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The most exploited part of any blockchain-based network is the smart contracts. The mitigating attack is an essential requirement and Forta is here to provide exactly that service to all platforms.

About Forta

Making a secure network is extremely important if you want your DAOs, NFTs, and DeFi services to be safe and secure. While most networks already put into place steps to avoid any break-ins, it still happens, nonetheless. Examples include the $600 million hack on Poly Network and Compound Protocol’s $100 million hack. Forta claims to be capable of identifying such exploits within seconds and helping platforms prevent such losses.

How Does Forta Work?

With so much money at stake on multitudes of DeFi platforms, NFT marketplaces, and DAOs, it is imperative to have a monitoring system that prevents exploits from utilizing system loopholes and stealing assets. Forta provides such a monitoring system that goes through contract conditions and provides findings based on set parameters to make sure contracts are only operating as intended and do not contain any malware code that could end up draining accounts on the network. You can also find live examples of how Forta could have saved the Poly Network and Compound Protocol hacks on their website. The platform offers several key features to users which include the following:

  • Users can create their own threat detection agents on the platform and set conditions according to their needs. Each contract can have Forta’s security protocol to prevent potential hacks from happening. This is possible for DeFis, DAOs, and NFTs as well.
  • Transaction scanning is also a part of the Forta security system which allows users to scan all transactions happening on any level 1 and level 2 network or sidechains. The scanners can detect potential threats on the transactions and alert system admins within seconds.
  • The system also provides alerts in real-time for network financials, cybersecurity loopholes, governance, and even general operations. This can be made available for your own protocol or also for other protocols dependent on your system.

Forta Team

Forta is created by a team of financial experts, blockchain security specialists, software developers, and finance and economics experts. The company is also backed by multiple partners and investors and is an incubation of OpenZepplin.

How to Participate?

Forta has not made any public announcement so far regarding a public ICO. However, they are inviting early contributors to join their platform through their Discord, where you can also find out about any future developments that may come up.

* ICO Daily does not provide investment advice. Please read our disclaimer

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