Polyswarm and its impact on Cybersecurity!

Polyswarm is looking to tap into the $8.5 Billion cybersecurity marketplace. Right now, this market is mainly controlled by Norton, Kaspersky, and McAfee. The majority of the software protection that is offered is essentially the same, and most of it overlaps one another which doesn’t give you the full protection that you and your software needs. There is currently a massive problem with the cybersecurity market because of the way that the software is developed and the malware that the software is able to detect. Almost 70% of the infections we get on our computer go undetected (Santillan)! This is an extremely alarming number. “With an infinite number of malware code at attackers’ disposal and only a finite number of skilled security staff on deck, it’s critical that security professionals implement a ‘forward-thinking breach readiness strategy (Santillan)." One of the best examples of how malware can affect massive amounts of people’s data was the WannaCry infection that occurred back in 2017. In May of 2017, WannaCry, which is a ransomware worm, “encrypts files on the PC’s hard drive, making them impossible for users to access, then demands a ransom payment in bitcoin in order to decrypt them” (Fruhlinger). This caused for a $4 Billion dollar loss! This is where Polyswam comes in with a solution to this massive problem in cybersecurity. They will be rewarding security experts who are able to detect different malware viruses that are going around with their Nectar token (NCT), which is Polyswarm’s cryptocurrency token. The reward will be incentivized by what are called “bounties”, and the security experts will “compete to offer protection from cyber and information threats” (Winning).

This creates two solutions to our cybersecurity issue. It helps to employ the malware security experts from around the world to detect if certain files are malicious or benign as well as keep the software as up to date as possible. These security experts from all around the world are able to communicate and understand whether the files are malicious or not because the code is all in one language instead of many different spoken languages. This means that geographical differences will not matter, because the language that a security expert “speaks” can all be reduced to just numbers, allowing for the company to scale immensely! This type of decentralized startup organization is something that is becoming more necessary in our economy as technology continues to evolve.

The scariest prediction in cybersecurity is how expensive it is expected to cost the world’s economy. In 2015, cybercrime costed the world $3 trillion, and is expected to explode over the next few years. Cybersecurity Ventures is estimating that by the year 2021, cybercrime will end up costing the world $6 trillion annually (yes, trillion)! This is a statistic that needs to be addressed as quickly as possible and overtime Polyswarm could definitely help decrease this impact on our world’s economy. In India, they will need 1 million cybersecurity professionals by the year 2020 because of how quickly their economy is growing (Cybersecurity). Our world has a massive shortage of cybersecurity professionals and this is a great way to implement the growing demand to help protect the users apps, data, devices, and infrastructure.

The interesting thing about Polyswarm the differentiates themselves from many of the other foundations in the cryptocurrency marketplace is their open source code. Their product will be available almost from day 1! Their ICO (Initial Coin Offering) is expected to end around March 22nd, and their Alpha should be ready to go by the end of April of this year. The best part about Polyswam and the organization they are building is the CEO behind it. Steve Bassi, the CEO, has been into computers and hacking since he was just 11 years old! The biggest question with many of these organizations is where they will be down the road? Typically, without great leadership and a great product to carry that product, it will most likely fall apart. Looking down the road, their product will have an automated phishing detection as well as automatically blocking malicious files or articles. This will be huge for the security market!! These are expected to be available in the next 9-12 months as they have not been implemented into the code yet. With the team behind the organization and the product they have behind it, there is a huge opportunity to take control of a large portion of the marketplace in cybersecurity because of the amazing benefits it will bring for protecting our data and devices.

You can check out their website Here!

If you want to take part in their Token sale you can buy them Here!.

If you have any questions about Polyswarm and want to be a part of their community you should join the Telegram community channel! The admins can answer any questions you might have.
Telegram Channel: https://t.me/polyswarm