Bibox Crypto Exchange to be Provided Security With Sentinel Protocol
Sentinel Protocol is a platform powered by blockchain that is focused on providing threat intelligence via crowdsourcing. The platform recently announced its partnership with Bibox Exchange. The partnership involves the deployment of Sentinel’s security layer to Bibox exchange. The exchange is required to officially list the UPP token by Sentinel Protocol.
Bibox is listed among the top 10 crypto exchanges that trade huge volumes. Bibox crypto exchange utilizes artificial intelligence to carry out digital transactions that are encrypted. Bibox-Sentinel transaction will enable Bibox preventing its users from scams and frauds by automatically referring them to the Threat Reputation Database that is decentralized.
Data on threats are carefully collected and passed through the Sentinels and Threat Reputation Database for verification. However, the exact policies have not been set on how the system will work. Basically addresses that are either malicious or suspicious will make the system automatically notify the exchange users. This notification will be carried out via the free API provided by the Threat Reputation Database.
Currently, there are no established frameworks or protocols that are able to secure customers using the blockchain space. Exchanges have been categorized as the number one target for attackers. This is because of storage and transactions involving huge volumes of cryptocurrencies. There has been an increase in the attacks indicating the need for the users of the exchange to be provided with security.
Sentinel Protocol is the first company to initiate an alliance with the cryptocurrency users with the aim of sharing data regarding threats and prevent the use of stolen products. It has formed an alliance with exchanges, the users of wallets and other payment services such as dapps. Leading investment companies and crypto currency investment firms such as XSQ and Hyperchain Capital have supported this initiative. Apart from instantly sharing intelligence data on threats, Sentinel will be able to protect crypto users and organizations before the occurrence of a bad incident. There will be the active distribution of the upcoming products created by Sentinel Protocol. Products such as the Malware Sandboxing built on S-Wallets which will help increase the user’s security and the utilization of the UPP token.
The Loss that Sparked the Inception of the Security Measures
The creator of Uppsala Foundation Patrick Kim went through an unfortunate incident. The incident involved the loss of 7,218 Ether THEFT. This was brought about by the vulnerability of the geth-mist wallet. Patrick acted fast and investigated the attackers and informed the development team at gest-mist. The team initiated the application of security patches that helped contain the situation.
This unfortunate incident helped increase awareness about the importance of security for cryptocurrency users. However, Patrick learned the importance of security measures the hard way. He learned that blockchain cannot be able to guarantee the security of assets on the client’s side. The responsibility of providing securing the crypto assets lies solely on the client's shoulders. Fortunately, Uppsala Foundation and Sentinel have come up with security measures in order to prevent the occurrence of incidents such as theft.