PolySwarm operates a crowdsourced threat intelligence marketplace built on blockchain technology. The platform connects threat intelligence producers, called "Engines," with consumers who need malware detection and analysis services. Engines analyze threats and earn NCT tokens, a utility token on the Ethereum blockchain, as rewards for providing accurate threat intelligence. The marketplace enables multiple security engines to scan and provide verdicts on potentially malicious files and artifacts.

The platform functions as an alternative to traditional malware scanning services, allowing organizations to access threat intelligence from a distributed network of security experts and automated detection systems. Consumers subscribe to PolySwarm to obtain fresh threat intelligence for protecting their users and infrastructure. The NCT token economy incentivizes participation, with engine owners purchasing tokens to power their analysis capabilities and earning rewards based on the accuracy of their detections.

PolySwarm has expanded its token utility beyond malware analysis to include rewards for generating passive DNS data and staking mechanisms for threat intelligence productivity. The marketplace tracks daily transactions, NCT token flows, and malicious sample analysis. The platform went live on mainnet in December 2021 and the NCT token is available on multiple cryptocurrency exchanges including Coinbase, Gate.io, and Huobi.