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What currency is PolySwarm(NCT) currency?
PolySwarm's native token, NCT, is an ERC-20 token on Ethereum used for rewards, validation fees, and platform governance.
Nov 29, 2024 at 10:50 am
What Currency is PolySwarm (NCT) Currency?
PolySwarm (NCT) is the native token of the PolySwarm decentralized threat intelligence platform. It is an ERC-20 token built on the Ethereum blockchain. NCT serves several critical functions within the PolySwarm ecosystem, including:
- Rewards for Threat Hunting: NCT rewards are distributed to users who contribute threat intelligence to the PolySwarm network.
- Validation Fees: NCT is required as a fee to validate threat submissions to ensure the quality and accuracy of the intelligence.
- Governance: NCT holders have voting rights in the governance of the PolySwarm platform, giving them a say in its development and direction.
Detailed Explanation of PolySwarm (NCT) Features and Use Cases:
1. Enhancing Security Through Decentralized Threat Detection:
- PolySwarm leverages blockchain technology to create a decentralized network of threat hunters and validators.
- Hunters submit threat intelligence, such as malware samples and network intrusion signatures, to the network.
- Validators ensure that the intelligence is legitimate before it is added to the shared intelligence pool.
2. Incentivizing Collaboration and Contributions:
- NCT rewards encourage hunters to contribute valuable threat intelligence.
- The validation process further ensures the quality and accuracy of the intelligence by mitigating false positives and bias.
- By incentivizing collaboration, PolySwarm fosters a community of threat hunters dedicated to keeping the platform up-to-date with the latest threats.
3. Enabling Collective Threat Defense:
- The aggregated threat intelligence from multiple hunters and validators provides a comprehensive and up-to-date view of the threat landscape.
- This collective knowledge empowers organizations to effectively protect their networks and systems against evolving cyber threats.
- By sharing intelligence, organizations can collectively respond to threats faster and more efficiently.
4. Promoting Data Privacy and Security:
- PolySwarm employs strong data protection measures to safeguard the privacy of both hunters and organizations using the platform.
- Threat intelligence is stored in an encrypted distributed ledger, preventing unauthorized access.
- The anonymity of hunters and validators further strengthens data privacy.
5. Facilitating Transparent and Democratic Governance:
- NCT holders participate in the governance of the PolySwarm platform through voting.
- Proposals for platform upgrades, fee adjustments, and other changes are subject to the approval of the community.
- This democratic governance model ensures the ongoing evolution of the platform based on the needs and priorities of its users.
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