PolySwarm (NCT) is a blockchain platform built to cash in on the growing menaces of malware and hacking.
To elaborate, PolySwarm’s platform serves as a launchpad for new technologies and innovative threat-detection methods. In particular, Polyswarm builds specialized engines to counter new threats. They hope to make threat-detection and response more effective by offering engines performance-based compensation and contextual threat scoring.
Hence, PolySwarm is trying to develop decentralized threat detection and malware prevention by paying developers to build engines to counter new threats. PolySwarm calls itself a crowdsourced threat intelligence platform. They will pay engine developers with the PolySwarm (NCT) cryptocurrency.
PolyScore
Contextual Threat Scoring with PolySwarm’s PolyScore calculates the probability a file contains malware with a single authoritative number. They claim PolyScore will help Security Operations Centers (SOC) respond to threats faster and more effectively.
In addition, they claim PolyScore filters out false alarms so a SOC can concentrate its resources on genuine threats. They claim PolyScore can reduce threat investigation time, and eliminate false alarms.
PolySwarm incentivizes engines to respond only when a threat seems genuine. Interestingly, PolySwarm wants to demonstrate confidence in engines by staking money. They claim PolySwarm will base compensation on the accuracy of threat analysis.
Plus, Polyswarm detects ransomware by taking samples. They claim Polyswarm can detect malware and ransomware that other security solutions cannot detect using over 50 metadata tags including PolyScore. Engines can use the data to build customized defenses to fight specific kinds of malware.
PolySwarm Malware Detection
In particular, they claim, PolySwarm (NTC) can detect the fearsome STIX and TAXII ransomware. Some services PolySwarm’s engines can provide include:
- Incident Response. Including file & URL scanning, investigation, and forensics.
- Threat Intelligence. Including data enrichment, threat hunting, and scoring.
- Security & Security Operations Center (SOC) Automation to scale threat response fast.
- Custom Malware Feeds, including scheduled metadata searches they base on user input.
Incentivized threat detection works by placing a bounty for threat detection and threat defense. Engines submit threat information. They compete for a bounty. The PolySwarm protocol determines the best response and rewards the engine with a bounty.
PolySwarm Solutions
Developers can use PolySwarm (NCT) or develop their own engine to enter the threat detection business. They claim PolySwarm will make money by selling Consumers threat intelligence and defenses through the marketplace. Suppliers make money by selling threat intelligence after building engines.
PolySwarm solutions will be available through PolySwarm UI, a one-stop website for interactive use of PolySwarm. PolySwarm CLI command-line tools that offer access to the PolySwarm Threat Intelligence Marketplace.
There is also a PolySwarm application programming interface (API) that allows developers to build PolySwarm threat intelligence into solutions and give decentralized apps (Dapps) and platforms programmatic access to the PolySwarm Threat Intelligence marketplace.
PolySwarm’s Engines
PolySwarm’s Engines is a blanket term for microengines and arbiters. Webhooks send engines detect artifacts, such as emails or code, to examine for malware. An engine uses a webhook in its HTTP server to receive bounties. The engine validates the bounty with a shared secret. The engine scans the artifact for malware and responds.
Microengines create and sell threat intelligence for NCT. Each microengine is a decentralized app (DApp) offers security expertise in exchange for Nectar (NCT) rewards for identify new malware.
Arbiters are DApps that determine which threat intelligence is valid and reward microengines for detecting it. Suppliers build microengines and arbiters to make money through PolySwarm’s marketplace.
Ambassadors place bounties for crowdsourced threat intelligence. Currently, Swarm Technologies is the only Ambassador supporting the PolySwarm Marketplace.
What Value does PolySwarm offer?
They claim the PolySwarm Marketplace processes 21 million transactions in the seven days ending on 12 October 2022. During that period, there were 2.3 million Nectar (NCT) flows. The daily average of NCT value was $24,752 in the seven days ending on 12 October 2022.
Impressively, they claim PolySwarm collected 441,000 malicious samples a day in the seven the days ending on 12 October 2022. Hence, PolySwarm could have the resources to fight malware. Interestingly, the malware menace and PolySwarm’s market are growing fast.
For example, 61% of organizations reported employee-to-employee malware in 2020, Comparitech estimates. That percentage grew to 75% in 2021 and 75% in 2022.
Similarly, 51% of organizations reported experiencing at least one business-disrupting ransomware attack in 2020, Mimecast’s State of Email Security estimates. That percentage rose to 61% of organizations in 2021.
Additionally, 69% of cybersecurity professionals admit their organization’s cybersecurity team was understaffed in 2022, ISACA’s State of Cybersecurity estimates. Hence, many cybersecurity professionals need the help PolySwarm could provide.
Frighteningly, Safe Browsing reported 3.428 million browser warnings on 14 August 2022, Google’s Transparency Report estimates. Another 1.6 million users received warnings about potentially harmful websites.
Finally, cyber predators launched 5.4 billion malware attacks in 2021, the 2021 Sonicwall Cyber Threat Report estimates. Moreover, SonicWall identified 270,228 “never-before-seen malware varieties in the first half of 2022. Thus, the threat is growing.
Consequently, the value of the global cybersecurity market grew to $220.6 billion in 2020, Globaldata estimates. The global cybersecurity market could grow to $334.6 billion in 2026, Globaldata forecasts.
They claim the PolySwarm Marketplace processes 21 million transactions in the seven days ending on 12 October 2022. During that period, there were 2.3 million Nectar (NCT) flows. The daily average of NCT value was $24,752 in the seven days ending on 12 October 2022.
Impressively, they claim PolySwarm collected 441,000 malicious samples a day in the seven the days ending on 12 October 2022. Hence, PolySwarm could have the resources to fight malware. Interestingly, the malware menace and PolySwarm’s market are growing fast.
For example, 61% of organizations reported employee-to-employee malware in 2020, Comparitech estimates. That percentage grew to 75% in 2021 and 75% in 2022.
Similarly, 51% of organizations reported experiencing at least one business-disrupting ransomware attack in 2020, Mimecast’s State of Email Security estimates. That percentage rose to 61% of organizations in 2021.
Additionally, 69% of cybersecurity professionals admit their organization’s cybersecurity team was understaffed in 2022, ISACA’s State of Cybersecurity estimates. Hence, many cybersecurity professionals need the help PolySwarm could provide.
Frighteningly, Safe Browsing reported 3.428 million browser warnings on 14 August 2022, Google’s Transparency Report estimates. Another 1.6 million users received warnings about potentially harmful websites.
Finally, cyber predators launched 5.4 billion malware attacks in 2021, the 2021 Sonicwall Cyber Threat Report estimates. Moreover, SonicWall identified 270,228 “never-before-seen malware varieties in the first half of 2022. Thus, the threat is growing.
Consequently, the value of the global cybersecurity market grew to $220.6 billion in 2020, Globaldata estimates. The global cybersecurity market could grow to $334.6 billion in 2026, Globaldata forecasts.
What Value does PolySwarm (NCT) or Nectar (NCT) offer?
PolySwarm (NCT), or Nectar (NCT), is an Ethereum Request for Comment (ERC20) token built on the Ethereum (ETH) blockchain. The primary use for Nectar is as rewards to people who provide cybersecurity threat intelligence. Users can receive Nectar by operating engines that provide intelligence.
Mr. Market thinks PolySwarm (NCT) has some value. For instance, Nectar (NCT) was CoinMarketCap’s 9th most-trending cryptocurrency on 9 October 2022.
In contrast, CoinMarketCap named PolySwarm the 642nd ranked cryptocurrency with a 1.05₵ Coin Price on 12 October 2022. Overall, CoinMarketCap gave PolySwarm a $16.243 million Market Capitalization, a $19.757 million Fully Diluted Market Cap, and a 24-Hour Market Volume of $1.827 million on 12 October 2022.They base those numbers on a 1.55 billion NCT Circulating Supply and a 1.886 million NCT Maximum and Total Supply.
Conversely, PolySwarm was CoinGecko’s 723rd ranked cryptocurrency with a 1.05₵ Coin Price on 12 October 2022. CoinGecko gave PolySwarm a $16.091 million Market Cap and a $1.443 million 24-Hour Trading Volume. They base those numbers on a 1.546 million NCT Circulating Supply and a 1.886 million NCT Total Supply.
If you are seeking a cryptocurrency, that could make money by meeting a growing demand. I think PolySwarm (NCT) is worth investigating. I think malware will get worse and those who fight it will make more money.
