The blockchain community keeps seeing innovations that solve real-life problems. They have moved beyond being speculative to providing solutions beyond the mainstream ones. Today, we have PolySwarm, a network that attempts to checkmate cyber threats using blockchain technology.
In 2022, Forbes reported that small and medium-sized businesses experienced 43% of all data breaches. That is unsurprising, as they need more financial capacity to utilize large, centralized cyber security systems. Thankfully, PolySwarm is stepping in with a decentralized solution.
To invest in PolySwarm, you should learn everything about its token. We will cover it extensively, including how you can buy and store it. So, here is everything you must know about this network.
What is PolySwarm?
By leveraging the blockchain, PolySwarm brings diverse security experts under one umbrella. It is a decentralized network with a specialty in threat intelligence. As a result, it adds innovation to the already valuable cybersecurity industry, worth $216.10 billion as of 2021.
The whole idea behind this innovation is simple. Catch the threats before they inflict damage on digital platforms. However, it executes it using two approaches: specialized engines and general threat detection engines.
Spreading its network gives it a robust approach to tackling common threats as well as emerging and rare ones. The specialized engines target threats in a particular niche and are research-driven. Hence, PolySwarm delivers top-tier enterprise solutions by leveraging the blockchain.
The creation of this network is intended to solve the problem of limited threat protection. Here are the benefits of using its system:
- Early detection
- Improved accuracy
- PolyScore system for rating threats
- YARA rulesets
- Premium customer service
How does this network fit into trading? The answer lies in NCT, PolySwarm’s native token. With it, users can access the network and carry out transactions.
Although the first version of this network focuses on Boolean malintent determination, the team has more robust plans. Security experts on the network receive NCT rewards. Nevertheless, you can still trade the token like any other cryptocurrency on the market.
The entire PolySwarm network comprises the following:
- Security experts: These are diverse cyber threat experts and reverse engineers around the globe. They carry out the threat assessment and maintain the connected detection engines.
- End user: They include enterprises and home users.
- Ambassadors: Companies that facilitate PolySwarm adoption by end users.
- Arbiters: A section of ambassadors that determine malintent ground truth.
How PolySwarm works
Earning the NCT tokens follows a near-real-time, automated process. Threat detection involves staking money, and only those who get it right get rewarded. On the other hand, those who do not have accurate predictions are penalized.
Artifacts in this network refer to the files, URLs, or digital platforms perceived as threats. With that in mind, here are the steps in how PolySwarm processes threat intelligence:
- Users provide a file, URL, or any other artifact on the network through API or web UI.
- PolySwarm places a bounty on the artifact.
- Engines scan it and back up their determination with money. That provides confidence in their predictions. Notwithstanding, they can pass on the artifact to another one.
- The network escrows the money in an Ethereum smart contract pending the results. Then, users receive a crowdsourced intelligent and final score (PolyScore).
- In two weeks, the ground truth comes out through convergence in the industry consensus.
- Engines with the correct determination receive the initial bounty and money from the losing engines.
In summary, the process proceeds from submission to competition, ground truth, and reward. Pulling in different industry experts gives the result credibility and expertise. This team of cyber security engineers can handle more threats, including rare ones.
The rewards in this process are NCT tokens, which the winner can sell off on a crypto exchange. They can also use it to compete for another artifact and continue the process.
How Can You Buy Polyswarm? Step-by-step Guide
Apart from winning the NCT tokens as rewards in the assertion process, you can buy them through trades. There are 1,546,457,130 coins in circulation, and you can buy them on major exchanges. Also, they have been on sale since 2018, although they reached their all-time high of about $0.17184 on January 14, 2022.
Popular exchanges where you can find NCT include Coinbase, Bitrue, BTCEX, Huobi, etc. The token is available on decentralized exchanges and a few centralized ones.
Here are the steps to buy PolySwarm:
- Step 1: Open a Crypto Wallet Account
You can skip this step if you already have a wallet that supports Ethereum ERc20 tokens. If you do not have one, this step is essential. Pick a crypto wallet that supports Ethereum ERc20 tokens.
The final storage will occur in the wallet. Hence, you must get it right from the start. We will talk more about wallets and storage in the subsequent section.
- Step 2: Buy ETH, BTC, USDT
Most exchanges allow trading PolySwarm for ETH, BTC, or USDT. Before buying the coins, you can scan the price chart to know the token’s value.
Note that the crypto industry is volatile, and the price may change at the time of purchase.
- Step 3: Register with an exchange that lists NCT
We mentioned a few crypto exchanges that support NCT. Open an account with them and search for this token in their list. Once seen, click on it to view more details.
- Step 4: Connect your wallet and trade ETH, BTC, or USDT for NCT
Link your wallet address to the DEX or CEX and select ETH or BTC as your payment method. Input the number you want to buy and confirm the swap. Some exchanges, like Coinbase, may allow purchases with fiat currencies.
How to Store Polyswarm in a Wallet and Which Wallet Should You Have?
NCT is an Ethereum ERc20 token that requires peculiar wallets. You can use non-custodial wallets or centralized wallets to store PolySwarm. Also, the storage applies whether you are part of the assertion engines or trade the token on crypto exchanges.
Wallets that accept PolySwarm include:
- Token Pocket
- Trust Wallet
Storing your NCT tokens is easy, and you can do that in the following steps:
- Choose a wallet and open an account. It takes little time to do this.
- Provide your wallet address when purchasing the token from an exchange.
Once you provide your wallet address, all purchased tokens will be transferred. They will remain there until you sell them off or swap them for other coins.
When picking wallets, there are several things to consider:
- Transaction fees
- Type of cryptocurrencies supported
- Custodial and non-custodial
- Supported devices: Android, iOS, Windows, macOS, etc.
- Customer service
In this case, you want a wallet that supports PolySwarm. MetaMask is ideal as it works across several platforms and supports many cryptocurrencies. You can connect it to decentralized crypto exchanges if you purchase NTC from them.
Polyswarm Forecast for 2023
2022 sent PolySwarm scrambling for survival after it reached its all-time high on January 14, 2022. The cryptocurrency dropped by 60% in less than a month and stayed low for the rest of the year. However, the coin is climbing back with the advent of 2023.
The PolySwarm protocol brings next-gen malware detection to a robust cybersecurity industry. Its token, NCT, started the year at $0.006318, but it is slowly climbing out of that pit.
While the world is set to recover from a bearish crypto market in 2022, the network continues to update its threats. On January 4, 2023, it added Godfather (an Android and banking trojan) to its global threats. Also, the recently released functionality of the NectarNet browser extension paints a positive picture.
While it is impossible to predict a crypto’s fortune, technical indicators like moving averages, resistance levels, etc., can point in the right direction. With that in mind, NCT may climb to $0.010 by the end of 2023. That will happen if it maintains its innovative cybersecurity approach.
Introducing more functionalities can swing market sentiments in its favor, resulting in accumulation. Once the demand for it increases, the price will become bullish.
Small and medium businesses have taken cyber threats seriously. We should see an extended use of the PolySwarm protocol to fish out new malintent files and URLs in 2023. That will increase the use of NCT and, ultimately, its demand.
PolySwarm has the potential to reach new heights and perform better than other coins. Cybersecurity ties into our very existence in today’s digital world. By becoming renowned for fishing out rare threats, the token might win over market sentiments and trade for a higher value.
PolySwarm offers an innovative approach to cybersecurity by drawing threats from end users. It combines several cybersecurity experts’ expertise to assert whether a file or URL (artifact) is a threat. Then, those who get it right receive NCT rewards.
NCT can be traded (bought) on centralized exchanges like Coinbase and decentralized exchanges. However, you must use a supported wallet, as it is an Ethereum erc20-based token. Purchasing the coin is easy, and you can buy it with Ethereum, Bitcoin, or fiat currency.
Pick a crypto exchange based on which currency you want to use. Then, input your wallet address to receive the tokens on transaction completion. PolySwarm might reach $0.010 by the end of 2023.
Frequently Asked Questions
The cryptocurrency had a bearish 2022 and is set to recover and increase in value. It is projected to reach an estimated value of $0.010 by the end of 2023, representing a 66% increase. Notwithstanding, the price may exceed that amount as the cybersecurity industry sees more action.
This cryptocurrency reached an impressive all-time high of $0.1784 after going bullish in 2021. It hit this mark on January 14, 2022, before it became bearish and lost most of its value.
The process begins with users submitting artifacts on the platform while engines or experts analyze them. Ultimately, the platform determines the threat level and rewards those who got it right with NCT.