Investing in cryptocurrency online comes with its own fair share of security risks. But not anymore when there’s a decentralized monitoring network.
For those who don’t know, Forta is a decentralized monitoring network dedicated to detecting threats and anomalies on Web 3.0 systems like DeFi. The network detects abnormalities in real-time with the help of independent node operators that scan all transactions and block-by-block state changes for outliers and threats.
This is important as the need for security has become absolutely necessary since Web 3.0’s massive economic growth, losing more than two billion dollars due to hacks and exploits in just the first quarter of 2022 alone. And while a centralized monitoring authority is still unfeasible, Forta’s real-time security can alert investors and finance platforms of potential threats, helping you react quickly and efficiently.
The Forta protocol consists of two main components called validators and agents and can be run on any blockchain that supports smart solidity contracts like Ethereum, Avalanche, Polygon, BNB Chain, Fantom, Arbitrum, and Optimism.
Validators contain small programs called scripts which, together with the agents, check things like a small part of an NFT or transaction. These scripts can either be deployed in one node, or different nodes can use different scripts and agents to validate NFT blockchains, wallets, etc.
The protocol itself is employed by many different blockchains and applications like DYDX Exchange, Lido Finance, Poly Network, GMX (leading DEX on Arbitrum), Trader Joe (leading DEX on Avalanche) and many others keep employing Forta every month. And while many people talk about how it doesn’t have much utility yet, it obviously will have in the future.
Anyone can run their own nodes with the Forta protocol, all you need is a minimum of 500 to a maximum of 600 Forta tokens (starting from September 30th 2022, minimum number of tokens per one node will be 2500 $FORT and maximum 3000 $FORT).
At AAA Validator, we run personal nodes for our clients with a monthly server cost of $38 plus commission 2% of rewards. This cost is divided into $28 server costs that need to be paid monthly and $10 administrator and manager costs. The rewards paid for every node are approximately 172 $Fort tokens per month.
The per token price is $0,17 (at the moment of writing this article), which is quite low but expected to grow in the future. The reason for this cheap price is that Forta tokens are relatively new and can so far only be used in validator nodes. But that’s not going to be the case for long. The price of running a node will increase exponentially from 30 September 2022, expecting to reach a minimum of 2 500 $Fort and a maximum of 3 000 $Fort.
So if you’re interested in these kinds of projects and a strong holder of Forta tokens, the best and only way to earn from them right now is to run your own nodes. This is because there is no way to stake or delegate these tokens to validators at the moment. Luckily, running your own node is relatively simple and not something you need to be an administrator or have your own servers for.
All you have to do is to contact us and place an order with us. We will run your nodes for you, allowing you to better manage your stake.