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PolySwarm

NCT

Price
$0.0076
12/1/2022, 9:45:10 PM
diamondHands

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Market

Market stats

Market cap

$11.8M

Volume (24h)

$304,839.04

Circulating supply

1.5B NCT

Typical hold time

16 days

Trading activity

Not enough data

Popularity

#200

All time high

$0.17

Price change (1h)

-0.52%

Price change (24h)

-1.04%

Price change (7d)

-8.96%

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PolySwarm is on the decline this week.

The price of PolySwarm has fallen by 8.96% in the past 7 days. The price declined by 1.04% in the last 24 hours. In just the past hour, the price shrunk by 0.52%. The current price is $0.0076 per NCT. PolySwarm is 95.51% below the all time high of $0.17.

The current circulating supply is 1,546,457,129.51 NCT.

About

NCT is an Ethereum token that powers PolySwarm, a community and network for detecting malware. NCT rewards are distributed to users who provide relevant cybersecurity data while NCT is used to access insights provided by the network.

What Is PolySwarm (NCT)?

PolySwarm (NCT) is a community-based network for detecting malware. Running on Ethereum, the platform aims to rapidly detect and respond to new and evolving malware. Malware is malicious software intended to harm or destroy computers and computer systems. The whitepaper describes the PolySwarm platform as a global real-time cyber-threat detection ecosystem. The platform comprises enterprises, consumers, providers, and security professionals.

Modern cyber threats have become increasingly sophisticated. Today, businesses use a combination of anti-virus subscriptions, threat intelligence feeds, and other analytic engines to defend their systems. However, this cocktail of cyber security software often does not suffice to protect against ever-developing cyber-attacks. Moreover, these commercial threat detection engines have comprehensive coverage but are comparatively slow. On the contrary, specialized engines are niche, research-driven, and quick but lack the coverage provided by commercial engines. Intending to bring the best of both worlds together, PolySwarm integrates commercial and specialized engines to cultivate a broad scope and better protect enterprises against new threats.

With a mission to match users with their desired cyber security cover, PolySwarm created a decentralized threat detection marketplace. This marketplace seeks to allow users to submit URLs or files for scanning against potential malware threats. An automated engine then compares the submitted files to a list of "safe" codes, determining whether it is malicious or not. Meanwhile, security experts associated with the platform construct and fine-tune "micro-engines," or virtual workers that examine the potential threats. These experts compete to provide the best defense to a customer's business and win rewards.

Delving deeper, PolySwarm’s marketplace seeks to provide immediate gains to all participants: users, aggregators, stakers, and consumers. Users have more control over their data and are rewarded for the value they give, in addition to receiving early warnings about hazards they have experienced. Aggregators are no longer reliant on their install base for data, and they may earn money by assisting with query computation and data validation. Stakers earn by supporting the network in determining the useful data sources and reducing the threat of spam on the platform. Finally, PolySwarm also aims to offer consumers a worldwide network to recognize and counter new risks.

Binding the ecosystem seamlessly is the Ethereum-based Nectar (NCT), which is the native utility token of the platform. Tokens can be used to perform transactions and access the marketplace. Nectar tokens are also rewarded to security specialists who accurately identify risks by competing in the market. Further, individual data producers can stake NCT to help avoid spam and properly allocate rewards. Elaborating on the technicalities, NCT is an ERC20 token, a model for smart contracts on the Ethereum blockchain for token implementation. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain.

History of PolySwarm (NCT)

PolySwarm Pte Ltd developed PolySwarm and conducted a public NCT token sale between February 20, 2018, and March 22, 2018. The funds raised from the token sale were used for technical development, community engagement, and participant outreach for the PolySwarm ecosystem. 70% of NCT tokens were sold during the token sale. The remaining 30% were split evenly between the PolySwarm ecosystem's stakeholders and PolySwarm Pte. Ltd.

Steve Bassi, Ben Schmidt, and Nick Davis cofounded the platform. Bassi is the CEO and an information security veteran. He previously founded Narf Industries, an information security R&D firm. Similarly, Schmidt brings decades of experience in information security to the team and is the CSO (chief security officer). Davis is the COO of PolySwarm and cofounder of Narf. The team released the original whitepaper of PolySwarm in 2017. Subsequently, the founders published the whitepaper of the NCT token on May 17, 2021.

How Are New PolySwarm (NCT) Tokens Created?

PolySwarm is an Ethereum-based platform that uses proof of stake to secure its network and forge new blocks. Using proof of stake, cryptocurrency owners authenticate block transactions depending on the number of coins staked by a validator. However, PolySwarm has placed a limit on the maximum number of tokens that can be created by the protocol.

How Many NCT Tokens Are There?

PolySwarm has a maximum supply of 1.88 billion NCT tokens.

How to Purchase PolySwarm (NCT) Tokens

The token is available on various decentralized exchanges, including but not limited to Coinbase.

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FAQ

What is the current price of PolySwarm?

The price of 1 PolySwarm currently costs $0.0076.

What is the market cap of PolySwarm?

The current market cap of PolySwarm is $11.81M. A high market cap implies that the asset is highly valued by the market.

What is the all time high of PolySwarm?

The all-time high of PolySwarm is $0.17. This all-time high is highest price paid for PolySwarm since it was launched.

What is the 24 hour trading volume of PolySwarm?

Over the last 24 hours, the trading volume of PolySwarm is $304.84K.

What other assets are similar to PolySwarm?

Assets that have a similar market cap to PolySwarm include Nimiq, SOLVE, Shiba Predator, and many others. To see a full list, see our comparable market cap assets.

How many PolySwarm are there?

The current circulating supply of PolySwarm is 1.5 billion.

What is the typical holding time of PolySwarm?

The median time that Coinbase customers hold PolySwarm before selling it or sending it to another account or address is 16 days.

What is the relative popularity of PolySwarm?

PolySwarm ranks 100 among tradable assets on Coinbase. Popularity is currently based on relative market cap.

What is the current trading activity of PolySwarm?

Currently, 84% of Coinbase users are buying PolySwarm. In other words, 84% of Coinbase customers have increased their net position in PolySwarm over the past 24 hours through trading.