Decentralised Finance (DeFi), Non-Fungible Tokens (NFTs), and other Web3 systems are exciting and innovative blockchain applications.
However, as they become more popular, the risk of security threats increases. For example, hacking, phishing attacks, smart contract vulnerabilities, and insider threats can result in significant financial losses and damage the credibility of affected systems.
The Good News is Forta Network – with Forta; you can detect and monitor potential threats, lowering your risk of financial loss.
TABLE OF CONTENTS
WHAT IS FORTA NETWORK?
Forta is a decentralised monitoring network to detect real-time threats and anomalies on DeFi, NFT, governance, bridges and other Web3 systems.
Forta network helps independent node operators check all transactions and block-by-block state changes for anomalous activity and potential threats.
Node operators notify subscribers of potential dangers when an issue is found, allowing them to take appropriate action.
FORTA TOKEN AND HOW IT IS USED
Forta uses a work token model to ensure the accuracy and integrity of the data provided by the network.
Node runners must stake FORT tokens to broadcast real-time security and operational data to the network.
Anyone may stake FORT tokens to signal detection bot quality in the network.
FORT has two primary functions that are critical to the network’s proper operation:
- Scanner pool owners:
Scanner pool owners must deposit FORT tokens to be discoverable in the network and provide economic security for their work.
The staked FORT can be slashed if nodes fail to execute or perform their work maliciously.
- Detection Bot Signaling:
Developers can stake FORT tokens on bots to signal bot quality to the network and provide a sybil resistance mechanism.
However, the presence of fake or low-quality bots on the network makes it more challenging to identify the best risk detection solutions.
FORTA TOKEN DISTRIBUTION
GETTING STARTED WITH THE FORTA NETWORK
These steps show you how to monitor wallet address transactions using Forta.
- Go to https://docs.forta.network/en/latest/receive-forta-alerts/ and select Attack Detector Bot.
- Set up a wallet: You will need a cryptocurrency wallet that supports Forta Network tokens (Polygon). You can use a wallet like MetaMask or MyEtherWallet.
- Connect to the Forta Network: Once you set up a wallet, click Monitor Wallets.
- Copy and Paste the wallet address you wish to monitor, then select the app you want to receive your alerts.
- Click on Start Monitoring.
ADVANTAGES OF USING FORTA NETWORK
- Security
Forta Network is built on a highly secure blockchain infrastructure that protects against hacking and other security threats.
- Low Fees
The fees charged by Forta Network are low, making it an affordable option for users looking to conduct transactions.
- Automated Alerts
Forta Network provides automated alerts to users in case of network anomalies or security breaches. This ensures that users are promptly notified of any potential issues.
CONCLUSION
As the use of DeFi, NFT, and other Web3 systems grows, so will the risks of security threats.
However, by utilising innovative solutions such as Forta Network, these systems can proactively protect themselves and their users from potential attacks, ensuring their long-term success and growth.