Hacken Proof: Decentralized Bug Bounty Hacking Cryptocurrency?
HackenProof, found online at HackenProof.com, is a decentralized ecosystem for white hat hackers. Find out how it works today in our review.
What is HackenProof?
HackenProof is an online platform for cybersecurity researchers and white hat hackers. The platform uses a utility token called Hacken, or HKN, to incentivize collaboration in the global cybersecurity field. There are no other payment methods within the Hacken Ecosystem: you can only use HKN tokens.
The core goal of the HackenProof platform is, according to the official website, to foster “the ethical cooperation between highly qualified cybersecurity professionals and respectful IT businesses, which are interested in vulnerability research for their own products.”
Obviously, companies today launch bug bounty programs to incentivize white hat hackers to test vulnerabilities within their systems. HackenProof was designed to organize bug bounties, the cybersecurity community, and security-minded companies together into a collaborative platform based on decentralized blockchain technology.
How Does HackenProof Work?
HackenProof uses blockchain technology to facilitate transactions between white hat hackers and companies interested in their cybersecurity services. The transaction is controlled with a number of signed blocks. Here’s the basic process for each transaction:
The client signs the bug bounty program agreement, and Hacken creates a first blockchain block for the product.
The next block of the chain is specific to the client. It contains information on vulnerabilities discovered during Hacken’s security research.
Once vulnerabilities are discovered by the bug bounty research, HackenProof experts conduct a post-research audit, and the next block on the chain contains the audit data.
A HackenProof Vulnerabilities and Countermeasures Certificate is created. Clients can change blockchain sharing preferences and publish the certificate to the public, customers, or investors.
There are four main components to the Hacken Ecosystem, including HackenProof, Hacken Services, Hacken Conferences, and a Hacken Rating:
HackenProof is the decentralized platform at the center of the Hacken Ecosystem. The platform aims to provide cybersecurity services for customers and proper working conditions for the world’s leading cybersecurity researchers.
Hacken provides a wide range of cybersecurity services and solutions based on each customer’s needs. To provide these services, the network employs the leading experts from around the world, then creates a custom-designed cybersecurity solution for any SMBs or enterprise users. Those security services could include anti-phishing techniques, penetration testing, and smart contract auditing.
Hacken holds an annual conference called HackIT, which brings together about 100 experts from 6 countries. The conference includes speaking panels from local and international experts along with specialized cybersecurity competitions where anyone is free to participate.
HackenProof has a “Crypto Exchange Rating” system that provides users with a professional, clean, and intuitive platform. That platform gives market participants access to information that is collected, systematized, and processed using specially developed algorithms and mathematical models.
How Does HackenProof’s Burning Principle Work?
HackenProof is implementing a unique burning principle for its HKN token. Here are the basic ideas behind that burning protocol:
- Hacken charges a 30% fee on each transaction on the platform
- 15% is used for platform development, while 15% is burned
Once the amount of HKN reserved reaches 1% of the total amount in circulation, Hacken will make an announcement; 24 hours after that announcement, Hacken will distribute their reserved tokens through cryptocurrency exchange platforms
HackenProof emphasizes the following core features:
- Bug bounty marketplace
- Unreported zero-day remuneration platform
- Cybersecurity startups incubator
- Cybersecurity analytics center
HackenProof launched its marketplace (for bug bounties and similar offers) in Q4 2017. They also launched their accelerator at the same time. An analytics center launched in Q1 2018. The next goal is to launch the zero-day platform in Q3 2018 (allowing the purchase of critical vulnerabilities from the grey hat market).
Who’s Behind HackenProof?
HackenProof is led by Budorin Dmytro (CEO), an ACCA who worked for Deloitte for 8 years and won the Deloitte CIS Audit Challenge with his Audit BigData SAP solution that was widely implemented in offices throughout the CIS region. He’s also one of the top executives within Ukraine’s military defense industry.
Other listed members of the HackenProof team include Nikita Knysh (White Hat Community Director), Dr. Yegor Aushev (Business Development Director), and Andrii Matiukhin (Technical Director). These three, including Dmytro, are all listed as key founders of HackenProof.
HackenProof’s project was originally announced online in August 2017.
The HackenProof HKN Token Sale
The HackenProof token sale took place from September 18 to November 11, 2017.
The initial price of each HKN token was $1 USD during the token sale.
HKN tokens are ERC20 tokens on the Ethereum blockchain. As of April 2018, the tokens are worth about $1.60 per token. Soon after hitting the markets in January 2018, the tokens hit a high of around $7 USD per HKN, with a long and gradual drop to the current price point.
Of the total supply of tokens, 80% went to the HackenProof token sale, with remaining tokens going towards the team (10%), advisors (7%), and bounties (3%).
There’s a total supply of 20 million Hacken tokens. No further token emissions are planned.
Hacken Proof Conclusion
Overall, the goal of HackenProof is to become the medium of cooperation between the blockchain community and global cybersecurity experts. The platform seeks to incentivize users to provide their expertise to cybersecurity experts in need.