Sentinel Protocol’s Uppward Launches To Validate An ICO Using Chrome Browser
The cryptocurrency and blockchain market has a lot of promises. That’s right, promises. It’s more than a year since the ICO craze began and we have seen our share of scams and bad projects, maybe even too much of them. Unfortunately, sometimes it is quite hard to actually invest well, so you have to careful and a new feature on Chrome is about to help you with that.
Created by a victim of a scam ICO, Patrick Kim, the Uppsala Foundation is an organization that uses the help of ethical hackers, sentinels and a decade of experience from its CEO to help people who want to launch a blockchain verification service that can easily be accessed via a browser.
According to Statis Group (an ICO advisory firm), over 80% of the Initial Coin Offerings (ICOs) were actually scams in 2017. The number is huge and almost unbelievable. Kim was one of the victims.
Despite taking precautions with his tokens, Kim was a victim of a fault in the Ethereum official wallet and lost 7.218 ETH to hackers. It was not his fault, but he perceived that something could be done to prevent more attacks from happening in the future. This culminated in the creation of the Sentinel Protocol.
The Sentinel Protocol
This new protocol was launched today. It will be available for Chrome right now and it will monitor all the sites that the user visits, flagging the ones that seem potentially dangerous. You will also be able to use the Sentinel Protocol to verify social media channels, Telegram, wallets and URLs.
One of the ideas of the protocol is that it will be able to record hacking incidents and use security news to advise the users. It will also have “sentinels”, which will investigate threats and validate them. At the moment, Uppsala already has a team of seven sentinels and the number is bound to increase in the near future and turn into a real community after some time.
The sentinels will have the ability of altering something when they detect that it is wrong. The backbone of the entire system will be built on top of a technology called the Threat Reputation Database, which will be used as the database of the system and will allow users to share individual experiences in a global manner. Data fed into the system will be turned into points that will be used to reward the sentinels.
This protocol was created to work both in reactive and proactive ways. As Kim explains, there are many ways in which you can be hacked online, they vary from fraudulent ICOs, scams, frauds, malicious wallet addresses, etc. Using Sentinel, the individuals will be able to double-check these sites before they actually use it to see if something is wrong.
In case the person is suspicious, the company will provide sandboxing technology to test suspicious files and links that can prevent them from infecting the user.
Sandbox, in case you are not familiar, is a software development term from programs that isolate untested codes for experimentation, which can help out when you need to test if something is a scam.
Protecting Your Money
The main function of the software is, after all, protecting your money. Because of this, Kim has created it to block malicious agents and to warn the users whenever something strange is happening on their browser.
During the next few months, the Sentinel Protocol will be upgraded and the company is expecting to create collaboration agreements with exchanges, wallets and payment services to stop theft.
Unfortunately, Kim was never actually able to get his ETH back but his project may protect thousands and even maybe millions of people from being cheated and having their funds stolen.