN is paired against ETH on the platform.
Step 4: Storing Hacken Safely
As we earlier mentioned, exchanges don’t provide the best wallets. A lot of them have been hacked before, and whenever it happens, traders significantly lose their digital assets. The best way to secure coins is to transfer them into a personal wallet.
If you choose either Myetherwallet.com or Mist, you can setup and transfer your HKN coins into the wallets immediately. Ledger is also easy to use.
Setting up ERC20 wallets is easy. Most of them have instructions to guide you. Most important is to ensure they are secure and to use the right addresses when completing the transaction. If you select Mist web wallet, simple click “Receive coins” on the user interface and select add the ERC20 token.
Input the name of the token, and the wallet will generate a unique address. Copy that address and use it as your receiving address on either Kucoin or Yobit.
Hacken is an ethereum based decentralized application. Its mission is to create a platform where startups can pay white-hat hackers to evaluate their codes and debug them. The Ethereum blockchain will be used to publish data whereas smart contracts will be leveraged on locking payments and completing projects.
To pay for any service on the Hacken platform, an ERC20 token, Hacken coin, is used. The coin is currently listed on both Yobit and Kucoin and trades at above $1.5.
The platform is not very hyped yet but has a growing community of investors that believe it could be a game changer. Considering that the platform is yet to market their services aggressively, the coin could move upwards in value.
Hacken does not face any tough competition in the industry anyway which means all they need to do is develop and market their services to grow.
Thank you for reading the guide above. Welcome to our site for more coin guides, reviews, and news about any cryptocurrency related topics.