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Whitepaper read

PolySwarm

NCT · PolySwarm

UtilityStaked for threat detection on the PolySwarm security marketplace.

What it is

PolySwarm is a decentralized marketplace where security experts compete to detect malware and cyber threats, rewarding rapid and accurate threat intelligence.

Technology & consensus

Per the official whitepaper, PolySwarm is a decentralized cyber-threat-intelligence market built on Ethereum smart contracts. It defines participants (End Users, Security Experts running detection "micro-engine" workers, Ambassadors who package verdicts for clients, and Arbiters who determine ground truth) and instruments: Bounties (open requests for malintent assertions on files/URLs/network traffic, called Artifacts) and Offers (direct expert engagements). Accuracy is settled via a "mediated consensus" process, and anti-spam fees are redistributed to active participants on a sliding-window basis.

Token utility

Nectar (NCT) is the ERC-20 utility token of the market: ambassadors post NCT bounties/offers to buy threat intelligence, experts earn NCT for accurate and timely malintent assertions, and fees collected are redistributed to active participants. Speculative holding is deliberately disincentivized.

Key risks & notes

The main whitepaper dates to the 2018 ICO era; a 2021 supplementary paper covers newer telemetry rewards. Adoption risk is significant: the marketplace model only works with enough ambassadors, experts, and arbiters participating. Regulatory exposure around threat-intel data sharing is an additional consideration.

Primary source

Read the official whitepaper →

Research status

Classification: Whitepaper read · Researched · Source material: official project documents only.

Machine-readable summary →

👁️ Evidence dossier

Verification classClass BFORA-01 scale — verification, not a quality ranking
Claim type · Utility / gas token
What does the holder own?

Title, redemption claim, fractional ownership, reserve exposure — or just narrative.

NCT (Nectar) is the utility token powering PolySwarm's decentralized malware-intelligence marketplace. Participants post bounties in NCT, register assertions, and establish or tear down offer channels; threat-detection engines and researchers are rewarded in NCT for accurate, timely identifications. The 2021 whitepaper extends NCT to telemetry rewards for everyday users contributing security data.

high confidence

Evidence: [1] · [2]

Verified
Who holds the underlying?

Needs an identifiable custodian or entity — not a wallet address or a label.

No underlying exists by design. NCT is a bearer utility token with no backing claim and no custodian; the project's whitepaper defines it as a utility-specific token exchanged by participants for threat intelligence.

high confidence

Evidence: [1]

Verified
How are reserves checked?

Custodian records → inventory → third-party audit → supply reconciliation.

No reserves exist by design. NCT is an ERC-20 token on Ethereum with on-chain auditable supply; the whitepaper's token-sale terms tie issuance to the 2018 sale conducted by PolySwarm Pte. Ltd., and the design deliberately isolates NCT usage from ETH market volatility.

medium confidence

Evidence: [1]

Verified
How does redemption work?

Eligibility, minimums, fees, KYC, settlement — and what happens to the token.

No redemption is promised. NCT is spent to access threat intelligence and earned for contributions; the marketplace operates entirely through distributed smart contracts, and no issuer redeems NCT for any underlying value.

high confidence

Evidence: [1] · [2]

Verified
Who is liable if redemption fails?

A legally accountable entity and jurisdiction — not a DAO label.

PolySwarm Pte. Ltd. conducted the 2018 NCT token sale per the project whitepaper, and the platform is described as developed by Swarm Technologies, Inc. led by CEO Steve Bassi (CoinDesk). Researched 2026-09-15: the current operating entity's jurisdiction and the relationship between these entities are not publicly reconciled.

low confidence

Evidence: [1] · [2]

Partially verified

❔ UNVERIFIED means not yet researched — not disproven. Rows marked “researched” were investigated and independent evidence was not found. Coverage expands as FORTUNA verifies. This dossier was researched 2026-09-15. Method: FORA-01 Asset Claim Verification Protocol.

❔ Frequently asked questions

What is PolySwarm (NCT)?

PolySwarm is a decentralized marketplace where security experts compete to detect malware and cyber threats, rewarding rapid and accurate threat intelligence.

What does the holder own?

NCT (Nectar) is the utility token powering PolySwarm's decentralized malware-intelligence marketplace. Participants post bounties in NCT, register assertions, and establish or tear down offer channels; threat-detection engines and researchers are rewarded in NCT for accurate, timely identifications. The 2021 whitepaper extends NCT to telemetry rewards for everyday users contributing security data.

What is PolySwarm's verification status?

PolySwarm (NCT) carries verification class B (Class B): a mix of VERIFIED and PARTIALLY VERIFIED with no UNVERIFIED and no CONTRADICTED findings. What would change it: Independent evidence closing the partially verified gaps would move it to Class A.

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