PolySwarm

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Discover PolySwarm'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 PolySwarm?

PolySwarm (NCT) is a utility token on the Ethereum blockchain, powering the PolySwarm Marketplace, a community and network for detecting malware. NCT rewards users who provide relevant cybersecurity threat intelligence and is used to facilitate marketplace transactions.

How is PolySwarm used?

PolySwarm (NCT) is a utility token used within the PolySwarm ecosystem, a decentralized cybersecurity threat detection and intelligence platform. Here are the key ways NCT is utilized:

  1. Reward Mechanism: NCT is used to incentivize accurate threat detection. Security experts, known as "Engines," are rewarded with NCT tokens for providing accurate threat intelligence. This encourages continuous improvement and participation, aligning the interests of security experts with the need for accurate cybersecurity data.

  2. Staking and Mining: Users can stake their NCT holdings on the validity of specific threats or actively mine more context around threat data. This process helps prioritize threats and rewards users for their contributions.

  3. Access to Advanced Threat Intelligence: Users spend NCT to submit potential threats for analysis and to access advanced threat intelligence gathered across the network. This setup encourages a competitive environment where experts are motivated to provide precise and timely data.

  1. Marketplace Transactions: NCT facilitates transactions within the PolySwarm marketplace, ensuring transparency and security for these transactions.

  2. User Participation: Users participating in the NectarNet Beta program contribute DNS query data and receive NCT rewards, making PolySwarm one of the first platforms to monetize user-contributed data for enhancing cybersecurity measures.

Overall, NCT plays a crucial role in driving engagement and enhancing the network's value by rewarding contributions that help improve global cybersecurity defenses.

How do I store PolySwarm?

To store PolySwarm (NCT) tokens, you have several options:

  1. Hard Wallets: Ledger or Trezor are recommended for secure storage. These wallets provide a high level of security and control over your tokens.

  2. Guarda Wallet: This wallet supports all ERC-20 tokens, including NCT. It is a great option, especially if you have a Ledger device, as you can manage your coins on Ledger using Guarda's interface.

  3. Atomic Wallet: This multi-asset wallet supports over 1000 coins and tokens, including NCT. It offers features like instant swapping, staking, and buying crypto assets. Atomic Wallet is known for its private and secured environment, with 24/7 online support.

  1. PolySwarm Wallet: The official PolySwarm wallet is also available for managing NCT tokens. It is integrated into the PolySwarm platform and allows for easy management of tokens within the ecosystem.

  2. Other Wallets: There are additional wallet options available, such as Bitcompare, which provides a step-by-step guide for staking NCT tokens.

It is essential to choose a wallet that fits your needs and provides the necessary security and features for managing your NCT tokens effectively.

How to buy PolySwarm?

To buy PolySwarm (NCT) tokens, you can follow these steps:

  1. Create an account: Sign up for a cryptocurrency exchange that supports PolySwarm, such as Coinbase, Gate.io, or HTX.
  2. Add a payment method: Connect a payment method like a bank account, debit card, or credit card to your exchange account.
  3. Deposit funds: Deposit the desired amount of funds into your exchange account using your chosen payment method.
  4. Select PolySwarm: Find PolySwarm (NCT) in the exchange's asset list and select it for purchase.
  5. Enter the amount: Enter the amount of PolySwarm you want to buy, and the exchange will automatically convert it to your local currency.
  6. Finalize the purchase: Review the details and confirm your purchase. The tokens will be added to your exchange wallet.

Alternatively, you can also use decentralized exchanges (DEXs) like Uniswap or Sushiwap. For this, you will need to:

  1. Download a Web3 wallet: Install a Web3 wallet like Metamask or Trust Wallet.
  2. Create and set up a new wallet: Set up your wallet and ensure it is supported by the DEX.
  3. Transfer ETH or other mainnet cryptocurrency: Transfer the necessary cryptocurrency (e.g., ETH for Ethereum-based DEXs) to your wallet.
  4. Connect to the DEX: Connect your wallet to the DEX and select PolySwarm (NCT) for trading.
  5. Swap for PolySwarm: Swap your cryptocurrency for PolySwarm tokens, and confirm the transaction.

Please note that availability and procedures may vary depending on your location and the exchange or DEX you use.

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History of PolySwarm

PolySwarm (NCT) is a cryptocurrency that powers a decentralized threat intelligence marketplace. The project was launched in 2018, and its token sale took place from February 20 to March 22, 2018. During this period, 70% of the total NCT tokens were sold to participants, while the remaining 30% was allocated for bootstrapping the PolySwarm ecosystem.

The PolySwarm platform uses Ethereum smart contracts and blockchain technology to facilitate the detection and analysis of cyber threats. It incentivizes users to provide relevant cybersecurity data by rewarding them with NCT tokens. These tokens are used to access insights provided by the network and are essential for all major interactions within the platform.

The project was co-founded by Steve Bassi, Ben Schmidt, and Nick Davis, who serve as CEO, CSO, and COO respectively. PolySwarm is headquartered in San Diego, California, and aims to disrupt the threat intelligence industry by providing a more effective way to detect and respond to emerging malware threats.

Historical data for PolySwarm (NCT) is available, showing its price fluctuations over time. The token's market capitalization and trading volume have varied significantly since its inception, reflecting the volatility of the cryptocurrency market.

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How PolySwarm works

PolySwarm (NCT) is a decentralized cybersecurity platform that leverages blockchain technology to incentivize accurate threat detection and enhance malware detection capabilities. Here's how it works:

Key Components
  1. Threat Engines: These are custom-built protocols created by cybersecurity experts to detect emerging threats. Engines autonomously investigate threats and provide threat level scores to help security analysts understand the attack vector and prevent future attacks.

  2. NCT Token: NCT is the utility token for the PolySwarm network. It serves multiple purposes, including:

    • Reward Mechanism: Security experts are rewarded with NCT for providing accurate threat intelligence.
    • Transaction Facilitation: NCT is used to submit potential threats for analysis and access advanced threat intelligence gathered across the network.
    • Marketplace Interactions: NCT is required to list engines on the marketplace and pay fees.
  3. Marketplace: The marketplace is where security experts, referred to as "Engines," interact and compete to provide the most accurate threat intelligence. This competitive environment motivates experts to provide precise and timely data.

How It Works
  1. Engine Creation: Cybersecurity experts create threat engines that can integrate into existing networks, providing an additional layer of protection. These engines are designed to detect emerging threats quickly and accurately.

  2. Threat Scoring: When an engine discovers a potential threat, it assigns a threat level score based on various data points. This score helps security analysts understand the attack vector and prevent future attacks.

  3. NCT Rewards: Engine creators receive NCT rewards based on the accuracy of their engines. This incentivizes continuous improvement and participation in the marketplace.

  1. User Participation: Users contribute to the cybersecurity process by submitting potential threats for analysis and accessing advanced threat intelligence. They spend NCT to participate in the marketplace.

  2. Blockchain Integration: The marketplace functions on a blockchain, ensuring transparency and security for transactions. This decentralized approach allows for efficient and reliable responses to emerging digital threats.

NCT Tokenomics
  • Maximum Supply: The maximum supply of NCT tokens is capped at 1,885,913,076 units.
  • Distribution: The distribution of NCT tokens is structured as follows: 40% for public sale, 20% for the team and advisors, 20% for ecosystem development, and 20% reserved for future funding.
Trading and Availability
  • Exchanges: NCT is available on several exchanges, including Gate.io and Coinbase, which accept residents from various countries.
  • Pricing: The price of NCT can fluctuate based on market conditions and demand.

Overall, PolySwarm's decentralized approach and incentivized threat detection model aim to enhance global cybersecurity defenses by encouraging accurate and timely threat intelligence.

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PolySwarm's strengths

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

  1. Decentralized Threat Intelligence: PolySwarm operates as a decentralized threat intelligence marketplace, leveraging Ethereum smart contracts to facilitate transactions and interactions between security experts and users. This decentralized approach enhances the security and transparency of the platform.

  2. Reward System: PolySwarm rewards users with NCT tokens for providing and enriching cybersecurity telemetry data, incentivizing community participation and fostering a collaborative environment. This reward system encourages users to contribute valuable threat intelligence, which in turn enhances the overall effectiveness of the platform.

  3. Utility Token: The NCT token serves as a utility token, powering the PolySwarm Marketplace and facilitating transactions between threat intelligence producers and consumers. This utility ensures that the token has a clear purpose and is integral to the functioning of the platform.

  1. Community Engagement: PolySwarm has an active community, with users and security experts working together to identify and mitigate threats. This community engagement helps to drive the development of the platform and increases the value of the NCT token.

  2. Technical Analysis: Technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) can be used to analyze the price movements and trends of NCT, providing insights for traders and investors.

  3. Long-Term Potential: PolySwarm's decentralized approach and reward system position it for long-term growth and adoption, with price predictions suggesting potential increases in value over the coming years.

These strengths collectively contribute to the value and potential of the PolySwarm (NCT) token, making it an attractive option for investors and users interested in decentralized threat intelligence and cybersecurity.

PolySwarm's risks

PolySwarm (NCT) carries significant financial risks due to its high market volatility. The speculative nature of investing in cryptocurrencies like NCT means that market fluctuations can result in substantial losses. Additionally, the risk assessment from InvestorsObserver indicates that NCT's risk score can vary, sometimes being classified as high risk and other times as low risk, depending on market conditions and trading activity.

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Did PolySwarm raise funds?

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PolySwarm’s team

  • Steve Bassi: CEO, Developer, and Founder of PolySwarm. He is a cybersecurity expert who grew up in a small farming town in California and began his career in security at the age of 11. He co-founded Narf Industries, a boutique information security firm, and has worked on various projects for government and commercial clients.
  • Ben Schmidt: CSO, Developer, and Co-Founder of PolySwarm. He is also a member of Narf Industries and has extensive experience in the cybersecurity industry.
  • Nick Davis: COO, Developer, and Co-Founder of PolySwarm. He is another key member of the executive leadership team and has a strong background in cybersecurity and blockchain technology.

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