Guardians of the Chains: How Forta's Bots Protect Blockchains with Their New Incentive Structure
August 8, 2023
Just another day in the crypto world, and yet another high-profile exploit. The recent victim, Curve Finance, saw over $100M of crypto assets at risk, which sent shockwaves throughout the community and dragged the CRV token down with it. Such incidents bring back into focus the dire need for a robust multi-layered defense in the crypto realm.
The world of blockchain security can be likened to a grand medieval castle: with its imposing walls representing foundational defenses, a deep surrounding moat symbolizing advanced protective measures, and vigilant knights ensuring real-time security. While the latest 'Game of Thrones' binge might color this imagery, it aptly captures the essence of today's crypto security, at least in this author's view. Beyond the simple defenses of a drawbridge and moat, crypto boasts a far more intricate defense system. And just as castles hid landmines to catch unsuspecting invaders, the crypto world is laden with concealed risks, many unbeknownst to the newcomer.
In this complex terrain, Forta emerges as a steadfast guardian. This dynamic network is dedicated to real-time blockchain security monitoring. It operates on a decentralized platform, overseeing every transaction and state change. Harnessing machine learning, Forta identifies threats in various arenas, from DeFi and NFTs to wallets and bridges. Merging human ingenuity with automation, Forta adapts to the shifting crypto threats, offering developers and users unmatched peace of mind.
Just as medieval castles had their intricate layers of defense, the crypto world too relies on multifaceted protective measures. Let's delve deeper into these layers, starting with the most foundational: the network.
The Network – The Castle Walls
When you think about a castle, its towering walls are probably the first thing that comes to mind. They're the foundation, preventing invaders from easily storming in. Similarly, in the crypto realm, decentralization stands as our formidable wall. It's not just a buzzword; it's the barrier that ensures network integrity.
When a blockchain is decentralized, an army of nodes ensures the data's consistency and integrity, complicating the task for potential attackers. No central point of failure means no easy access. Just like you wouldn’t fancy the odds of a single intruder against a massive castle wall, an attacker in the decentralized crypto space faces a daunting challenge. Yet, these towering walls gain their true strength from the brilliant minds that design their layout.
The Developers – The Castle's Skilled Architects
In the vast landscape of the crypto realm, smart contract developers are analogous to the architects behind grand medieval castles. They meticulously lay down the blueprint, ensuring that the projects they build are not just functional but are fortified against external threats.
The solidity of a blockchain project is underpinned by the robustness of its code. In such a high-stakes environment, a single oversight can unleash a Pandora's box for hackers. But even the most seasoned developers can miss a detail, which is why we have our next line of defense.
Audit Firms – Expert Lookouts
Developers may lay the foundation, but audit firms like OpenZeppelin, ConsenSys Diligence, and Trail of Bits act as the crypto realm's sharp-eyed guardians, identifying unseen flaws in project architectures. However, it's essential to note that audits provide only a snapshot in time. As projects evolve and new smart contracts are integrated, static audits can't always keep pace. This is where the dynamic monitoring capabilities of Forta Bots come in, offering a continuous vigilance that traditional audits might miss.
Forta Bots – The Always-On Knights
In the ever-adaptive world of crypto, security isn't a mere "set and forget" affair. Forta Bots, the frontline warriors of real-time crypto security, operate 24/7, ensuring that assets are shielded against both known and emergent threats. Their round-the-clock vigilance not only keeps your investments secure from the unpredictable twists and turns in the crypto landscape but also offers you the peace of mind to sleep better at night.
Their unique strength lies in their dynamic adaptability, fortified by a decentralized army of developers who continuously refine them. Forta's innovative fee structure further underscores this, emphasizing the essence of decentralization by making every contributor a pivotal part of the security ecosystem.
Forta's Moat
In the crypto realm, threats are not static; they're continually evolving, growing more sophisticated with each iteration. Forta's answer to this perpetual challenge is its suite of AI-powered detection bots, engineered by a passionate community of developers. Far from being just anti-phishing tools, these bots have been meticulously crafted to identify, adapt to, and neutralize a wide array of malicious intents. Their continuous learning and adaptability, coupled with the relentless innovation from the Forta community, stand as a robust moat against the constantly shifting threats of the crypto world.
Delving Deeper into the New Fee Structure
Forta now offers a structured monthly subscription mechanism with payments possible in both FORT and USDC. There are two main plans: Premium and General.
The Premium Plan offers users exclusive access to top-tier, high-value detection bots. Only a select few bots that meet the stringent criteria of FP-6 qualify for this category. While the pricing for each of these premium bots is determined by its individual owner, it's the bot developer who chooses the preferred currency, be it FORT or USDC, for collecting fees. However, thanks to Forta's integration with the Unlock protocol, users can effortlessly use any token in their wallet, swapping it on-the-fly to acquire the necessary token for that particular plan.
The General Plan provides users with access to the vast majority of the Forta network's bots, essentially more than 99%, which includes major protocol-specific bots. As an initial offering, the General Plan is priced at 250 FORT/month, which equates to around $30 (based on current rates). However, this pricing may be subject to future adjustments driven by community consensus.
It's worth noting that Forta is championing the cause of bot developers by ensuring they benefit most from this initiative. Forta will direct 100% of the subscription revenue to these developers, emphasizing their role as the primary value creators on the network.
Framing its approach with mutual benefit in mind, Forta has engineered a fee structure that's a win-win for both developers and users.
With a focus on rewarding excellence, Forta's fee structure is designed to incentivize bot developers. These top-notch bots, appealing to a broad audience, can garner a significant subscriber base. This opens doors for both individual developers and security teams to monetize their expertise, presenting their innovations to a vast ecosystem. The move to a monthly subscription model introduces a predictable and consistent revenue stream, ensuring bot developers benefit from steady earnings — a distinct advantage over the intermittent income from one-off bounties or grants.
Lastly, the emphasis on market-driven pricing not only gives power to the market to set a bot's worth, but also provides invaluable feedback to developers on what the community truly values and appreciates, ensuring that its pricing mirrors its genuine value.
For those interested in delving deeper into the details of this revamped fee structure, please visit Forta's official blog.
Beyond the Walls: The Future of Crypto Security
The crypto world is still just a drop in the vast ocean of traditional finance, but remember, when it rains, it pours; changes occur 'gradually, then suddenly,' and soon enough the crypto tidal wave might wash away TradiFi, leading to mainstream adoption.
In the unpredictable seas of crypto, where storms of security threats are ever-present, ensuring safety is paramount. Forta stands as a beacon, illuminating these waters, offering an innovative approach to risk mitigation and near real-time protection. But beyond just learning, security in the crypto arena is about acting, about being proactive rather than reactive. It's about understanding the depths and layers of threats and taking every necessary step to ensure that as the tide of mainstream adoption rises, we remain unyielding and steadfast.
"The best way to learn is by doing," and Forta exemplifies this mantra. For those eager to understand the intricacies of crypto, diving into Forta's comprehensive documentation and videos offers a masterclass. Building and operating a Forta detection bot transcends mere dev skill development. With Forta's updated fee structure, developers can harness the dual benefits of honing their expertise and earning. This isn’t a one-sided gain either: every bot put into action contributes to the protection of countless digital assets today (currently monitored value is over $44 billion). Envision a future where your efforts safeguard not just thousands but potentially billions of individuals, ensuring their crypto remains secure in an ever-evolving digital landscape
As we gaze into the digital future, envisioning our crypto realm as the fortified castle, it's evident that every brick (layer), every knight (individual contributor), and innovative mechanism, with platforms like Forta at the vanguard, is crucial in safeguarding our treasures.
Curious about Forta's ins and outs? Reach out to the Forta team.
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This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice
