Decentralized antivirus marketplace PolySwarm today announced the completion of its Nectar token sale, raising USD 25.94 million. Nectar (NCT) is an ERC20-compatible utility token allowing for submissions and classification of threats in the PolySwarm marketplace. Prior investors in the project include Science Blockchain and Blocktower.
With PolySwarm, a global community of anti-malware experts compete to detect emerging threats. Experts are rewarded in PolySwarm’s Nectar token (NCT) for timely and accurate malware detection, similar to converging traditional cryptocurrency mining and bug bounties.
“People are clearly responding to PolySwarm’s capacity to be a next-generation threat assessment apparatus and the corresponding value of the Nectar token to that capacity,” said Steve Bassi, CEO of PolySwarm, in a statement. “Part of PolySwarm’s mission is to bring global security experts and their software together to protect users. A large population of experts that we think are essential to this mission lives in remote areas. PolySwarm is unlocking talent from regions with less access to opportunities and levelling the playing field in the industry: Regardless of location and education history, experts get paid entirely on their ability to detect threats accurately and in a timely manner.”
Over 3,000 participants bought /NCT tokens, which are designed to replace outdated antivirus models like subscription payments and broadening accessibility to threat detection, Polyswarm said in a statement.
Polyswarm added that the cyber threat intelligence industry it intends to disrupt is worth some USD 8.5 billion, with the system providing enterprises and consumers with unprecedented speed and accuracy in threat detection.
The Polyswarm advisory board includes former McAfee CIO Mark Tonnesen alongside a host of cybersecurity experts including Dan Guido, Chris Eagle, Dr. Sergey Bratus, and Carl Hoffman, stated the company.
PolySwarm in February announced an investment from leading cryptocurrency investment firm, BlockTower Capital.
For more information, please visit the company’s website: https://polyswarm.io.