Crypto Security Project Forta Releases Its Own FORT Token

Crypto Security Project Forta Releases Its Own FORT Token

16.06.2022 09:03
by Gabriel Cross
1 min read

The crypto-security firm Forta has launched its own FORT token. The goal behind the launch is to incentivize security researchers to monitor blockchain platforms.

Forta has taken a decentralized approach to security. The company works with researchers who are deploying patrol bots in order to monitor for any potential security breaches. When the bot detects abnormal activity, it activates an alarm on the bot’s current network node.

Until FORT’s launch, all willing users could participate in running their own patrol bots. However, this led to some users spamming the network and straining its resources. Forta claims that the new token will solve this issue.

Forta is an open-source project and it is, currently, free for all users. However, the company will introduce a fee structure in the future, so that the node operators can get paid.

Initially, Forta was a project within the blockchain cybersecurity firm OpenZeppelin, but has spun out recently. Last September, Forta raised $23 million from Coinbase Ventures, Andreessen Horowitz, Blockchain Capital, and others. Major blockchain projects that use Forta to monitor their activities include Compound, Lido, and Polygon.

Author

  • Gabriel Cross used to be a bank officer for an international bank for many years. From this point of view, he says the time spent obtaining a degree in economics was a waste of time. A few years back, he decided to quit his job and start trading. He is obsessed with decentralized finance, but he often plays with the stock market, investing with great pleasure into ground-breaking tech solution startups.

Trending news

Subscribe and be in touch
Click here