PolySwarm (NCT) is a decentralized cyber security firm that combines a community of recognized experts, a marketplace, security engines, and a new cryptocurrency. The goal of the project is to create a crowd-sourced threat detection marketplace. Notably, PolySwarm has already secured some recognizable clientele.
The network currently has over 55 different threat detection engines in operation from some of the biggest names in cyber security including Crowdstrike, Sentinel One, and Kaspersky. The protocol has also managed to ink deals with major conglomerates such as Microsoft and Verizon.
Cyber Security Statistics
The cyber security realm is becoming more dangerous every day. According to recent reports from the Identity Theft Resource Center, the number of attacks sits at 1,862 data breaches last year. This was a 68% increase over 2020 which saw 1,108 breaches. Sadly, this trend is set to continue for the foreseeable future.
What Problems Does PolySwarm (NCT) Solve?
PolySwarm intends to arm companies with the tools they need to remain safe in the digital age. The network provides protection against undetected cyber threats and more. It’s easy to sign up and use these services which help to further blockchain adoption as well.
Delayed Detection
One of the main problems with the centralized cyber security approach is delayed detection. If you are unaware that your system has been compromised, you are likely to expose yourself to further losses. It’s paramount to detect any malware intrusion as soon as possible. PolySwarm helps to improve detection times and helps users, enterprises, and corporate security teams detect and gather intelligence on possible threats in real-time. This approach enables firms to stay one step ahead of the emerging malware attack vectors.
Lack of Competition
Another major problem that has plagued firms seeking cyber security help is a lack of competition. There are major firms that control large portions of the market. This centralization has led to price locking and other methods that hurt the consumer. PolySwarm provides a more transparent and competitive environment that benefits the user. Companies can scroll through engines in the crowd-sourced threat detection marketplace. These engines are competing for your business which helps to keep prices low and the offers packed with incentives.
Benefits of PolySwarm (NCT)
There are a lot of benefits you gain when you sign up for PolySwarm. For one, it’s a lot easier to integrate new security protocols and strategies due to the nature and technical structure of the security engines. Additionally, the platform operates as a launchpad for technologies and a testing ground for innovative threat detection methods.
Earn while You Secure
Anyone who has experience in cyber security can obtain rewards by participating in the market. These rewards are distributed to users who provide relevant cyber security data to the network. The market provides performance-based compensation which helps to reduce false positives and ensures more stability.
Lower the Financial and Technical Entry Barrier
Another major advantage that PolySwarm brings to the market is its broad coverage options and low fees. Compared to centralized options, firms can save and improve their overall security. Additionally, since PolySwarm combines the efforts of top-performing cyber security analysts, it helps to discourage duplicative efforts. It also helps to ensure interoperability
How Does PolySwarm (NCT) Work?
PolySwarm is an Ethereum-based protocol. Ethereum is the largest Dapp and DeFi ecosystem in the world. As such, PolySwarm users enjoy interoperability with Ethereum’s vast network of tools, platforms, DEXs, and DeFi features. Here’s how PolySwarm can provide enterprise clientele top-notch security at a fraction of the cost of the competition.
PolySwarm Cyber security experts compete to protect your network in real-time. They create security engines that can easily integrate into your current network and provide another layer of protection. These engines are used to detect emerging threats quickly. Each engine creator receives rewards based on the accuracy of their engine. In this way, PolySwarm enables firms to improve their coverage without going over budget.
Threat Engines
At the core of the protocol sits the custom-built threat engines. Firms can build these protocols to service their particular niche markets. Engines autonomously investigate the latest threats with the goal to outperform the competition. The best engines get recognized and rise in value. They also receive more compensation for their accuracy.
Threat Scoring
When an engine discovers a potential threat, it will identify the issue and provide it with a threat level score. These scores are made up of a variety of data points that can help security analysts understand the attack vector and how to prevent it in the future. The scoring feature is a handy tool for enterprises and corporate security teams because it identifies and categorizes threats.
NCT
NCT is the utility token for the PolySwarm network. This ERC-20 token serves a variety of roles within the network. You can pay fees and list engines on the marketplace using NCT. You also need NCT to access network insights and other tools designed to improve your security. Notably, NCT has a capped supply of 1.89 billion tokens.
Final Thought
You have to hand it to PolySwarm’s CEO, Steve Bassi, and the rest of the development team behind this innovative project. PolySwarm saves companies money, time, and keeps them safe. It also helps to bridge the gap between centralized and decentralized cyber security protection. As such, PolySwarm is well-positioned to provide its services to a global audience moving forward.
