BTCS Inc. Integrates with Forta to Construct Compliant Ethereum Blocks
Silver Spring, MD & Buenos Aires, Argentina, May 29, 2024 (GLOBE NEWSWIRE) -- BTCS Inc. (NASDAQ:BTCS) ("BTCS" or the "Company"), a blockchain technology-focused company, and the Forta Network, which provides AI-powered threat detection and prevention for blockchains and applications are excited to announce an integration aimed at bolstering blockchain regulatory compliance.
In January 2024, BTCS introduced Builder+, an Ethereum block builder. Builder+ utilizes advanced algorithms to maximize validator revenue by constructing optimized blocks for on-chain validation. BTCS believes Builder+ should enhance its Ethereum blockchain infrastructure and create opportunities for new growth.
BTCS has incorporated Forta's AI-powered threat intelligence into Builder+, its Ethereum block-building operations. This sophisticated intelligence extends beyond merely screening wallet addresses on the OFAC Specially Designated Nationals ("SDN") list but also screens certain other tangentially connected or associated wallet addresses to enhance compliance and the detection of suspicious activities during the block construction phase.
Forta's threat intelligence provides early warning alerts about potential smart contract exploits. The tool uses multiple signals to identify potentially malicious smart contracts, including monitoring suspicious funding sources like Tornado Cash. By tracking all Tornado Cash deposits and withdrawals and integrating these with other data, it's possible to assess the nature of a smart contract. For BTCS, this threat intelligence is adapted for use in its block-building process to ensure certain wallet addresses are omitted from blocks constructed by Builder+, thus creating "compliant blocks."
Charles Allen, CEO of BTCS, added, "As a publicly traded company, we are dedicated to adhering to the highest standards of compliance. Integrating Forta into Builder+ represents a significant milestone in our ongoing efforts to ensure our blockchain operations are as compliant as possible." Allen continued "We also anticipate that this may serve as a competitive advantage, encouraging more participants and institutions who are concerned about compliance to engage with our Ethereum builder, Builder+."
Andy Beal, Ecosystem Lead at the Forta Foundation, stated, "The Forta Foundation has championed transaction screening as a viable risk management technique. Although it may take time for the industry to fully adopt this approach, BTCS is certainly at the forefront of compliant block construction."
About BTCS:
BTCS Inc. is a Nasdaq listed company operating in the blockchain technology sector since 2014 and is one of the only U.S. publicly traded companies with a primary focus on proof-of-stake blockchain infrastructure. Our core focus is on driving scalable growth through a diverse range of business streams leveraging and built on top of our core and proven blockchain infrastructure operations. BTCS secures and operates validator nodes on cutting-edge blockchain networks that power Web 3, earning native token rewards by staking our proof-of-stake crypto assets, with an emphasis on Ethereum. Our innovative "StakeSeeker" platform empowers crypto holders with an analytics-focused cryptocurrency dashboard. It also offers a non-custodial Staking-as-a-Service solution, enabling users to earn staking rewards, while BTCS earns a percentage of token holders' rewards, creating the potential for scalable revenue with limited additional costs. We've also introduced "Builder+", an Ethereum block builder. This technology leverages advanced algorithms to maximize profit through optimized block construction. Builder+ creates opportunities for new scalable revenue streams by being utilized by third-party nodes. For more information visit: www.btcs.com.
About Forta Network:
Forta is a decentralized network for exploit and threat detection and prevention for blockchain applications and end users. Using a combination of machine learning and heuristics, hundreds of Forta bots are monitoring blockchain transaction activity in real-time. Forta's flagship product, the Attack Detector, provides early-warning alerts about smart contract exploits and is used by 20+ DeFi protocols. Forta has emerged as the largest provider of threat intel in Web3, providing data to wallets, exchanges, DeFi, compliance companies, and other security tools.
Forward-Looking Statements:
Certain statements in this press release, constitute "forward-looking statements" within the meaning of the federal securities laws including statements regarding the opportunities Builder+ will create including new growth for the Company and competitive advantage from integrating Forta. . Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon assumptions and are subject to various risks and uncertainties, including without limitation regulatory issues, unexpected issues with Builder+ and/or Forta, , and the reluctance of validators to try or utilize our Builder+ product, as well as risks set forth in the Company's filings with the Securities and Exchange Commission including its Form 10-K for the year ended December 31, 2023 which was filed on March 21, 2024. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements, whether as a result of new information, future events or otherwise, except as required by law.
For further information, please contact:
For BTCS Inc.:
Investor Relations
[email protected]
For Forta:
Juan Garre, Head of Operations
[email protected]
