PolySwarm is the first decentralized threat intelligence marketplace in the world. Their utility token is called Nectar, and this will power the PolySwarm ecosystem. They started their ICO on Feb. 20, allowing participants to purchase Nectar until March 22, 2018.
PolySwarm is offering bonuses throughout the public sale and their roadmap clearly outlines the steps they’ll take when they’ve reached their goal of raising $50Million dollars. The roadmap starts with engineering the technology, doing research, undergoing the ground process of business development, educating the people about the presence of the company and formulating the legal services for each threat detected and solved.
PolySwarm concentrates on a global issue which is at the tip of the iceberg right now and will double up in the year 2021, Cyber Security. One anti-virus software can give protection against one kind of threat, wherein currently there are lots of threats from every angle of our work life known as ‘Wanna Cry Infections.’
The presence of these infections goes unnoticed to an extent where the loss has been estimated to 8.5 billion. These infections are present in all industries, from healthcare to finance and business, putting real lives at risk. The shortage of IT experts also has added to the cause which results in 70% of threats going unnoticed.
The software present these days lack interoperability and this is the problem solved by PolySwarm. With the help of blockchain technology, security experts create their own micro-engines to identify malware. When they submit correct assertions or guesses, they’re rewarded with Nectar. The reward is facilitated with smart contracts on the Ethereum network
Therefore, the companies and enterprise thrive from the security provided by the crowdsourced swarm of experts. The result is that security is broader and more accurate and is being provided at lower cost. Thus, the whole process of PolySwarm shall be interpreted from their tagline “Threats come from every angle, your protection should too”.
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