WhiteHub is the first crowdsourced security platform in Vietnam that connects security researchers and businesses to find out security vulnerabilities in technology products through bug bounty programs.
More than a year after launch, WhiteHub now has been used by more than 1,500 security experts and more than 50 enterprises. With the aim of expanding WhiteHub to the community of experts and businesses around the world and improving WhiteHub’s application in the ecosystem of security products, we - the founders of the WhiteHub project - have decided to apply blockchain technology to the reward and payment for security services and products on WhiteHub platform. This is why the WhiteHub Token (WHC) and the WHC ecosystem are developed
WHC is a cryptocurrency built on the Ethereum Blockchain platform, with a vision of becoming an official currency in bug bounty programs, specifically is the bounty for security researchers. Taking advantage of Blockchain technology, WHC will facilitate a more efficient paying process, reduce costs, and increase anonymity for users. At the same time, WHC also helps lower barriers for researchers and businesses worldwide to join the WhiteHub community. In the future, WHC will be integrated into the security ecosystem of WhiteHub and our partners.
Moreover, WHC can and will serve as a channel through which the founding team shares the WhiteHub platform ownership to the community; in other words, investors can own WHC to receive benefits derived from this cryptocurrency as well as from the WhiteHub Platform.
Businesses that would like to create their own bug bounty program will use the WHC as a currency to reward security experts who find out their security vulnerabilities in their products.
WHC will also be used as a payment method for security products on the CyStack Platform and other online security products developed by partners.
Investors can stake WHC tokens in pools deployed by the WhiteHub team to receive rewards, passive income up to 12% ARR.
Businesses can also use WHC to pay for the advanced security services provided by CyStack and 3rd parties.
WHC is built on the Ethereum (ERC20) platform, with a total supply of 100,000,000 WHC. This amount will be allocated as follows:
70% for Service Sale
This amount will be distributed to investors and businesses that need to deploy bug bounty programs on WhiteHub Platform through private sales channels and cryptocurrency exchanges.
20% for the Founding Team
20 million WHC will be used as operating cost for WhiteHub platform and product development team. This amount will be locked in Smart Contract, and unlocked 2% every quarter from Q2 2021.
10% for Growth
This amount is used to implement marketing, sales, and community development programs on WhiteHub. This amount will be locked in Smart Contract, and unlocked 2% every quarter from Q1 2021.
For each transaction created, the WhiteHub platform will collect a 20% fee from businesses. to increase the scarcity and avoid WHC inflation, WhiteHub will burn 20% of the fees that WhiteHub collects for each transaction incurred on the platform. In the long term, we look forward to gradually turning WhiteHub into a Decentralized Autonomous Organization (DAO).