Hacken’s “Burning” Principle and its Value for White Hat Hackers and Investors

Image for post
Image for post

At every moment, there appear new inventions and technologies around the world. In turn, it causes an emergence of various related problems and drawbacks. For instance, innovations in IT sphere may simplify different business processes, like CRM systems do, or people’s life, like WhatsApp or Telegram messengers facilitate communication among people. However, the appearance of new inventions also jeopardizes people’s privacy and commercial secrets of companies as their data imported into such systems or apps. As a result, it can be stolen and disclosed.

But what if a new invention will provide value to its customers and at the same time will prevent security issues?

Undoubtedly, the next decades will be full of such innovations as humanity always seeks to enhance own safety. It is the main reason why we are going to create an ecosystem for White Hat Hackers in Q4 of 2017. Our ICO start up called Hacken, and we are going to launch a bug bounty program of the same name (HKN) where services will be purchased by means of a token, a special cryptocurrency that will result from Hacken’s token sale. Along with the bug bounty program that will meet the needs of White Hat Hackers and companies of different sizes, this cryptocurrency will bring value to all parties involved as well.

The main advantage of the HKN is concluded in how its worth will be formed. To be more specific, after the token sale, the price of 1 HKN will equal to $1. But after the end of the bidding process, Hacken’s team will implement its invention called “burning” principle, which is aimed at regulation of our cryptocurrency’s price. This approach will expedite the increase of liquidity, and lower the volatility risks for HKN. In other words, the amount of HKNs revolving in the system will be constantly reducing, thereby, bringing more value for its holders including investors, customers and white hat hackers.

During each transaction within the system, Hacken will charge a customer for 30%. The half of this amount will be removed from the system. In turn, the rest service margin will be accumulated by a managing company of the Hacken Ecosystem until the HKN amount comes up to 1% of the aggregated number of HKNs in circulation. Upon this event, Hacken team will make 24 hours announcement, and then distribute 1% of the number accumulated at the moment of the event by means of the main cryptocurrency exchange platforms.

So, what does it mean for the members of the community?

For the first party, investors, the benefit is obvious. The longer they be tight with the currency, the more dollars, euros or services within the bug bounty platform they will be able to purchase. Besides, the expected growing demand for HKN on the exchanges will also contribute to the rise in its cost. Taking into consideration that price of tokens issued by successful ICO startups may increase a thousandfold, it is evident that investing in HKN will be extremely profitable.

For the second side, hackers, the value of HKN is the same as for investors. Firstly, they also can invest in this cryptocurrency to earn on its future rise in price. Secondly, they can constantly earn new HKNs on the platform, thereby, contributing to the development of the cybersecurity sphere in the form of fees paid for their services. Thus, they will be able to sell or save HKN depending on their preferences.

To learn more details about how Hacken ecosystem will affect the Cyber Security industry at all, we recommend you to read this article.

To get to know more about Hacken project and its jurisdictions, you should follow this link.

Read us on Twitter and Facebook.

Written by

The community of crypto and cybersecurity enthusiasts united to keep not only themselves but also their friends and family safe in today’s digital world.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store