Council Members Present:
- Demian Brener
- Jonathan Alexander
- Juan Garre
- Mat Travizano
- Tomasz Stańczak
Opening
The Council meeting opened at approximately 8:00 pm (UTC) on February 6, 2024. It was noted that proper notice had been provided to the Council in accordance with the Bylaws. Five of the Council Members were in attendance and the meeting had a quorum. The Council consented to the appointment of certain third-party notetakers and attendees.
Forta Network Review
The Council opened the meeting by reviewing the evolution of the Forta Network over the past year. It was noted that participants in the Network continued to show improvements in the accurate detection of hacks and scams, which was a result of the engaged community of developers and node operators in the Forta Ecosystem. It was highlighted that there are currently about 4,800 nodes coming from 700 different pools. It was noted that the development of the Forta community was bolstered by the launch of Network fees and other incentives that became available over the past year like bounties, which allowed the open market for threat detection to develop on top of the Forta Network. A member of the Forta Foundation staff highlighted the work that was being undertaken pursuant to funding and grants made available by the Foundation and discussion ensued.
The Council reviewed the usage of the data feeds available for purchase on the Forta Network. It was noted that the General Data Plan continues to be the most utilized data feed on the Forta Network which provides access to any bot deployed to the Network that has not been designated as a premium feed. Discussion ensued regarding premium feeds, including the Attack Detector and Scam Detector feeds which also found meaningful traction among Forta Network users, including compliance and investigations companies. The Council also observed that several other feeds have yet to gain traction with users, but were optimistic about the future of these feeds and the importance they will have within the Forta community. The Council agreed that the Foundation should encourage the Forta developer community to focus on early attack detection to best harness the capabilities of the Forta Network.
The Council turned its attention to the upcoming year and the issues that are present in the blockchain industry. It was noted that security remained a major concern, and discussed the role the Forta Network could play in protecting on-chain assets and transactions as the industry and attackers evolve. A consultant to the Foundation shared the view that security needs to significantly improve in blockchain applications, and that means being done in an automated and decentralized fashion as part of the transaction flow on-chain. The Council reviewed a presentation regarding a potential on-chain hack prevention project that the Foundation could support. Discussion ensued regarding technical and go-to market strategies regarding related solutions and potential projects that the Foundation could support, including the on-chain hack prevention project that would require L1 or L2s to implement changes to their respective protocols through respective governance processes.
The Council discussed the mission of the Foundation and the separate mission of the decentralized Forta Network - to protect every transaction in web3 - and agreed that the Council should continue to seek opportunities to empower the Forta Network and its community in 2024 in accordance with both. A Foundation staff member reviewed the financial position of the Foundation and following discussion, the Council agreed that the Foundation was in a strong financial position to carry out its respective mission.
Premium Feed Proposal
Following the meeting, the Council reviewed a Premium Feed proposal that was posted in the Premium plan section of the governance forum, on an async basis. The Council noted that the proposal met all of the necessary requirements that were set out and approved in FP-6. The Premium Feed proposal was passed by the Council following approval of more than half of the active Council members in accordance with the Bylaws.