Forta

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Discover Forta's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Forta?

Forta (FORT) is a native cryptocurrency token for the Forta Network, a decentralized real-time detection network for monitoring blockchain activity. It provides an incentive structure to secure the network, allowing developers to create and run detection bots and node runners to stake tokens for economic security. FORT holders can participate in governance and use the token for various network functions, including payment of data fees. The token has a total supply of 1 billion and operates on the Ethereum network.

How is Forta used?

Forta (FORT) is a cryptocurrency used primarily in the Forta Network, a decentralized security system that detects exploits and threats against blockchain applications and end users. The FORT token has several key uses:

  1. Scanner Pool Staking: Scanner pool owners must stake FORT tokens to be discoverable in the network and to provide economic security for their work. This stake can be slashed if nodes fail to execute their assigned work or perform maliciously.

  2. Detection Bot Staking: Developers must stake FORT tokens on bots, signaling bot quality to the network and providing a sybil resistance mechanism.

  3. Payment of Data Fees: Users who want to buy Forta’s General Plan to consume data from the network must pay a monthly fee denominated and paid in FORT. Premium feeds can be denominated and paid in either FORT or USDC.

  1. Governance: FORT holders can participate in governance to shape the evolution of Forta.

These uses ensure the accuracy and integrity of the data provided by the network and provide economic security mechanisms to prevent malicious actions.

How do I store Forta?

To store Forta (FORT) tokens, you can use a digital wallet like MyEtherWallet (MEW). You can send your FORT tokens by clicking the 'Send' button and entering the recipient's wallet address. Additionally, you can swap your FORT tokens within the wallet.

How to buy Forta?

To buy Forta (FORT) tokens, you can follow these steps:

  1. Create an Account: Register on a cryptocurrency exchange that supports Forta, such as Gate.io, KuCoin, Coinbase, Bitrue, or Bitget.

  2. Fund Your Account: Deposit funds into your account using various payment methods, including credit cards, debit cards, bank transfers, or cryptocurrencies like USDT.

  3. Navigate to the Forta Market: Find the Forta (FORT) market on the exchange and select it to view the current price and available trading pairs.

  1. Place an Order: Choose your preferred order type, such as a market order or limit order, and specify the amount of Forta you want to buy. Confirm your purchase once you are satisfied with the details.

  2. Monitor and Manage: After the order is executed, you can view your Forta tokens in your account. You can then manage your holdings, including selling or transferring them as needed.

Remember to follow the specific guidelines and fees associated with each exchange to ensure a smooth transaction.

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History of Forta

Forta, a decentralized detection network for real-time operational monitoring of blockchain activity, was first created in the first quarter of 2021. It was incubated by OpenZeppelin, a leading Web3 cybersecurity technology and services company. The project gained significant backing from industry giants, securing $23 million in funding from prominent investors such as Coinbase Ventures, Blockchain Capital, a16z, and Placeholder.

In July 2021, Forta announced a successful funding round and made its app and explorer publicly available. Governance over Forta was later endowed to the Forta Foundation, an independent, non-profit organization, to facilitate community governance.

The FORT token, an ERC-20 token running on the Ethereum network, was launched in June 2022. This token is crucial for securing the Forta Network, as it incentivizes node runners and detection bot operators to maintain the integrity of the network. The total supply of FORT tokens is capped at 1 billion.

Forta has seen significant adoption from leading organizations and developers in the Web3 ecosystem, with major projects such as Lido, Polygon, Instadapp, Compound, Liquity, Alpaca Finance, UMA, and Poly Network using its services. The network has successfully detected several high-profile attacks, including a flashloan attack on iearnfinance's old vaults and the largest attack of 2023, which would have resulted in a $197 million loss if not detected in advance.

Today, Forta continues to grow and evolve, with a strong focus on community governance and the development of its decentralized monitoring network.

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How Forta works

Forta (FORT) is a cryptocurrency token designed to secure Web3 by detecting exploits and threats against blockchain applications and end users. It operates on a decentralized network of community-managed bots and scan nodes, which are secured by the FORT token. Here's a detailed overview of how Forta works:

Decentralized Network

Forta's core functionality relies on a decentralized network of independent node operators. These nodes continuously scan all transactions and block-by-block state changes on various Web3 systems, including DeFi, NFT, governance, and bridges. This real-time monitoring allows for the detection of threats and anomalies, ensuring the security of the blockchain ecosystem.

Node Operators

Node operators are the backbone of the Forta network. They manage and maintain the nodes that perform the scanning and monitoring functions. These operators are incentivized to participate in the network through the FORT token, which serves as a reward mechanism for their services.

FORT Token

The FORT token is an ERC-20 token built on the Ethereum network. It plays a crucial role in the Forta ecosystem, as it is used to secure the network and incentivize node operators. The token's supply is capped at 1 billion, with a circulating supply of approximately 425 million tokens.

Security Mechanisms

Forta's decentralized network and node operators work together to detect and prevent threats in real-time. This is achieved through advanced AI-powered algorithms that analyze blockchain data to identify potential security risks. The network's ability to detect and respond to threats quickly helps protect users and applications from exploitation.

Community Involvement

Forta's community plays a significant role in the project's success. The community manages the nodes, participates in decision-making processes, and contributes to the development of the network. This collective effort ensures that the network remains secure, reliable, and adaptable to emerging threats.

Investment and Trading

Forta (FORT) is a tradable cryptocurrency, available on various exchanges such as Gate.io, Kucoin, and Coinbase. Investors can buy, sell, and hold FORT tokens, which are subject to market fluctuations based on supply and demand. The token's value is influenced by factors such as project updates, community support, and overall market sentiment.

In summary, Forta (FORT) is a decentralized security network that leverages AI, community-managed nodes, and the FORT token to detect and prevent threats in the Web3 ecosystem. Its decentralized architecture and incentivized node operators ensure the network's security and reliability, making it an attractive investment opportunity for those interested in the cryptocurrency market.

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Forta's strengths

The token Forta (FORT) has several strengths that contribute to its value and potential in the cryptocurrency market:

  1. Security and Governance: Forta is a decentralized real-time detection network built on Ethereum, where the FORT token is used for both utility and governance purposes. This ensures that the network is secured and governed by smart contracts and the use of the FORT token, providing a robust and transparent framework for its operations.

  2. Incentive Structure: The FORT token is used to incentivize node operators and developers to participate in the network. Node runners must stake FORT tokens to provide economic security for their work, and they can earn rewards in FORT if they maintain the minimum stake and perform their assigned work correctly. This creates a strong incentive for participants to contribute to the network's security and reliability.

  3. Decentralized Governance: The FORT token allows holders to participate in governance, shaping the future of the Forta Network. This decentralized governance model ensures that decision-making is distributed and community-driven, which can lead to more effective and responsive management of the network.

  1. Sybil Resistance: The staking mechanism for Detection Bots provides a Sybil resistance mechanism, ensuring that only high-quality bots are used in the network. This helps maintain the integrity of the alerts and data provided by the network.

  2. Permissionless Participation: The Permissionless Launch of the FORT token allows anyone to participate in the network, removing the need for a whitelist and making it more accessible to a broader community of Web3 security experts and builders.

  3. Robust Community: Forta has a growing community of engineers, security professionals, and infrastructure providers who contribute to the development of useful Detection Bots, operate nodes, and develop related products and services. This community is crucial for the network's success and helps to ensure its continued growth and improvement.

  1. Scalability and Interoperability: Forta's network is designed to be scalable and interoperable, allowing it to monitor transactions and protect assets across multiple blockchains. This broadens its reach and potential impact in the Web3 ecosystem.

These strengths collectively contribute to the value and potential of the Forta (FORT) token, making it an attractive option for investors and participants in the Web3 security and monitoring space.

Forta's risks

Forta (FORT) is a cryptocurrency token that operates within the Forta Network, a decentralized monitoring system designed to detect and prevent security threats in DeFi, NFT, and other Web3 systems. The network relies on node operators and detection bots to identify potential threats and alert users in real-time. The FORT token plays a crucial role in the network's operation, as it is used to incentivize node operators and bot developers to provide accurate and reliable threat detection services.

Financial Risks
  1. High Risk Rating: Forta (FORT) has been assigned a high risk rating by InvestorsObserver, indicating that it is a relatively high-risk investment. This rating is based on factors such as recent changes in volume and market capitalization, which can affect the token's price volatility.

  2. Market Manipulation: The high risk rating suggests that the token's price can be easily manipulated by limited trading, making it vulnerable to market fluctuations and potential losses for investors.

  3. Security Threats: As a token operating within a security-focused network, Forta is not immune to security threats itself. If the network is compromised, the value of the FORT token could be significantly impacted, leading to financial losses for investors.

  1. Token Slashing: In the Forta Network, node operators must stake FORT tokens to participate in the network. If these nodes fail to execute their work properly or engage in malicious activities, their staked tokens can be slashed, which could lead to a decrease in token value.

  2. Competition and Adoption: The success of Forta (FORT) depends on its adoption by DeFi, NFT, and other Web3 systems. If the network fails to gain widespread adoption or faces significant competition, the value of the token could decline, posing a financial risk to investors.

  3. Regulatory Uncertainty: As with many cryptocurrencies, Forta (FORT) operates in a regulatory environment that is still evolving. Changes in regulations or increased scrutiny by authorities could negatively impact the token's value and pose financial risks to investors.

In summary, Forta (FORT) carries a range of financial risks, including market manipulation, security threats, token slashing, competition and adoption challenges, and regulatory uncertainty. These risks should be carefully considered by investors before investing in the token.

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Did Forta raise funds?

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Forta’s team

  • Andrew Beal: Lead Ecosystem Developer at Forta, involved in the development and governance of the Forta Network.
  • Demian Brener: Founder and CEO of OpenZeppelin, the company that founded and incubated Forta.
  • Hart Lambur: Co-Founder of UMA, an active Web3 protocol, and a member of the Forta Governance Council.
  • Mat Travizano: Forta Council member, involved in shaping the future of crypto and AI alongside prominent figures like OpenAI's Sam Altman and the President of Argentina.
  • Christian Seifert: Forta Researcher-in-Residence, contributing to the development of detection bots and threat intelligence solutions.

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