Forta’s Permissionless Launch Approved by FORT Token Holders

Article by Forta Network Jun. 6, 2022

Yesterday the Forta community approved FP-1 with overwhelming support. Over 600 early community members voted on the very first Forta Proposal, with over 95% of votes agreeing that the Forta Network is operating on a decentralized basis and is ready for “Permissionless Launch”. Forta’s Permissionless Launch will remove the current transfer restrictions from the FORT token and allow anyone, anywhere to acquire FORT tokens and start contributing work in the Network. FP-1 also approved the initial Forta Governance Council and its members (the FORT token also provides governance rights within the Forta Proposal Process).

Forta is a real-time detection network for security & operational monitoring of blockchain activity. The vision of Forta posits that only a fully permissionless platform will be powerful enough to address the rapidly evolving risk landscape on blockchains, where every new smart contract deployed introduces novel risk vectors that could affect thousands of interconnected protocols and millions of users. The Permissionless Launch will help evolve the Forta Network into a permissionless and even more decentralized protocol, allowing the Forta community to grow even stronger and further Forta’s mission to monitor all transactions and protect all assets in Web3.

FP-1 Proposal Results

Over 600 FORT token holders voted on FP-1, the first proposal to pass through the Forta Proposal Process. FP-1 was passed with overwhelming support, with over 95% of FORT holders voting approving the proposal, which has 3 important consequences:

1) Community governance was officially delegated to the initial Forta Governance Council and its members were elected (see below);
2) The Foundation will transfer signing privileges over the material Forta multisigs to the Council; and
3) The Council will carry-out any necessary actions to achieve the Permissionless Launch of the Forta Network, including the removal of the transfer restrictions from the FORT token smart contract, so that anyone, anywhere can acquire FORT tokens and participate in the Network. 

The successful vote on FP-1 marks the very first proposal through the Forta Proposal Process (“FPP”), part of the community governance framework of the Forta Network. The FPP defines a clear path for community members to champion ideas for the Forta ecosystem and provides the Council a way to gauge the viability and community support for a proposal through FORT token holder voting on Snapshot. The community governance framework allows anyone to easily participate in shaping the evolution of Forta, allowing the Network to evolve over time. It also maintains the security and robustness of the Network needed for Forta to further its mission to monitor all transactions and protect all assets in Web3.

Initial Council

FP-1 elected the following individuals to the Forta Governance Council:

– Demian Brener | Founder & CEO @ OpenZeppelin, the company that founded and incubated Forta
– Hart Lambur | Co-Founder @ UMA, proven Web3 protocol and active Forta user
– Jeremy Sklaroff | GC @ Celestia – a seasoned crypto lawyer passionate about decentralized technology
– Jonathan Alexander | CTO @ OpenZeppelin, the company that founded and incubated Forta
– Juan Garre | Director @ the Forta Foundation, a serial entrepreneur running operations for the Forta Foundation since its inception
– Mat Travizano | Founder @ Rewilder – a serial entrepreneur now focused on tackling environmental issues with blockchain technology
– Tomasz Stańczak | Founder @ Nethermind, one of the earliest members of the Forta community, developing detection bots, contributing to core development, running scan nodes and actively involved in the ecosystem

The Council is required to act in accordance with the Governance Council Bylaws, which set out the authority and obligations of the Council. In this blog post, you can read more about the Bylaws and mechanics of the Council and how it fits into the Forta community governance framework.

Permissionless Launch

Over the coming weeks, the Council will be onboarded and will work to accomplish the Permissionless Launch successfully. From the beginning, the Forta Network has been powered by its community and the robust Forta ecosystem exists today because of the valuable contributions by thousands of participants as the Network has grown. Further, as the scope of the Forta Network expands, it could become a public utility for Web3 that impacts stakeholders that currently sit outside of the Forta ecosystem.

The Foundation recognizes the past contributions of the community and the value of bringing in new members that have demonstrated stewardship over the Web3 ecosystem as a whole and encourages everyone to stay tuned to the Forta Network channels over the coming weeks leading up to Permissionless Launch for opportunities to be recognized and get involved. 

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