With cybercrimes and hackings on the rise, it’s pertinent for companies to hire the very best security researchers to explore their platforms to check for vulnerabilities. Hacken – one of the leading cybersecurity ecosystems – has recently decided to take the plunge and move its blockchain operations and ERC-20 token from Ethereum and migrate over to VeChainThor. It’s not the first company to make this move in recent months, and we can’t see it being the last.
Time to Upgrade and Improve
Over the past 2 years, Hacken’s bug bounty platform – HackenProof – has protected more than 200 companies by detecting flaws in their systems. Some of its biggest clients include the US Department of Defense, AirAsia, and TradingView – quite the résumé. However, the group has now decided that it’s time to move away from the Ethereum platform and over to VeChainThor. According to an announcement, all blockchain-related operations, including transactions, storage, smart contract development and token minting will now be completed on the VeChainThor blockchain.
VeChain Trumping Ethereum
Earlier in the year, we saw Deloitte drop Ethereum for VeChain. Deloitte put the move down to VeChain’s advance range of features that would allow it to build more complex customize solutions for its clients. Given the fact that rogue dApps have a history of making the Ethereum blockchain virtually unusable, it only makes sense that in the name of reliability these firms move to a better network. In fact, at the start of the year, both BMW and PricewaterHouseCoopers (PWC) migrated away from Ethereum to the VeChain network – a huge boost for VeChain.
VeChain Landing Huge Contracts
VeChain has been having quite the year, securing more partnerships than virtually any other blockchain network. Most recently, VeChain signed a deal with the exclusive Penfolds winery in Australia to add its NFC chips to Bin-407 bottles. VeChain’s technology is being used to prevent counterfeit bottles entering the Chinese wine market, costing over $3 million in 2018 for Penfolds alone.
Ethereum is suffering a bit of an exodus at the moment, with big name brands ditching its platform. However, Ethereum is still perfect for small projects looking to get their feet wet and take off in the blockchain space. Once a project grows to a certain size, the Ethereum network lacks the resources to help these projects continue to grow – hence the move to VeChain. Now Hacken is moving to VeChain, we can expect projects on VeChain to all offer bug bounty programs.