So in todays video we have a very exciting project and something that we havent really looked at before, and this is called forta now. Forta is a real time: detection network for security and operational monitoring of blockchain activity. Now that might sound like a lot to digest, but this is a project that is very much needed in the world of crypto, especially of all of the scams, hacks and lots of funds that we see in this space, more than one billion dollars was lost in The first quarter of 2022 due to hacks and exploits some of which have only been discovered days after the attack, actually happened. If you guys remember this specific thing happened with axi infinity, a massive amount of money was stolen and people didnt even notice until way later down the line. So with that said, if you do want to find out more about this project, youre not going to want to miss any of this video and if you dont know me already my names connor and i am not a financial advisor im, just a guy sitting in His room talking about cryptocurrency, so if you do like that sort of thing smash up the like button hit the subscribe button and for full transparency. This is a paid review here on the channel, but, as always ill only bring you projects that i personally find interesting. But please always use my videos as the very first starting block to your research and without wasting any more of your time.

Lets jump straight into this video so to break down the project a little bit more forces main objective is to detect threats and anomalies in d5, nfts governance, bridges and other web 3 systems in real time giving project owners a chance to actually act against these threats And stop them from happening in real time. Porter gives relevant alerts about the security and overall health of owned or independent systems, which means protocols and investors can react quickly to neutralize these threats or minimize potential losses. Now that might seem like a lot to digest for some of you guys, but before we go in and break down exactly how forta works, lets jump onto the website and check out exactly what they have going for them. So, first of all, there are 36 billion dollars of total value, locked that are monitored by forzas decentralized network thats, so much money, 36 billion is already monitored by forta to help stop any hacks like we see almost every week here in the d5 space, so heading Downwards we can see some of the projects that they already monitor right now, and these are huge projects in the d5 space like compound insta, app, lido, uma maker, alpaca and the poly network, so very interesting stuff here and, like i said, over 36 billion dollars already Monitored one of the most interesting things about this project is who is backing them so backed by world class partners who are actively part of the forte community, one of them being coinbase ventures? Sure you guys have heard of them.

We have the likes of a16 zed, blockchain capital, blue yard, north island and a bunch of others. So this is a very exciting and very well known project that are releasing their own token to go within the network, which we will speak about in a second. But to break down exactly how this project works. First of all, they have detection agent developers, so they develop code and scripts to detect specific conditions or events. Any developer can create generalized security, tooling for d5 nfts and dows. They have node operators which scan transactions and smart contract date on any l1, l2 or sidechain. They run detector agent, scripts and emit alerts when threats are detected and also they have protocols, investors and integrators and what projects can get from forta if they do use their services is real time alerts on cyber security, financial governance and operational threats for your own dependent Protocols – and that might seem like a lot to digest so lets, hear from one of the team members exactly how forza could have stopped one of the biggest defy hacks in history. My name is haseeb and im one of the core forta engineers in august of 2021. The pali network was exploited across multiple chains amounting to funds lost of up to 600 million us dollars in this video well focus on the ethereum chain, which incurred losses of 275 million dollars. The exploit took place over duration of about 40 minutes with forto runtime threat detection.

The exploit could have been flagged within seconds and mitigated to prevent any losses. Lets take a look at the poly network, ethereum smart contracts and how they were exploited. The eth cross chain manager contract provides a function called verify header and execute transaction that allows you to run cross chain transactions. It verifies that the transaction is from one of the authorized bookkeepers as set in the eth cross chain data contract and then executes that transaction. The eth cross chain data contract stores the current bookkeeper and also provides a setter function for it. The setter function is only callable from the owner, which happens to be the eth cross chain manager contract itself. Knowing this the hacker carefully crafted an exploit transaction that invoked the setter function to change the bookkeeper to an address they controlled once assigned as the bookkeeper. They could make transactions to withdraw any amount of funds. Several assets were drained, including eth usdc, as well as die to be able to detect such an exploit as it unfolds. We can write a forta agent, which is a script that monitors the blockchain and flags events of interest. The first thing we could have detected was the polynetwork bookkeeper change by monitoring the eth cross chain data contract state. The finding would then be published to the florida network where interested parties could react to it, for example by pausing the contract. Another condition we can monitor for are the balances of the funds held on the poly network.

If the asset balance has decreased by more than 50 percent, we can generate a finding to notify interested parties. Now lets run these agents over the exploited blocks to see the findings they generate. As we can see, the forte agents have picked up on the exploit and flagged the bookkeeper change, as well as the draining of each of the assets. So it seems that by using for one of the biggest d5 hacks in history could have actually been prevented. So now that we understand how forta works a little bit more lets break down some other interesting facts and information about the project itself. They currently have over 1 000 developers building their detection bots. They have 50 plus active nodes in the for to network which has since risen to over 1 000 for to scannotes, including foundry, sigma prime node capital and mix bytes, who are using the public for a software. They are working with professional web 3 service companies like ernest and young, open, zeppelin, arbitrary execution, lime chain and nether mind who are all working on projects to actively implement forta as part of their security and operational workflow. There are more than 19 000 active community members across their social media channels and over 250 000 in community grants issued by leading d5 projects such as compound rv, uma, gnosis iron bank and gamma to fund the development of their bespoke detection. Bots. So now on to the interesting part, the forza token, so of course everyone wants to know about the token, so they can actually become part of this project themselves.

So all i know so far about the token listing is its going to be happening around the 14th of june and there are some major announcements that are going to be happening between now and then so youre not going to want to miss any of those announcements. So what i suggest you do, is you head down to the description right now you head over to their social media channels, and you follow them to make sure that you dont miss any of these announcements. So lets find out exactly what the four token is. So until now, the network has been operating without any crypto economic incentives to drive the behavior of its participants. This brought a set of challenges to ensure the integrity and the reliability of the for a permissionless network. So the challenges that the fort token intends to solve are allure integrity. So, right now, protocols and investors rely on waters, alerts to monitor and show their own network. So what they need to do is they need to incentivize good alerts right now, theres, actually, no mechanism to ensure alert integrity and the next challenge they want to solve is network reliability. So anyone can deploy and run detection bots on the forward network at virtually no cost. This has led to multiple, fake or low quality detection, bots being deployed on the network which take up network capacity and reduce nodes, uptime and reliability and again today there is no mechanism to avoid spam attacks and to differentiate between high signal and low value detection bots.

So the token is going to come in and start rewarding different things within the system and to help keep the ecosystem run at full capacity and be fully reliable for the different projects that are using it. So there is much more information to break down about this token. If you do want to come and learn more im going to leave the link to this article down there in my description and if we do just head back to the website, the only little thing that i want to point out here is there is no obvious. Docs team behind this project that you can easily find through here now, if you do head over to their youtube account, you can see amas directly here on call with members of the for a team here, but again no links directly to their linkedin profiles or anything Like that now thats something that i do like to see with the project, but of course i understand why sometimes projects dont want to do this, and if you do want to learn more about the whole for a network, all of the links are again down there. In my description and like i said at the start of this video im very excited about this project and to get in on the ground floor on something like this will be very exciting and to stay up to date with exactly where this is happening head over.