A Brief Introduction to Hats
TL:DR:
- Hats is a decentralized security incentive network. Governed by its community stakeholders — Hackers, Projects, and Token holders — to incentivize protocol security and responsible disclosure.
- The hats mechanism creates a scalable model that utilizes the development culture of Ethereum to help secure it.
- The team is composed of Crypto veterans that have been building on Ethereum from its very inception.
- Join our discord and be a part of our community
A prime characteristic of Ethereum and DeFi is the high degree of experimentation, fast product shipping and fairly often testing in production. The direct result of this is an unprecedented and horizontal rate of innovation allowing projects to move fast, experiment, and build on each other’s tech to create the necessary tools for the future of finance and human organization. However, this approach is a double edge sword. In the past 6 months alone over $400m has been extracted by hackers in smart contract exploits and vulnerabilities, most of which have passed expensive security audits from reputable firms. The $400m figure above changes on a daily basis, and by the time you read these lines it will probably be outdated.
We intend to change the way security works to fit the culture, nature, and de-facto development processes of Ethereum.
Hats is a proactive incentive protocol for white hat hackers, where projects, community members, and stakeholders incentivize protocol security and responsible disclosure.
One of the interesting differentiators of hats’ approach is the utilization of the Ethereum culture of free & open markets to turn black hat hackers into white hat hackers with a model that creates a scalable feedback loop.
Value proposition
- Hackers — Get recognition and a fungible financial reward, without having to mix funds or worry about MEV, Dark forest issues, or Frontrunning.
- Token investors / holders — protects their holdings.
- Projects — Gets an additional security layer for their smart contracts and token value.
- The Hats project — Become a hub for smart contract auditors and reviewers
Team
Our team is composed of industry veterans who have been involved in Bitcoin and Ethereum since its the early days. We took part in implementing a popular ETH 2.0 Client, write ETH mainnet contracts that hold over $50 million, and perform numerous smart contract security audits.
We are building out of our own experience a solution to the sleepless nights in our previous positions as senior R&D, CTOs, and communications managers when launching a mainnet contracts that begin to accumulate millions of dollars in AUM.
While the core team is building the product, our intention is for the project to be community owned & run, and, once the DAO is deployed for the community to make all decisions.
We welcome anyone who is passionate about Ethereum, Decentralization, Security, or even the hats name, to join and help us make the ecosystem more secure.
Whats next:
We plan to release as much information as possible, as fast as possible, but our focus is on building the protocol. We are looking for devs and community members interested in joining the team. If you got intrigued by this post, know React, Solidity or want to lead community or communication initiatives, please drop us a line on discord.
