Polyswarm ICO to Tackle Cybersecurity Threats

Polyswarm ICO to Tackle Cybersecurity Threats

Swarm Technologies have announced Polyswarm, a blockchain project to incentivise the creation of a peer-to-peer network that is designed to tackle cybersecurity threats.

The network will operate as a marketplace where developers build anti-malware engines that compete to protect consumers.

Open Marketplace Rewards to Replace Subscription Model

Nectar, an ERC 20-compatible utility token, is designed for use by enterprises to reward developers. Developers will submit micro-engines to the network to scan files and software, but will be required to stake a small amount of Nectar to assert their own confidence in their product.

Each engine that correctly asserts the threat level for a file will be paid a share of the fee paid for the scan. Polyswarm’s hope is that Nectar will replace the current subscription model for anti-virus software.

The token sale begins on 6 February, during which 70% of the token supply will be sold. The sale will be capped at $50 million with the pre-sale capped at $5 million. 

There are surprisingly few blockchain projects focussed on cybersecurity. Of the 1,600 ICOs thought to have taken place in 2017, fewer than one percent were related to cybersecurity.

Of these, the highest profile ICOs were Rivetz, LevelNet and Gladius. LevelNet hopes to connect antivirus products, allowing them to share information about cyber threats whilst Gladius provides protection against DDOS (distributed denial of service) attacks by allowing users to connect to protection pools.

Polyswarm’s approach, on the other hand, is the first that seeks to incentivise developers in an industry where malware is thought to costs businesses up to as much as $100 billion a year.

Whether the network really needs to be tokenised or even operated on a blockchain, however, is debatable. In recent months, numerous established businesses have been begun to migrate some of their services to the blockchain in a move that some observers feel is more about marketing than product improvement.