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Hacken, a community driven cybersecurity blockchain project is launching its token sale on October 31, 2017, just a few weeks after it announced the formation of an all-star advisory board as well as the successful conclusion to its “HackIT Cup” final event.

According to Dmytro Budorin, CFO of Hacken, “We created Hacken to promote price and increase financial incentives around the white hat hacker profession. We strongly believe that Hacken will be successful in leading Ukraine to become the next European and ultimately international cybersecurity hub.”

The HackIT Cup brought together the top-30 white hat hackers worldwide and offered them a chance to meet tech luminaries Steve Wozniak and Philip Zimmermann during the opening ceremony.

Hacken had a HKN token pre-sale earlier in September, which served to disseminate the first decentralized crypto token that incentivizes white hat hackers to report bugs.

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It’s pre-sale in September so the firm raise an equivalent of $650,000 with TaaS Fund and Cryptonomos, two active players in the international blockchain space among the first backers. In addition to the presale funds raised, Hacken received 33 BTC for winning the d10e ICO Pitch Competition held by the Blockchain Investors Consortium (BIC), beating out several other blockchain projects from around the world. The funds from the d10e Competition are being used to hire two full-time Ruby developers and a UI team who will focus on improving the HackenProof Platform.

One of the major differentiators of the HKN token will be the rate at which the HKN tokens are burned using the Hacken “burning” principle. The principle involves various trigger mechanisms to eliminate 1% of the entire amount of HKN tokens over different time periods. Via the “burning principle,” HKN will bring more value for its token holders by providing a mechanism to improve liquidity and decrease volatility.

The token sale will result in a community-based ecosystem of businesses, providing the following cybersecurity services such as the HackenProof bug bounty marketplace, Zero-day Remuneration Platform, the Hacken Accelerator and a Cybersecurity Analytics Center (CAC).

Phil Zimmermann, founder of PGP, leading expert on cryptography and secure communications. Andrii Zamovsky founder of Ambisafe and Orderbook Ethereum token exchange. Moe Levin, founder of Keynote FZE and organizer of the World Blockchain Forum. Mike Costache and Brad Yasar, founders of KrowdMentor and Blockchain Investors Consortium. Patrick Salm, founder of SmartOne Swiss-based law firm specializing in blockchain solutions and Yuri Olentir, co-founder of Cryptogroup, are part of the Hacken advisory group.