Cryptocurrency and blockchain technology is revolutionizing the way our world works. But all that glitters isn’t Gold. According to a recent research that was carried out by the Satis Group, an ICO advisory firm, it was revealed that more than 80 percent of ICOs in 2017 were scams.
Moreover, the price volatility of Bitcoin and other cryptocurrencies is another cause of concern for users and investors. Unlike the usual market fluctuations of the stock market, cryptocurrencies can rise and fall substantially based on market news.
Patrick Kim, CEO, Uppsala Foundation has also been a victim of an ICO scam. His company Uppsala Foundation has partnered with ethical hackers to launch a verification service based on blockchain technology. The best part about this service is that it can be used from a user’s browser for added convenience.
Carbon Black, a cybersecurity and research company recently revealed that around $1.1 billion dollars worth of cryptocurrencies have been stolen in the first half of 2017. Cybercriminals employ the dark web to carry out large-scale cryptocurrency thefts.
In fact, the same thing had happened to Patrick Kim. Notably, he has a decade-long expert in network security and system architecture. Even though Kim took all the transactions, a known fault in Mist, Ethereum’s official wallet resulted in him losing 7.218 ETH due to a 2-minute security breach.
Kim realized that with the right team of honest people who work to provide security against cryptocurrency scams, hacks, and thefts. This led to the formation of the Sentinel Protocol.
The portal will also allow users to verify information related to web addresses, social media channels, Telegram link, wallet addresses and more.
The Sentinel Portal works on the Threat Reputation Database (TRD). TRD is the backbone of the portal which allows the database of malicious data to provide a global system for scam protection and safety. For data that is added to the TRD, UPP tokens will be rewarded.
The Sentinel Protocol is planning to collaborate with various cryptocurrency exchanges, wallets, and payment services to curb the usage of stolen cryptocurrencies. It has already announced its partnership with Ginco crypto wallet and Policypal Network.