BITFENCE ICO REVIEW

Is it worth reminding that today there is a huge problem of protection from hacker attacks, which is relevant both for large companies and for ordinary people. Such hacker attacks can have different purposes, but in most cases - it is the desire of scammers to get financial benefits. In consequence of such attacks, many companies lose huge amounts of money. It is enough to cite just one example, the Danish logistics giant Moller-Maersk, who was attacked by the NotPetya cryptographer virus, and consequently lost $ 200 million to $ 300 million. What can we say about the overall picture around the world.

The tools of cybercriminals are becoming more and more developed, and this necessitates the search for new ways of protection. According to statistics, most companies are subject to attacks of so-called 0-day (zero day - a term denoting the existence in the software of an untethered vulnerability or malicious programs against which there is no protection yet). To detect such attacks, companies have to spend a huge amount of money and time. Therefore, the solution to this problem could be of great benefit to many. The BitFence project team also believes that it has developed new protection mechanisms.

about the project

BitFence is a cyber defense system that works with the use of blocking technology. This system offers more reliable and faster mechanisms to protect against threats in the network, than the existing ones. In addition, the developers provided incentives for participants in the system, using the proposed technology, to collect information about new tools for hacker attacks. The main mission of the project is to reduce the time to search for malicious attacks, and protect other users of the system from this kind of problems.

The workflow inside this system looks like this:

customers install specially developed software - Distributed Sensor Network (or Distributed HoneyPot), which performs the function of "bait". These programs will automatically detect suspicious activities related to cybersecurity, process this information and send a report about it. The installation of such "baits" will be motivated by the payment of HNY tokens.
the next step is detailed processing of artificial intelligence information that was obtained from Distributed HoneyPot. In accordance with the threat level, lists of signatures (used in hacker attacks) are updated.
The last step is to distribute information about new types of hacker threats among all clients of the system, which will ensure their fastest protection.

In Whitepaper, developers give examples of using the BitFence protection system for small businesses, online stores and large enterprises. They describe options for protecting their property (either financial or intellectual), as well as the main advantages of this system over existing ones. Such, as the project team members emphasize, is the low cost of services and the speed of gathering the necessary information.

It is also worth noting that, in addition to legal entities, this system will be of interest to ordinary people as well. Firstly, anyone can "Hack" the HNY token, installing the necessary software (described above), which will collect information about possible cyber threats. At the same time, the miner will not need to buy special video cards or ASIC for this. It will be enough to use a home computer. Secondly, for all network users there will be an opportunity to buy a home-use BitFence router. He will already have an updated database to protect your information.

Selling tokens

Token - HNY
Pre-session - April 1, 2018 - April 30, 2018
Token Seyel - May 1, 2018 - July 30, 2018
The price of the token is 1 ETH = 6000 HNY
The minimum amount of fees is $ 1,000,000
The maximum amount of fees is $ 50,000,000
Created tokens - 1 000 000 000 HNY

Token distribution:
50% - token-sail
20% - Mining Pool
15% team
10% marketing
3% - partners, advisers
2% bounty

Using tokens

The HNY token (created on the Ethtereum blockbuster) will be an internal means of payment in the BitFence system. Payment for the use of this security system will be made by these tokens. It is also planned to launch a specialized store, with equipment to protect the network, in which the goods can be paid using internal system tokens. As already mentioned, HNY tokens can be earned by "mining" by installing the appropriate software. Payment for this will be made in tokens of the system according to the importance of the information collected by the miners.

Rating

Command

It is worth noting that the site of the team represented only the founders of this project and the advisors. Almost all of them have links to their profiles in LinkedIn. The founders are Abdul Khan (cyber security specialist), William Mason (expert in business strategy), Vlad Tereshkov (IP expert, specialist in blocking technologies). Thus, we see that each of them has the necessary experience in the sphere that is necessary for the effective development of this project. On the other hand, it is unclear why there is no information about the rest of the team. In the team of advisers there are 6 people, among whom only Richard Silver was previously involved in the Titanium project. The rest, according to the information of the ICOBench portal, were not previously involved in block projects.

Outcomes

Everyone should decide whether to accept or not to participate in the token sei-se. The project is really interesting. In conditions of an active search for new security mechanisms against the constantly evolving cybercrime, such a system will be in demand. A big plus is the mechanism of "mining", which will support the improvement of the BitFence security system, and the turnover of HNY tokens will form a complete ecosystem. But in the place of investors, I would still look for more detailed information about the other team members (although it is worth noting that on many ICO rating portals, the team is marked by rather high balls). Note that the development of the project is scheduled until 2020, so investors should consider the possible long-term of their investments.

Official site - https://bitfence.io/

ANN THREAD - https://bitcointalk.org/index.php?topic=3252856.0

White paper - https://bitfence.io/data/BitFenceWP-EN-1.6b.pdf

TELEGRAM - https://t.me/BitFence

Facebook - https://www.facebook.com/BitFenceOfficial/

Twitter - https://twitter.com/BitFence_

Author: https://bitcointalk.org/index.php?action=profile;u=1636885