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Uncloak

ICO details

Token nameUncloak
TickerUNC
Token total supply4,200,000,000
Accepted currenciesETH
StatusICO Ended
Funding Goal$ 6,000,000
Funding Cap$ 21,000,000
Presale startsMay 25, 2018
Presale endsJun 25, 2018
ICO startsJun 26, 2018
ICO endsJul 3, 2018
Token nameUncloak
KYC/AMLNot Required

About

Uncloak is the world's first blockchain powered cyber threat solution ... Read more

Visit Website Read the whitepaper

Our Review of Uncloak

Rating
67

Uncloak is a blockchain-based cybersecurity platform that uses AI to detect threats. The project, while ambitious, has been well thought out - the AI implementations discussed are all realistic and tackle a real world problem. The team are solid and with little competition the project has first mover advantage. If Uncloak can onboard enough bounty hunters and clients - and ideally form some high profile partnerships - the project is likely to do well. However, awareness of the project is currently low, Uncloak will need to be marketed properly in order to succeed.

  • Concept

    Concept Rating
    23 /30

    Uncloak is creating a blockchain powered cyber security platform which will allow companies to use human and AI security solutions. Threat detection is one of the better use cases for AI, as the typical attack vectors web-connected platforms and devices are subjected to often follow predictable patterns. If Uncloak performs as promised, it will incentivised the community to report vulnerabilities.
    Ethical hackers, known as hunters, will be rewarded with tokens, administered by smart contract, for reporting bugs they discover in various systems - a vulnerability that proves to be unique earns the hunter 10,000 UCC tokens. If a flaw has already been reported, the hunter receives a star as a reputation reward. Hunters will be required to apply for access and complete KYC prior to reporting vulnerabilities. This may deter some hackers, particularly grey hats. Anonymous vulnerability reporting, in return for a reduced reward, may attract more hunters - if Uncloak were in a position to offer this. Once a vulnerability is reported, validators are used to check that it is genuine and all Uncloak users affected by it are notified.
    In addition, Uncloak’s AI technology will scan the web, including the dark web, to identify new cyber threats and will update its database with any new security vulnerabilities. Uncloak’s software will monitor clients’ internet-connected infrastructure including servers and applications, has a dashboard for viewing scans and reports, and also includes a black hat mode that simulates a live attack.
    The company has been in operation since 2016 and has formed partnerships with some capable tech players including Krzana, software developers who specialise in AI. Uncloak’s target market is smaller companies that might find outsourcing their security to white hats and pen testers cost prohibitive, though there is also a business model designed for larger corporations. The subscription model includes a monthly plan and API access for third party applications.

  • Team

    Team Rating
    20 /25

    There are 12 team members and six advisors. The C-level team each have over 25 years experience in cyber security and IT, and are well connected in the IT world. The remaining team consists of blockchain and software developers, an AI Expert, as well as marketing and operations, and all appear to be experienced in their respective fields. The advisory team are veterans in fields that include cyber security and AI.

  • Competition

    Competition Rating
    12 /20

    Uncloak are among the first blockchain cyber security threat management companies but it is certainly not the first company to lever AI. DarkTrace uses AI to determine “friend from foe” and protects similar infrastructure to Uncloak, including IoT and servers - the company claims to have identified 63,000 previously unidentified threats on over 50,000 networks. Cyberlytic offers a similar service and has a partnership with the Uk’s Ministry of Defence. Uncloak will need to prove itself equally adept at onboarding major partners if it is to compete.
    Blockchain projects include Gladius, who deal specifically with DDOS prevention which is quite different from Uncloak, as well as Rivets and SecurityplusCloud. However, Uncloak have an experienced and well connected team who will likely be able to scale their business, and given the growth in cyber crime, Uncloak has every chance success.

  • Economics

    Economics Rating
    7 /15

    Uncloak has a dual token model - UNC is an ERC20 and UCC is an EOS token. UNC will be tradable and UCC will be used internally to reward bounty hunters - this is the first time a dual blockchain setup has been used for an ICO with Ethereum and EOS.
    4.2 billion ERC20 tokens will be minted with 50% to be sold, and unsold tokens to be burnt. The remaining 50% will be controlled directly and indirectly by the team with 15% going to early backers, equity investors and advisors, 15% to the founding team, 10% retained for the bug bounty program and 10% going to the developer fund. The soft cap is $6 million and the hard cap is $21 million USD. The founding team have an 18-month vesting period.

  • Presence

    Presence Rating
    5 /10

    The website is a little lacklustre but it’s functional and easy to find via Google. The whitepaper is well-written and the project appears very professional. Social media channels are updated regularly but there’s very little traction. Uncloak will need to focus on marketing and building its community in order to attract investors and reach the project’s hard cap.

Team

  • Tayo Dada photo
    Tayo Dada
    FOUNDER, CEO & CYBER SECURITY EXPERT
  • Phil Jackson photo
    Phil Jackson
    CTO & CYBER SECURITY EXPERT
  • Nicholas Topham photo
    Nicholas Topham
    COO
  • Nick Banks photo
    Nick Banks
    COMMERCIAL DIRECTOR & CYBER SECURITY EXPERT
  • Toby Abel photo
    Toby Abel
    AI EXPERT
  • Brendan Sturm photo
    Brendan Sturm
    BLOCKCHAIN DEVELOPER
  • Dean Jackson photo
    Dean Jackson
    SENIOR SOFTWARE DEVELOPER
  • Vincent O’Neill photo
    Vincent O’Neill
    SENIOR CYBER SECURITY CONSULTANT
  • Claire Mclaughlin photo
    Claire Mclaughlin
    HEAD OF MARKETING & CONTENT
  • Lena Bhogaita photo
    Lena Bhogaita
    HEAD OF OPERATIONS
  • Ola Dada photo
    Ola Dada
    COMMUNITY MANAGER

Real Time Updates for Uncloak

Roadmap

  1. Q2 2018
    Development of cyber threat detection AI engine (beta)
  2. Q3 2018
    Development of bug bounty alpha based on EOS™
  3. Q3 2018
    Launch of Uncloak™ channel partner model
  4. Q4 2016
    Development of CSaaS - “Cyber security as a service” application for customers to perform their own security checks
  5. Q1 2017
    Strategic Partnership formed with Adecco™, the world's largest human resources firm to provide cyber security consultancy to public/private sector clients
  6. Q2 2017
    Awarded best in class IT consultancy by Wealth and finance magazine
  7. Q4 2017
    CSaaS renamed to Uncloak™
  8. Q1 2018
    Strategic alliance formed with world leading artificial intelligence software developers
  9. Q1 2018
    Released whitepaper
  10. Q1 2018
    Building community and strategic relationships
  11. Q2 2018
    Uncloak™ UNC token crowd sale
  12. Q3 2018
    Launch of Bug Bounty community
  13. Q4 2018
    Launch of Uncloak™ bug bounty alpha on EOS testnet
  14. Q4 2018
    Alpha launch of Uncloak™ AI engine
  15. Q4 2018
    Uncloak™ general public platform release

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Funding Goal $ 6,000,000 - € 4,280,000 -
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Industry Artificial Intelligence, Internet, Security Artificial Intelligence Internet, Artificial Intelligence Artificial Intelligence, Platform
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