Investing in Forta
One of the main forces that has driven the rise of crypto networks is composability –– the ability to remix and recombine software components, without needing authorization or approval from a gatekeeper. By removing walled gardens and empowering developers to build, we’ve seen programmable trust, scarcity, and value emerge as new building blocks, enabling the same recombination and experimentation that make open-source software so powerful.
As this open economy grows, new challenges are emerging for users and developers, which talented teams are jumping in to solve. Complexity scales exponentially, and surface areas for attack increase. As a result, security is becoming increasingly critical. That’s where OpenZeppelin, the leader in blockchain security and risk management since 2015, saw the need for Forta, a web3 approach they are spinning out to secure the open economy.
Forta is an enterprise-grade runtime security platform whose goal is to detect threats and other system-critical issues as quickly as possible. Given timely and relevant information about the security and stability of their systems, users will have a much better chance of neutralizing threats and preventing or minimizing loss of funds.
The product is a decentralized network of independent node operators who scan all transactions and block-by-block state changes for outlier transactions and threats to smart contracts. When an issue is detected, node operators notify subscribers of potential risks, which enables them to take automated defensive action. Forta aims to provide the comprehensive and scalable security solutions that we know are necessary to unlock the full institutional and individual participation in the blockchain ecosystem.
Reimagining cybersecurity solutions for a decentralized world is a necessary step to allow technological development to proceed unfettered. Currently, developers are forced to build homegrown solutions to security ops and smart contract audits are done as a one-time security measure. With Forta, developers can build off-the-shelf, generalized security tooling for the first time, allowing teams to ship faster with lower risk. Forta will also fill a void in runtime security, mitigating damage in real time.
Over the long term, Forta has the potential to be a fundamental public utility that serves the entire crypto space, securing DeFi, NFT, and DAO ecosystems as well. That’s why we’re thrilled to lead the latest round of funding in Forta and participate in this community. Securing blockchains and digital assets is a critical part of driving mainstream crypto adoption, and OpenZeppelin and the rest of the quickly growing Forta ecosystem combine the right experience in crypto and security to deliver a new kind of solution for a truly open web.
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