Hacken Scout — a new fundamental approach to DeFi security
Hacken has already brought fundamental security changes to the industry through the CER.live initiative. Its crypto exchanges CyberSecurity Score has been integrated into the CoinGecko Trust Score. As a result, now crypto exchanges are prioritizing security and regularly apply for different types of security testing to improve their ranking.
Now, Hacken is going to implement similar fundamental security transformations in the world of DeFi where users still face unprecedented security risks. Hundreds of tokens are circulating in the blockchain world. However, very often, users cannot find any information about tokens’ security such as the validity of security audits, rug pools, or whether a project has passed a bug bounty program. Last year, DeFi projects lost 129 million USD due to hacks while only for the first 7 months of 2021 this figure equalled 361 million USD.
A huge scope of work is ahead and Hacken is going to reach its goals through the new project — Hacken Scout.
What is Hacken Scout
The key idea behind this project is to invite Hacken community members and other crypto enthusiasts to collect info about the audits of popular tokens circulating in the crypto world. Thereby Hacken is proposing the revolutionary approach to building blockchain security. No company in the world can find data about the security of so many projects. That is why Hacken is going to create an army of scouts to this end. Successful implementation of this initiative will protect thousands of users worldwide from investing their money in insecure tokens and will create a solid barrier to prevent the expansion of malicious projects into the DeFi world.
In exchange for their active work, Hacken Scouts will get special rewards.
By submitting even 1 report to Hacken Scout every crypto enthusiast can make a great contribution to bringing the crypto world security to the highest level. Just imagine that a single report submitted by a scout can protect users against losing millions of dollars.
Hacken CEO Dyma Budorin believes that the successful implementation of the Hacken Scout initiative will allow Hacken to become a global crypto security leader: “After the launch of CER.live, leading crypto exchanges have started prioritizing security of their users. As a result, CER.live has allowed Hacken to become a leader in the field of crypto exchanges security. And there are less than 10 specialists behind this initiative. So, just imagine the scope of work we can perform by utilizing the power of a massive army of scouts uniting thousands of active researchers participating in Hacken Scout. We will radically change the status quo in the field of blockchain security”.
Hacken Scout will allow Hacken to develop an expanded database containing the audits of crypto projects on the Ethereum blockchain and BSC (>1300 projects in total).
The Hacken Scout database will contain the following information:
- Basic information about the project. Project website, explorer, ICO/IDO price, media channels, etc.
- Relevance of an audit. For example, in many cases, only the token smart contract audit took place or the code was changed. Also, a project could pass the audit of code A but then decide to deploy code B, etc.
- Bug bounty programs passed by projects. For example, at the beginning of August 2021, Poly Network experienced a hack resulting in the loss of more than 600 mln USD. Before the hack, the project had not passed any bug bounty programs but, after the hack, has decided to run this type of security testing.
- Platform audit. It’s not enough for a project to perform only token smart contract audit If it has a platform with a smart contract ecosystem. Only the project with the audit of the entire platform smart contract ecosystem can be considered a safe project.
Hacken is going to create one of the biggest security databases in the history of the crypto world.
How to become a Hacken scout
Future scouts just need to provide their email and HAI wallet address to join the army of Hacken Scouts (plus create a strong account password). After that, they can start scouting info to get rewards.
Sign Up page: https://scout.hackenfoundation.com/request/#modal-signup
Hacken Scout: Plans for the future
Hacken is setting very ambitious targets, namely, create a large army of ethical researchers capable of completing complex investigations to promote accountability and transparency in the blockchain industry.
All important announcements and updates for Hacken scouts will be shared in the project’s Discord channel.