The global Web3 market is looking at extraordinary growth. Some estimates suggest that it will grow at a close to 44% CAGR to cross the US$81 billion market size in 2030 from just above US$3 billion in 2021. However, such growth predictions are tempered with caution. One of the core cautions to consider is the aspect of security.
Rapid growth at the cost of security would reduce trust in the system and appear as a severe impediment in the long run. Surveys show that between January and August 2022, cryptocurrencies worth US$2 billion were stolen from as many as 13 cross-chain bridge hacks. It is a pain point that makes services like Forta essential, and its new fee model a crucial update to the web3 world.
What is Forta?
Launched in 2021 and backed by one of the most reputed investors in this space- a16z- Forta offers a range of security services.
The proactive services include real-time security monitoring across seven blockchains and threat and anomaly detection on DeFi, NFT, governance, bridges, and other web3 systems. The reactive services of Forta include threat neutralization and loss minimization across wallets, protocols, and investors.
Forta's New Fee Structure
Forta is a decentralized community-run network, and the community just voted to approve a new fee model that asks subscribers to pay for alerts, findings, and labels sent out by the network. Indicating overwhelming favourableness towards the new fee model, 96% of the Forta network community was in support of it.
The Tiered Model
Forta has offered three plans, each valid for 30 days. The General Plan offers access to data generated by most of the bots in the Forta network. The Special Plan takes it a notch higher by offering access to specialized data feeds that come with customized pricing and are purchasable separately. The Free Plan allows access to specific network data for zero cost. These are data that Forta believes should be available to the public for good.
Users can subscribe to the paid plans in exchange for FORT or USDC tokens. The earnings will go back to the community as compensation is paid out to network participants for keeping the process secure. Essentially, it would go out to participants who deploy helpful bots, help nodes run properly, and delegate stake for security.
Experts and analysts in the industry believe that Forta's effort might play a decisive role in creating a model to ensure web3 is a much more secure place soon.
