Forta price prediction: Security token launches during crypto winter

FORT is keeping protocols hack-free, but is still not safe from the bearish markets

A person typing on a computer with security logos as holograms                                 
Users can create detection bots on Forta to prevent any hostile attacks – Photo: Shutterstock
                                

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Security is an essential component of the cryptocurrency industry. Investors, both individual and institutional, have trusted billions of dollars in these commodities. As a result, the crypto community has been witness to coins failing after security breaches.

Forta was developed to solve this and safeguard the industry. Network users are rewarded with the FORT token for scanning networks and sending potential threat alerts. But the security token’s utility has not been enough to provide shelter from the current crypto winter.

What is Forta?

Forta is providing decentralised finance (DeFi) and other crypto protocols with a security layer to prevent attacks.  By using the platform, protocols can get “timely and relevant alerts” on the security of a network, which it claims will help investors quickly prevent any damage and neutralise attacks.

This entire system is decentralised and relies on the power of its community. Independent computers or “node operators” make up the network and scan transactions for potential threats.

Once an attack is spotted, the nodes send alerts to investors or protocols about a potential threat. It is then the responsibility of the platform or user to take relevant action.

CoinMarketCap states: “Leveraging Forta, developers can build detection bots and machine learning models, and run them on the decentralised Forta network to uncover anomalous activity on every blockchain transaction.”

Forta currently boasts $36bn worth of assets being monitored on the platform, according to its website. These range from DeFi protocols to non-fungible tokens (NFTs) and other Web 3.0 platforms. All of which are being scanned in real time, thanks to its dedicated community of node operators.

Forta has the backing of notable investors, including Coinbase Ventures, Andreessen Horowitz, and 16 other blockchain investment firms. The security protocol is headed by the ecosystem lead Andrew Beal. He was previously the senior manager and blockchain lead at the accounting company EY.

FORT: A utility and governance token

The newly launched FORT coin is set to power and finance the platform’s network. In order to become a node operator, a user must stake the token. This subsequently broadcasts real-time data to the network.

Those who run nodes are eligible for rewards in the native currency. However, Forta’s supporting documentation states: “Once FORT is staked, it may only be withdrawn subject to a thawing period, which provides ample opportunity for verification and dispute resolution.”

As well as a utility coin, the Forta token is used for governance procedures. Holders can make a proposal to advance and improve the system. Investors can also delegate a “council of representatives”, which has authority over any decisions.

FORT’s short price history

FORT is new to the crypto world, having only launched in early June 2022. While it is solving a very real problem, it has joined the industry during a rough patch – and its token’s price history reflects that.

When discussing the timing, Beal told Decrypt: “During bear markets, there’s always a welcome shift back to building, and the FORT token will allow the Forta Network to continue growing and attracting quality contributors.”

To get started, Forta airdropped its token to various investors. Those eligible for the aidrop had to have either used Forta before, contributed to a Web 3.0 project or be an active user of a Web 3.0 network.

The token went live on 15 June 2022, opening at $0.88, according to CoinMarketCap. It immediately skyrocketed to its all-time high of $1.21 the same day. This came as both Bybit and Coinbase listed the security token.

However, it could not keep these gains up and soon fell below its launch price. The bearish trend has stuck with the coin, which fell to the $0.30 mark during the following week.

The FORT coin price did peak at $0.49 on 21 June, when Australia’s second largest bank ANZ announced it was joining the security ecosystem. ANZ is utilising Forta to monitor its A$DC stablecoin. Anurag Soin, product area lead for digital asset services at ANZ, said in a press release: “Forta is helping us monitor these risks in real-time, and we’ve been very happy with the performance of the network.”

FORT has since fallen from this high. At the time of writing, on 30 June 2022, it was trading at $0.26, down 23% on the previous seven days.

Forta price prediction

The Forta token price prediction depends on the forecaster, but most think a gradual rise is likely.

CryptoPrediction noted that it is a new coin and warned investors: “we don't have sufficient information for this coin to provide you with accurate predictions”. However, it has still made a Forta price prediction for 2022, when it is anticipated to average out at $0.45 at the end of the year.

PricePrediction.net suggests FORT will only climb marginally to $0.28 in 2022. However, its Forta price prediction for 2030 thinks it has potential to rocket and hit $5.21.

The forecast from DigitalCoinPrice is nowhere near as optimistic. It thinks the security-focused token can reach $0.34 this year. However, its Forta price prediction for 2025 expects a value of $0.50 with it reaching $1.19 by the beginning of the next decade.

FAQs

Forta was developed to improve the security of Web 3.0 protocols and the safety of investors. Node runners scan for potential threats by staking the FORT token.

Most forecasters making a FORT price prediction expect it to eventually increase. However, it has been plagued with a bearish trend since launching in early June. Having said that, investors should always carry out their own research before purchasing any FORT.

There is a maximum supply of one billion FORT coins.

Forta can help investors and Web 3.0 protocols prevent hostile attacks and hackers. However, the FORT token has been depreciating, so you should never invest more than you can afford to lose.

Further reading

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
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