Sentinel Protocol Aims to Reduce Crypto Scams and Frauds

Sentinel Protocol Aims to Reduce Crypto Scams and Frauds

by August 15, 2018

Sophisticated and intelligent threats have become the norm rather than the exception in the cryptocurrency space. Sentinel Protocol is conceived as a fundamental collective intelligence system, enabling the entire crypto community to support one another in reducing crypto scams and frauds.

Sentinel Protocol has a unique story: founder and CEO Patrick Kim, experienced an Ether wallet theft. In 2016, he lost 7,218 Ether from a geth-mist wallet due to previously unrecognized security vulnerabilities.

Following the attack, Patrick dedicated himself to investigating the attack vectors which led to security patches to the wallet, mitigating the risk for future geth-mist users. While his investigation and security contributions led to a wallet patch and improved awareness of security risks among the crypto community, his stolen ETH is still gone and will never be returned.

Patrick took his experiences with decentralized currency theft and built on them to develop the Sentinel Protocol, increasing security for cryptocurrency users and clients.

The Sentinel Protocol Solution

Crowdsourced threat intelligence platform Sentinel Protocol was developed specifically to defend against hacks, scams, and frauds in the decentralized space. Their team, made up of blockchain industry leaders, anti-hacking hackers, and developers, exist solely to innovate threat protections. They bring in security vendors, white hat hackers and security professionals called “The Sentinels” in their ecosystem, and they are committed to the task of innovating and establishing blockchain security.

Sentinel Protocol is developing multi-faceted protection mechanisms including hacker/scam filtering, end-user protection, real-time alert mechanisms, malformed transaction protection, anti-theft systems, and overall fraud detection.

Sentinel protocol protection solution

The Sentinel Portal is an interactive intelligence platform. It is where The Sentinels validate the reported hacks and incidents. The more The Sentinels make security contributions, the more Sentinel Points they can earn. Sentinel Protocol community members can share  security news, tips, to earn Sentinel Point.

Uppward Chrome Extension is designed for secure investing in ICOs.Users can search and check the authenticity of wallet address, website URL, social media accounts of ICO projects to make sure transfer contribution is made to the right wallet address. The data is linked to TRDB that consists of blacklist and whitelist.

Sentinel Portal and Uppward Chrome Extension work in conjunction with the Threat Reputation Database (TRDB), a data repository that collects and stores threat data, making data integrity possible through collective intelligence and crowdsourcing. Data is collected from a variety of sources, including cryptocurrency exchanges, wallets, payment services, and IT and security companies.

Sentinel Portal and Uppward Chrome Extension

This sort of comprehensive blockchain protection truly is the future of not only cryptocurrency, but also the myriad blockchain-based business applications currently in use, in development, and in production. With blockchain powering an entirely new approach to business practice, the need for fraud protection is great. Sentinel Protocol offers the strongest platform to date for an industry-wide threat protection service.

All told, the cryptocurrency space is growing daily. While attacks and risks are part of everyday life, the same could be said for fiat currency. And while new companies continue to come online, the hope for lasting change is becoming real every day. Sentinel Protocol’s much anticipated solution promises to bring security to the crypto sphere needs in order to increase mainline and enterprise participation. As security solutions like Sentinel continue to grow, undoubtedly so will the market space and choices available for businesses and consumers alike.