What Is FORTA Network and How to Buy FORT Coins?

Forta Network is a decentralized monitoring network designed to detect and address Web3 threats and anomalies in real-time using machine learning. FORTA is used in detecting and preventing phishing attacks, governance attacks, and multi-chain or bridge attacks.

In this article, we will discuss the Forta Network, explaining how it works, the native token of the Forta Network - "FORT," its tokenomics, the history of the Forta Network, its features, and the value of the FORT token. We will conclude the article by providing concise guidance on purchasing FORT tokens.

What Is FORTA Network and How Does It Work?

FORTA Network is a decentralized blockchain-based solution designed to detect Web3 threats and anomalies in real time using machine learning. As the Web3 economy continues to grow in complexity, security becomes increasingly critical. With over $1 billion lost due to hacks and exploits in the first quarter of 2022, the need for a real-time security and operational monitoring solution has become evident. Traditional centralized entities struggle to keep up with the rapid development of the Web3 industry, leading to the demand for decentralized solutions like FORTA.

FORTA's threat detection monitoring system provides alerts on transactions and events that may indicate malicious activity. The challenge lies in determining what specific aspects of transactions to monitor for potential threats. The FORTA team draws from past smart contract exploits to identify potential patterns and indicators of malicious activity.

One example of FORTA's application is detecting and preventing phishing attacks, governance attacks, and multi-chain or bridge attacks. The community has already demonstrated how FORTA can be utilized to detect and mitigate such exploits effectively. However, it's essential to note that on-chain actions from within a FORTA detection bot are not recommended due to the public nature of the code and associated keys.

FORTA can also detect other smart contract exploits involving oracle or collateral manipulations. While prevention may be limited due to the use of flash loans and other rapid techniques, fast detection from FORTA can still prove valuable in mitigating attacks or preventing similar incidents on other chains or protocols.

The FORTA community is actively growing and includes security researchers, leading organizations, L1 and L2 providers, and other concerned parties working together to investigate and develop new techniques for preventing market manipulations and vulnerabilities.

Operational monitoring is another aspect of FORTA's capabilities. It checks that protocols function as expected and within predetermined bounds. This monitoring provides insights into the overall health of the protocol, highlighting extraordinary transactions and operational changes.

As FORTA is open to anyone to create and deploy a detection bot, its potential applications are limitless. Users can incorporate real-time FORTA data into various use cases, from algorithmic asset trading strategies to automated insurance protocols.

To ensure reliable monitoring, FORTA employs detection bot redundancy and monitors and enforces scan node service levels within the community. Scan nodes are assigned to multiple bots with periodic re-assignment, and they must produce a proof of scan for each block. Reliability is monitored, and nodes may face penalties for failing to meet community-established service levels.

FORTA's alerts and findings are validated through the gathering of detection bot findings by scan nodes, which store a proof of scan on InterPlanetary File System (IPFS) and broadcast the details to the FORTA analyzer node. Users can access detailed information from the analyzer node via the public API, validating it against the proof of scan data on IPFS. The analyzer node performs data indexing and may offer additional analysis, ensuring the accuracy and validity of the information provided by FORTA.

What Is the FORT Token? 

The FORT token serves as the native token of the Forta Network, playing a crucial role in incentivizing and securing the network while also rewarding participants. It boasts two primary utilities that empower users within the ecosystem:

FORT tokens are staked to participate in the Scanner Pool, a group of nodes responsible for monitoring smart contracts for malicious activity. By staking FORT tokens in the Scanner Pool, participants not only contribute to network security but also receive FORT token rewards in return.

FORT tokens are also utilized for signaling on Detection Bots, which are smart contracts designed to detect malicious activity. By signaling on these bots, users enhance their visibility and are rewarded with additional FORT tokens.

Beyond these primary utilities, FORT tokens offer a range of other functionalities, making them versatile within the Forta Network. Users can use FORT tokens to cover gas fees, participate in the network's governance, and even engage in lending or borrowing activities on decentralized finance (DeFi) platforms.

Overall, the FORT token stands as a vital component of the Forta Network, fostering network security, incentivizing participation, and driving the development of new Detection Bots.

FORTA Tokenomics

FORTA Token Statistics

History of FORTA Network

The FORTA Network was created in September 2021 as a decentralized monitoring solution to address the evolving risks of Web3. It was incubated within Open Zeppelin and had a successful funding round of $23 million in July 2021, led by a16z and backed by other notable firms such as Blockchain Capital and Coinbase Ventures. 

The network has since deployed over 650 detection bots to constantly monitor security and operational activity. It also features more than 2,000 nodes that scan transactions across 7 different L1 and L2s. 

In June 2022, the Foundation created a proposal for FORT holders to elect the seven initial Forta Governance Council members, with a voting period from June 1 to June 5. The Foundation compiled a ballot of seven candidates nominated by early members of the Forta community, including Demian Brener (Founder & CEO @ OpenZeppelin, the company that founded and incubated Forta) and Hart Lambur.

Features of FORTA

The Forta Network offers a comprehensive range of features to protect Web3 from malicious actors and ensure a secure environment for its users:

1. Decentralized Architecture: Forta operates as a decentralized monitoring network, eliminating any single point of failure and avoiding central control by any entity. This decentralized nature enhances the platform's resilience and reduces vulnerabilities.
2. Real-time Threat Detection: Forta harnesses the power of machine learning to swiftly detect threats and anomalies in real time. This capability allows the platform to respond rapidly, thwarting potential damages before they can occur.
3. Scalability: Forta is designed to be highly scalable, enabling it to monitor a large number of smart contracts and blockchains effectively. This scalability ensures that the platform can accommodate the growing demands of the Web3 ecosystem.
4. Robust Security Measures: Forta employs various security measures, such as encryption, access control, and auditing, to safeguard users' data and enhance the overall platform security.
5. Detection Bots: Detection Bots, developed by a community of security researchers and developers, play a critical role in identifying threats and anomalies within the network. These smart contracts are integral to Forta's threat detection capabilities.
6. Scanner Pool Rewards: The Scanner Pool, consisting of nodes responsible for monitoring smart contracts for malicious activity, receives rewards for successfully detecting threats and anomalies. This incentivized system encourages active participation in securing the network.
7. Signaling Mechanism: Forta introduces a signaling mechanism that allows users to upvote or downvote Detection Bots. This signaling process helps assess the reliability and effectiveness of Detection Bots, allowing the most trustworthy ones to gain prominence.

What Is FORT Token Value?

As of 22nd July 2023, FORT tokens are valued at $0.128, deriving their worth from their utility within the Forta Network. These tokens offer various functionalities, including Scanner Pool staking, Detection Bot signaling, gas fee payments, governance participation, and DeFi lending/borrowing. The demand for FORT tokens is influenced by the growth and adoption of the Forta Network, with factors such as mainstream DeFi adoption, Ethereum price fluctuations, and cryptocurrency market health also impacting their value. Due to the inherent volatility, investors are advised to conduct thorough research before investing in FORT tokens.

Where to Buy and Trade FORT Tokens?

CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including FORT, users can now trade easily and seamlessly. Here's a guide on how to buy FORT tokens on CoinEx.

1. Create an Account: Start by signing up for a CoinEx account.
2. Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
3. Navigate to FORT Trading Page: Once your account is funded, go to the dedicated FORT trading page on CoinEx. Here, you can find various trading pairs involving FORT tokens.
4. Choose a Trading Pair: Select the desired trading pair that matches FORT with another cryptocurrency. For instance, you may choose FORT/USDT if you wish to trade FORT against USDT (Tether).
5. Specify the Purchase Amount: Determine the quantity of FORT tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
6. Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order. 

By following these comprehensive steps, you can easily trade FORT on CoinEx, taking advantage of the available trading pairs.