Cybersecurity in crypto is a mess right now – there’s another big hack almost every week. Cyber security firm Forta aims to take this on by trying to build a crypto first version of centralized cyber firms like CrowdStrike or Palo Alto Networks. And to do so, Forta is launching its own FORT token, intended to increase incentives for security researchers to monitor blockchain networks.
The leader of the Forta Foundation ecosystem, Andy Beal, explained in an interview with decipher that Forta takes a decentralized approach to security by working with a loose federation of researchers who deploy bots to patrol various corners of the blockchain world.
Beal said that the bots are deployed by a network of nodes to act as a kind of network of security cameras to monitor abnormal activity. If a bot finds something suspicious, it relays the information to a node, which in turn triggers an alarm.
Several major blockchain projects, including Lido, Compound, and Polygon, are already using Forta to monitor their activities on Ethereum, Avalanche, and more. side chains.
Beal says that blockchains are evolving so rapidly that it doesn’t make sense to rely on centralized cybersecurity giants like the Web 2.0 world does. But to ensure that node operators are acting in the best interest of the network, Forta is introducing incentive systems like the FORT token.
Previously, anyone could participate in the Forta Network and run their own “detection bots” at virtually no cost. But that, unsurprisingly, led to spam on the network and caused an undue strain on their resources. Forta claims that its new token solves all of that.
But is now the right time to launch a new token, given the current crypto market conditions?
“During bear markets, there is always a welcome change back to building,” Beal responds, “and the FORT token will allow the Forta Network to continue to grow and attract quality contributors.”
Forta is open source and for now free for anyone to use. Over time, however, Beal says the company will introduce a fee structure for node operators to be paid.
Forta began as a project within blockchain cybersecurity startup OpenZeppelin, but has recently spun off and is exploring a DAO to become more decentralized. Last September, Forta raised $23 million from Andreessen Horowitz, Coinbase Ventures, Blockchain Capital, and others.
Do you want to be a crypto expert? Get the best of Decrypt straight to your inbox.
Get the biggest crypto news stories + weekly recaps and more!