Forta Unveils FORT Token, Empowering Community to Bolster Decentralized Blockchain Security

In a groundbreaking move, blockchain security firm Forta debuts its native token, FORT, incentivizing network security. Born from OpenZeppelin, Forta has raised $23 million, aiming to address blockchain security concerns, particularly in runtime monitoring. The token launch introduces FORT-dependent node running and governance participation, marking a significant step towards network decentralization. Forta's ecosystem comprises bots, specialized security cameras detecting issues, and nodes running bots on transactions. FORT holders gain voting power through governance proposals, while the token's distribution plan aligns with DeFi norms, allocating a substantial portion to the community and infrastructure growth.

Forta Unveils Native Token, FORT, to Bolster Decentralized Blockchain Security

Austin, Texas – June 9, 2022 – CoinDesk's Consensus 2022, the premier crypto and blockchain festival, is set to captivate attendees from June 9-12. Amidst this industry-defining event, blockchain security titan Forta has made a groundbreaking announcement that will reshape the landscape of Web3 protection.

Forta, a brainchild of blockchain security luminary OpenZeppelin, has introduced FORT, a native cryptocurrency designed to incentivize the securing of its decentralized network. This bold move further solidifies Forta's position as a pioneer in the realm of blockchain security, empowering its community to play a vital role in safeguarding the digital frontier.

Smart contract security is a multi-faceted challenge, encompassing both pre-deployment checks and post-deployment runtime security. Forta's focus on the latter includes real-time monitoring, incident response, and emergency response functions. This comprehensive approach makes Forta an indispensable weapon in the battle against malicious actors targeting blockchain ecosystems.

"Think of Forta as a massive security camera network and alarm system for Web3," elucidates Andrew Beal, Forta's lead ecosystem developer. "But unlike traditional systems, ours is decentralized, giving the community unprecedented control over their own security."

At the core of the Forta network lie two essential components: bots and nodes. Bots are fragments of code crafted to detect specific security vulnerabilities and issue alerts. Node runners, on the other hand, dedicate their computing resources to executing these bots across supported blockchains. Crucially, Forta allows any developer to create and deploy bots for free.

Previously, node runners were manually vetted into the system. However, the introduction of the FORT token marks a transformative shift in this process. Node runners are now required to stake FORT as collateral, ensuring their commitment to network security. Malicious behavior will result in staked tokens being slashed, while underperforming runners may also face financial penalties.

To further discourage malicious or spam bots, Forta plans to implement developer staking. FORT holders will also have the authority to vote on governance proposals, shaping the future trajectory of the network. Forta recently held its inaugural vote to establish a seven-member governance council, a testament to its commitment to decentralization.

FORT has an initial total supply of 1 billion tokens. While inflation is not currently planned, Beal acknowledges its potential as a future consideration. Forta has opted to keep its token distribution strategy private, but Beal hints that it follows the industry norm of allocating approximately half to the community and the remainder to early investors, team members, and advisors.

"The launch of FORT is a resounding declaration of Forta's transformation into a fully permissionless network," proclaims Beal. "It empowers our community to actively participate in securing the Web3 ecosystem, creating a collective force against malicious threats."

As CoinDesk's Consensus 2022 unfolds, Forta's announcement reverberates throughout the crypto and blockchain landscape. The introduction of the FORT token heralds a new era of decentralized security, empowering the community to safeguard their digital assets and shape the future of Web3.