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The bounty of bugs are becoming more and more popular, PolySwarm is the last project to hit the blockchain to do just that. According to the PolySwarm website:
"PolySwarm is a decentralized threat information market that rewards security experts for accurate malware identification." The market should be released by the end of the year, when security experts will be rewarded with cryptocurrency to discover new malware threats.
The company claims that the ecosystem will be the first of its kind and will offer hackers around the world the opportunity to earn money legitimately and provide the most complete threat analysis for businesses. It is built on the Ethereum platform and runs on Nextar, a utility token compatible with ERC20.
The CEO of PolySwarm, Steve Bassi:
"As malware attacks continue to grow and evolve, we need a new way to protect companies from threats: the existing virus detection model (AV) of individual vendors' threat detection is inefficient, there are too many erroneous readings and is designed to focus on known widespread threats Ultimately, this slower malware detection model puts users at risk, and the industry is also struggling with a lack of qualified security talent, which is why we believe the time has come to rethink the economic aspects of this sector. "
Usually, a company pays an AV company an entry fee to scan its files for threats. Co-founder of PolySwarm and CSO of the company, Ben Schmidt said:
"Those solutions, by their very nature, are a kind of handyman, but nobody's owner, they are trying to cover the general, most common threats, but they are not really specialized in doing a particular thing very, very well."
Instead, the company will put these files in the PolySwarm market with a reward for the user along with it. As reported by Verdict, network security experts will analyze the file for malware and when a market expert believes they have discovered a threat, they will be able to bet their nectar tokens on their claim.
If they have more confidence in their analysis, then more tokens will be thrown. Those on the market who think the analysis is wrong bet against them.
What are your thoughts? Do you know anybody to whom this would apply? Let us know what you think in the comments below!
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