Announcing the HackenAI IEO and Enhanced Token Swap Model

5 min readMar 27, 2020

Dear HKN and HackenAI community,

We are pleased to announce the HackenAI IEO together with OceanEx Exchange. The IEO will officially start on April 13, 2020 and the full details can be found below.

Hacken has chosen to develop HackenAI, the world’s first essential cybersecurity app which aims to educate all internet users on proper cybersecurity practices while protecting them from the threat of malicious hackers. The app combines blockchain technology with advanced cybersecurity technology, leveraging Hacken’s immense experience in the B2B cybersecurity industry. Already, we serve and provide our expertise to major clients from enterprises such as AirAsia to governments authorities such as the US Department of Defence.

The IEO, while mainly held to raise funds to ensure continued product development, also represents Hacken’s commitment to our new HAI token and community. The project is built around serving the community, and we have incorporated tokenomic structures that will provide maximum value to all our stakeholders, including our old HKN holders and new HAI holders that will join us shortly when the IEO has commenced. HAI will be a central part of the HackenAI app, and every feature built on the app will take HAI holders into account.

We elaborate on this much more in our whitepaper which can be found in https://hacken.ai.

Community Update and Enhanced Token Swap structure

Creating products in the crypto world is not only about building good tech and UI/UX, it is also about balancing interests of a large number of stakeholders: early adopters, existing token holders, private sale investors, angel inventors, team members, and new potential token investors. Finding the right balance is challenging but possible if you act in the long term benefit of the thing that you love.

Previously, we have created a token swap model for ERC20 HKN holders based on maximising the value as an appreciation for our dedicated followers and fans. The initial calculation was done in lieu of market conditions then who have changed drastically now. Economic and health crises meant that we have to revise our projections and expected raise amount. Today we have decided to change the initially announced HAI price to 0.01 USD. Main reasons are the following:

HAI initial price protection. We are starting a new life of the HAI token and we need to make sure that we protect and give strong positive impulse during its first months of trading. Starting trade at too high levels incurs additional risks and we are mitigating them.
Matching Interests of HAI private sale, new HAI token holders and existing HKN holders. The set price levels are still most beneficial for HKN holders, but without risk over premium.
General market conditions. We do believe that the current world economic environment will have a great positive effect on the crypto industry and us. But at this moment we need to take it into account.

With such important changes we have decided to give one more value item to our main stakeholder — existing HKN community. We are improving SWAP ratio and today is becoming:

1 HKN = 20 HAI for immediate SWAP

1 HKN = 25 HAI for 3 months lock SWAP

1 HKN = 30 HAI for 6 months lock SWAP

1 HKN = 40 HAI for 1 year lock SWAP

1 EOSHKN = 1 HAI for immediate SWAP

Full HAI Token Sale Information

As promised, we will reveal the full details of the HAI token sale which will be held on OceanEx Exchange. The IEO will be structured into 2 different allocations, with separate allocations for VeChainThor X Node holders and also OCE Club Members.

The IEO structure is modelled to introduce and open up the Hacken community to both the VeChain and OceanEx communities. Only VET and OCE tokens are accepted for the IEO.

Below is the re-post of the details released by OceanEx:

Token Name: HAI
Token Sale Hard Cap: 400,000 USD
Total Token Supply: 1,000,000,000 HAI
OceanEx GO!’s Allocation: · 40,000,000 HAI (4% of Total Token Supply)
Subscription Token: VET
Public Sale Token Price: 1 HAI = 0.01 USD (price in VET will be determined within 72 hours prior to the token sale)
Token Sale Method: Weighted Average Allocation
HAI will be issued on the VeChainThor Blockchain

Subscription Rules

Token Sale Period: · 21:00, Apr. 13th, 2020 (UTC+8) — 21:00, Apr. 14th, 2020 (UTC+8).
During the Token Sale Period, participants can subscribe HAI tokens by using VET subject to their Maximum Token Subscription Amounts. The tokens used for subscription will be locked and deducted from your balance for the lock-up period.
New Token Distribution: OceanEx will distribute new tokens and refund the rest of VET to participants’ accounts before 10:00, April 15th, 2020 (UTC+8).

OceanEx GO! Allocation

Token Available for OceanEx GO! : 40,000,000 HAI
The OceanEx GO Token Sale is open to OCE Club Members and VET X Node holders Only.
Special Bonus: If you are a VeChainThor X Node Holder or an OCE Club Member higher than Level 1 , you will be granted a special Token Subscription Price Discount based on your X Node type and OCE Club membership level. If you have both an X-Node and an OCE Club membership, you will enjoy the more favorable bonus out of these two structures. (See table below)

*For each user, the minimum subscription amount is 1,000 HAI, and maximum subscription amount is 10,000,000 HAI

Token Sale Allocation Calculation Rules

If the token sale is oversubscribed:

The project tokens received = (total token available for current session) x (your new token subscription amount) / (total new token subscription amount received in current session)
Investment cost = the project tokens received x (token price in VET) x ( 1 — any discount applied)
Refund = your total VET subscription amount — the investment cost

In any other cases, your token subscription amount will be fully distributed. You’ll be refunded the rest of VET if any discount applies to you after IEO.

We are in the beginning of the most exciting part of the Hacken journey. Starting from today there will be lots of news and HackenAI reviews. The success of HAI depends on all of us. You are our main asset and I ask for your help in the next few weeks. Together we are building big thing and we will succeed.