PolySwarm (NCT) Review – PolySwarm ICO Ratings and Details

PolySwarm is the first decentralized marketplace where security experts build anti-malware engines that compete to protect you.

Ticker:
NCT

Token type:
ERC20

ICO Token Price:
1 NCT = 0.0304 USD (0.00003 ETH)

Fundraising Goal:
50,000,000 USD

Sold on pre-sale:
15,000,000 USD

Available for Token Sale:
70%

What is PolySwarm?

Securing your personal or business information online is becoming increasingly difficult and problematic, which is what he PolySwarm platform intends to address. It is a decentralized marketplace in which verified security experts are in competition to design anti-malware engines that best protects users. Anti-virus options often cannot defend against the constantly evolving and growing number of threats to your security.

The issue is that the anti-virus and cyber security market is dominated by a small amount of companies that only offer limited protection. Generally, the protections are only half-steps in dealing with threats, and you can only use one anti-virus program at a time. As much as 70% of potential threats go undetected currently, and cybercrime is showing no sign of slowing down. According to research, cybercrime could potentially cost as much a $6 trillion by 2021.

By using blockchain technology and Ethereum smart contracts, the bridge between security experts and solutions between different parts of the world is gapped, and they can work together to address potential cyber-threats. Naturally users and enterprises will benefit from improved security coverage.

How Does PolySwarm Work?

PolySwarm creates an ecosystem that combines consumers, vendors, enterprises, and a diverse group of security experts. The experts work to develop micro-engines that can investigate and address the latest cyber-threats while in competition with their competitors. According to PolySwarm, the cyber security market is worth approximately $8.5 billion a year.

An image is offered by the platform website that demonstrates that security experts and ambassadors of enterprises can both make offers to address specific issues or develop new security solutions. The site allows you to select the perspective of any party – enterprise, ambassador, or expert – and lays out their specific role within the ecosystem and how they can profit.

Typically, anti-virus protection runs via subscription, with users paying a monthly or yearly fee to cover them from potential threats. PolySwarm is run instead by a token called Nectar that can be spent how the user wants.

Features and Benefits of PolySwarm

The PolySwarm site offers a graphic meant to demonstrate all the ways in which it is superior to its primary competitors – Antivirus and VirusTotal. The biggest advantage it offers is being decentralized which the other two are not. It is crowdsourced, which is not the case with Antivirus, and is quite limited at VirusTotal.

PolySwarm offers broader, wider-ranging coverage from threats, lower costs per artifact, and faster reaction speeds. Furthermore, it is far more customizable for user and tailored to their specific needs, and the platform is crowdsourced so that it is not beholden to only a handful of companies that currently hold a monopoly in the area of cyber security.

A look at the dashboard screen for the program shows an easy to read, practical design that informs the user of the latest threats from the live feed, as well as the active threats. Additionally, it details the amount of threats that were detected relative to network traffic and tracks user assets that may be at risk.

The PolySwarm Token Sale

The PolySwarm token sale is scheduled to begin on February 21st, 2018 and run through March 23rd. Unfortunately, investors from the United States are not allowed to participate. Nectar tokens, or NCT, are the token that is being distributed and they are ERC20 in type. The total amount of tokens that are being created is dependent upon the total ETH contributed during the token sale, and once the sale closes no more tokens will be created. 70% of the tokens created will be made available during the token sale.

The fundraising goal for the sale is $50 million. It does not appear that a pre-sale has been conducted and no pre-sale funding has been reported. The sale only accepts ETH, and 1 NCT is equivalent to about 0.00003 ETH and $0.0298. The minimum contribution to the sale is $100. The first $5 million raised in the sale will include a 20% token bonus, at $10 million the bonus will decrease to 10%, and after $15 million it would dip to 5%.

The intended distribution of the funds raised from the token sale is detailed on the PolySwarm website, through a graph. 54.51% of the funds will go to protocol and software development, 14.49% will go to the legal department, 13.62% will be given to marketing, 10.32% will be set aside for taxes, 3% will cover office expenses, and the final 4.06% will be set aside for operational overhead.

Who’s Behind PolySwarm?

The company website clarifies that all the PolySwarm co-founders are also members to Nard Industries, LLC – a security firm that primarily focuses on providing solutions to government or large enterprises. The team behind PolySwarm is headed by Steve Bassi, who is credited as founder, developer and CEO of the company. He also founded and serves as CEO with Narf Industries and has an MS is Computer Science from Naval Postgraduate School.

There are three other co-founders of PolySwarm who all serve in key executive positions as well. Ben Schmidt is a co-founder who is also the director of product security, Nick Davis serves as COO and Developer. And Max Koo is the final co-founder and also is the Senior Backend Developer. The site identifies seven tam members in total and provides links to their LinkedIn pages as well.

The advisory board for PolySwarm consists of six people, including the Senior Vice President and CIO at Freedom Financial Network in Mark Tonnesen, as well as Dan Guido, the co-founder and CEO of Trail of Bits, a security platform started in January of 2012. The rest of te group consists of CEOs, CIOs, and more.

Conclusion

There is no doubt that a pressing issue that has reared its ugly head several times in the recent past are cyber-attacks. The attacks do not discriminate in that they have targeted large websites like twitter and reddit along with individuals who are just surfing the net. There is only a limited amount of options when it comes to cyber security, and often those options are overlapping and struggle to keep up with the evolution of cyber-attacks.

In that regard, PolySwarm is appealing because it creates a network and ecosystem that can bridge the geographical gap between security experts, allowing them to work together to track and address the newest online threats. This has potential benefits for practically everyone that uses the internet regularly, but particularly for bigger enterprises, so there is definite room for growth for the ICO.

The token sale starts soon, but it appears that they have not performed any sort of pre-sale, so it is tough to judge the anticipation for the ICO. That said, the team and advisory board behind the platform seems to have a strong amount of experience.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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