Crowdsourced Threat Detector PolySwarm Goes Live on Mainnet

The network uses PolySwarm’s NCT token for transactions.

AccessTimeIconDec 15, 2021 at 9:53 p.m. UTC
Updated Apr 10, 2024 at 2:43 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Crowdsourced threat detection firm PolySwarm went live with its mainnet, the company announced Wednesday in a tweet. Mainnet refers to a blockchain in production whose products, services and tokens are live in the wild.

  • The threat detection marketplace will use PolySwarm’s nectar (NCT) token, which operates on the Ethereum blockchain.
  • Here’s how it works: Users submit their URLs or files to PolySwarm to check for malicious code that could be embedded within such files. An automated engine then runs a search against several other “safe” codes, following which the user-submitted file is either deemed malicious or safe. Transactions for this service are done via nectar tokens, which are additionally rewarded to software partners and customers using PolySwarm.
  • In the marketplace, security experts will compete with each other to identify and protect users against threats. Those that can correctly identify threats, will be rewarded with nectar tokens. All suppliers and consumers will also need nectar tokens to use the marketplace.
  • PolySwarm has over 55 engines operating in its marketplace and these include Crowdstrike, Sentinel One and Kaspersky. Some of the company’s largest customers include Microsoft and Verizon, PolySwarm CEO Steve Bassi told CoinDesk.
  • Key Takeaways From Elliptic’s Case Study of Ransomware Attacks
    07:08
    Key Takeaways From Elliptic’s Case Study of Ransomware Attacks
  • Crypto and Security: Tips to Prevent Hacks for Exchanges to Nations Embracing Bitcoin
    07:30
    Crypto and Security: Tips to Prevent Hacks for Exchanges to Nations Embracing Bitcoin
  • How to Keep Your Crypto Safe
    09:46
    How to Keep Your Crypto Safe
  • US State Department Offers to Pay for Cybercrime Tips With Crypto
    04:15
    US State Department Offers to Pay for Cybercrime Tips With Crypto
  • M&A uptick

    • The M&A activity in the sector has picked up recently. One of the most notable deals in the sector was the $8 billion acquisition of Avast by NortonLifeLock in August 2021.
    • Special purpose acquisition company CYBA has signed letters of intent with Narf Industries and PolySwarm. In March 2021, CYBA was listed on the London Stock Exchange to acquire and then act as the holding company for a number of target cyber security businesses.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Author placeholder image

    Will Canny is CoinDesk's finance reporter.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.



    Read more about