Sentinel Protocol Rebels With A Cause Review And UPP Token Analysis
What if threat data and cybercrime information are all shared within a blockchain distributed policy? Sentinel Protocol is building a crowdsourced threat intelligence database on the blockchain by leveraging its consensus and incentive system. The Sentinels are a group of security experts and organizations including ethical hackers who are rewarded for their security contributions.
About Sentinel Protocol
The rapid development of computer technology in the 21st century has led to the manifestation of sophisticated and intelligent threats that hinder further innovation. While the essence of cryptocurrency is decentralization, this has also become its greatest weakness. As the decentralized cryptocurrency system lacks a threat defense system, the burden for security has thus far been placed squarely upon the shoulders of individuals and corporations. Sentinel Protocol overcomes the disadvantage of decentralization by turning it into an advantage for security. By utilizing a collective intelligence system created through harnessing the power of decentralization, Sentinel Protocol combines cryptographic functions and intelligence-based threat analysis algorithms to create a secure, innovative ecosystem.
Sentinel Protocol ICO Overview (UPP Token)
The Sentinel Protocol ICO and UPP Token sale offer a product to address the pressing need for enhanced security in the crypto space. Sentinel Protocol refer to this product as the Security Intelligence Platform for Blockchain (SIPB). The SIPB is designed to provide both proactive and reactive solutions to threats via analysis of previous attack patterns, prediction of future attacks and deployment of prevention measures.
Sentinel Protocol ICO Value Proposition
The Sentinel Protocol team have designed their product for two purposes: to safeguard individual crypto holders, and to protect larger institutions like exchanges. All security services are provisioned through an integrated “Security Wallet”, otherwise known as the S-Wallet. The architecture of the entire system is comprised of the four following components:
- Security Wallet (S-Wallet)
- Threat reputation database (TRDB)
- The Sentinels
- Interactive Cooperation Framework (ICF)
S-Wallet: The S-Wallet is an end user software program. The function of the S-Wallet could be described as an antivirus software for cryptocurrency. However, a fundamental difference is that antivirus software responds to new threats by continually receiving updates via a centralized server for all new known signatures.
This approach makes it difficult to respond to unknown threats. S-wallet leverages access to a collective database of intelligence (TRDB) in conjunction with machine learning to generate a proactive response based on threat tendencies, patterns and history. Leveraging the collective intelligence of the TRDB, S-wallet provides the following basic services:
- Cryptocurrency wallet address filtering
- URL/URI filtering
- Data filtering
- Fraud Detection System
TRDB: The Threat Reputation Database comprises a collective source of information contributed by security experts and vendors on threats. Through the utilization of collective intelligence, TRDB will collect hacker wallet addresses, malicious URL/URIs, phishing addresses, malware hashes etc.
TRDB is only updated by security experts in order to reduce errors. End users can also participate in data submission via two methods: auto reporting and manual reporting. By enabling auto reporting, unknown threats that are detected from the S-Wallet will enter the database. Manual reporting allows users to report risk information which is then validated by the community.
The TRDB will be provided as an API, so any individual or organization (e.g. wallets, exchanges, security vendors) can submit a query before users conduct a transaction as an added measure of security.
The Sentinels: Sentinel Protocol introduces a human component to the system called Sentinels. The Uppsala Foundation aim to encourage cyber security experts around the world to become Sentinels and utilize their knowledge toward the betterment of the system.
The Sentinels will be comprised of both individual security experts and organizations who: 1) Validate hacking claims and trace the attackers 2) Analyze the root cause of a threat and update information via the TRDB 3) Contribute to the TRDB to help ensure it accurately reflects the most up-to-date security research and analysis.
Interactive Cooperation Framework (ICF): Sentinels and end users both interact with Sentinel Protocol via the Interactive Cooperation Framework (ICF), otherwise known as Sentinel Portal. Users report hacking incidents via the Sentinel Portal.
The Sentinel Portal also provides a dashboard for Sentinels to interact with and validate information based on user activities via root cause analysis, incident response, and macro-level statistical insights. Sentinels will earn Sentinel Points (SP) according to their level of contribution to the system and staking toward their reputation, which can be redeemed for the native currency of the platform.
Detailed whitepaper with funds focused on R&D
The whitepaper of the Sentinel Protocol ICO gives a detailed description of the problem that is the security issues with decentralization, platform’s specialized security features, and the Sentinel Protocol ecosystem.
The company is creating their wallet that is S-Wallet which is powered by machine learning. With the functionality of an antivirus software, S-wallet also proactively responds to unknown threats.
As for the prototype, the team is working on it but there are no codes available on the GitHub as stated in the FAQ on the website that states codes will be made available but some won’t be published due to security reasons.
The whitepaper showcases the biggest chunk of raised funds i.e. 50 percent will be allocated to the Research and Development. Cybersecurity equipment expenses, general operations & administrative and accounting, legal & compliance sections will be getting 10 percent each of the funds. The remaining 20 percent will go towards sales & marketing that covers both online and offline marketing efforts.
Singapore-based team profile
The team talks a good inspiration for this project as the founder of Uppsala Foundation, a team of IT security professionals working to enable a decentralized yet connected crypto world Patrick Kim had his 7,218 Ether stolen that led to this idea.
Patrick Kim – Founder & CEO, With a decade of experience in network security and system architecture, Patrick Kim also founded Uppsala Foundation and has worked in Cisco, Palo Alto Networks, and F5 Network. He has also consulted the government and big corporations like Samsung.
HM Park – Co-Founder / Head of Operations, Park has years of experience in IT security, fintech security, and machine learning. He has designed the DB architecture at KB bank and led the global business operations in F5 Networks, and Darktrace.
John Kirch – Chief Evangelist, John Kirch has over 25 years of international experience in software solutions and has previously worked in Softbank, Watchguard, and Darktrace.
Dayeol Lee – Core Development, Lee is currently pursuing a Ph.D. on hardware and system security who has won the 3rd place in the simulated hacking competition at the 2010 DEFCON which is the world’s largest hacker conventions. He has simulated hacks for enterprises, governments and university websites as well.
The team comprises of eight other people in the designer, developer, marketing, finance, security, and intelligence departments.
Sentinel Protocol ICO Strengths and Opportunities
The team are already underway with product development and have completed a prototype. A demonstration of the prototype from the ICON summit can be viewed here. The beta version of the SIPB is scheduled for release in June, with Mainnet launch in July. While the final version of the SIPB that includes all features won’t be available until early 2019, it’s promising to see headway on the main components of the product.
Sentinel Protocol ICO has formed several partnerships with exchanges and wallets which will integrate the TRDB for querying addresses. By querying the database, they contribute new information to the system and receive a security assessment in return. The first exchange Sentinel Protocol has partnered with for integration of the TRDB is Kyber Network. In addition, Sentinel Protocol has formed partnerships with the largest wallets in China and Korea: imToken and Coinmanager. These partnerships will also include integration of the TRDB.
Sentinel Protocol ICO Weaknesses and Threats
Sentinel Protocol depends on participation from actual people to deliver the core value proposition of the product. Specifically speaking, the product depends on the participation of cyber security experts.
To this accord, a Pre-Sentinel recruitment program was conducted to begin the onboarding process. While it’s promising to see recruitment efforts are already underway, the team have indicated their strategy will rely heavily on B2B partnerships for growing the number of Sentinels in the ecosystem.
At this stage, the Sentinel Protocol ICO team has yet to establish any partnerships that would guarantee the number of Sentinels required for a sustained scaling effort. It also remains uncertain to what extent incentivization of enterprise partners through earning Sentinel Points and UPP will prove viable.
End user adoption of the product is dependent on the active participation of Sentinels for functionality, so this point is critical. As Sentinel Protocol moves forward, we will pay close attention to any developments on this front.
The Verdict on Sentinel Protocol
The crypto community recently received a harsh wake-up call with the hack of a high-profile crypto influencer. The Founder of Sentinel Protocol, a cyber security expert himself, was also the victim of a hack resulting in the loss of thousands of ETH. His experience is what ultimately lead to the birth of this project.
It’s beyond doubt a comprehensive security protocol is essential for the cryptospace, and the team of cyber security experts behind Sentinel Protocol are building one potential solution that could very well meet this need. With a product to develop and an ecosystem to grow, Sentinel Protocol still have a ways to go.
Nonetheless, the strength of the team, community support and partnerships to date are all indicators of strong potential. We rate the Sentinel Protocol ICO in our Top 10%.