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Forta is a swiftly growing decentralized network designed to monitor and promptly identify threats and anomalies in blockchain operations. It spans NFTs, DeFi, bridges, governance, and all Web3 ecosystems. In this article, we’ll provide an overview of this cryptocurrency and explore the process of purchasing FORT crypto in India through the most reliable cryptocurrency exchange.
What is Forta?
Forta is an advanced decentralized cybersecurity network that functions in real-time across Ethereum, Polygon, and several other blockchain platforms. Established in 2021, Forta has risen as a prominent entity within the industry, fostered by OpenZeppelin. Strategic collaborations with notable Web3 decentralized applications like dydx, Compound, Lido, and MakerDAO strengthen its reputation.
Backed by a diverse community, including backers, protocols, and individual users, Forta’s community-managed security network has effectively protected billions of dollars worth of assets from potential vulnerabilities.
How Does Forta Work?
The Forta Network comprises two key elements:
- Detection Bots: These are scripts designed to monitor smart contract state changes and transaction characteristics within a designated blockchain.
- Scan Nodes: These nodes operate 24/7, scrutinizing block transactions for specific events or conditions. When detected, they emit alerts, which are stored on IPFS.
Furthermore, Forta maintains automated public records of all alerts, which anyone interested in assessing smart contract security can access through Forta Explorer alerts or the API.
Forta boasts a network of over 12,000 community-run Scan Nodes, each executing Detection Bots for every new block and transaction across various blockchain networks. This extensive coverage includes support for seven leading blockchains, such as Ethereum, Optimism, Polygon, and more.
About the FORT token:
- Node Runner Staking: Like a Proof-of-Stake consensus mechanism, node runners stake FORT tokens as a security measure for their activities, with penalties enforced for non-performance or malicious behavior.
- Delegated Staking: FORT token holders can delegate their tokens to node pools, thereby reinforcing network security and participating in rewards.
- Bot Stake Requirement: To operate on the network, any detection bot must meet a minimum stake requirement (100 FORT), which serves to mitigate spam and prevent harmful bot activity.
- Governance: There are plans for a gradual decentralization of network governance, beginning with Council governance. FORT token holders can engage in Snapshot Voting to influence Forta’s development trajectory.
FORT Tokenomics
The FORT token operates as an ERC-20 token on Ethereum’s EVM, with a total supply capped at 1 billion FORT tokens.
Current token distribution stands as follows:
- 45.5% allocated to the community
- 0.2% designated as rewards for node runners
- 2.2% allocated to other participants within the Forta ecosystem
- 39.1% remains unallocated at present
Additionally:
- 10% of tokens are reserved for OpenZeppelin, the entity spearheading this initiative
- 20% is earmarked for initial contributors, including the development team
- 24.5% is allocated to financial backers, such as venture capitalists like a16z and others.
Buying Forta (FORT) in India
Below are a few simple steps you can follow and buy the FORT tokens in India with WazirX, India’s most trusted and widely used crypto exchange.
The best way to buy FORT tokens is by depositing INR in your WazirX wallet. Alternatively, you can also buy FORT using P2P trade; to get answers to all your queries related to the P2P trade, click here!
Step 1 – Sign-Up on the WazirX platform
To begin buying and selling FORT, you must sign up for an account on the WazirX platform. If you already have an account, you can log in directly.
For your reference, here’s how you can open an account on WazirX.
Step 2 – Set up your account security by verifying your email address.
This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 3 – Complete the KYC process.
After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.
Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.
Step 4 – Add funds to your WazirX wallet.
To add funds, simply go to your account on the WazirX app or web. Click on “Funds” and then on “Deposit INR.”
You can deposit INR using any mode (NEFT/ RTGS/ IMPS).
You can also buy FORT through P2P to the WazirX wallet. The FORT will act as funds to help you buy your favorite cryptos.
Step 5 – Finally, buy FORT on WazirX.
You can now easily purchase FORT tokens using INR Deposits. In the case of P2P trade, check FORT to USDT here.
After logging in to your WazirX account, you can choose INR from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.
Click “Buy” after entering the amount and checking the total INR amount to be paid.
Your order will be placed according to the price you have input. And, in the case of P2P trade, a seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.
The order might take a few minutes to complete, but as soon as it is executed, you will receive the FORT Tokens you purchased in your WazirX wallet.
Happy Trading!
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
