Crypto world and the world of blockchain is an exciting place, with the new technology and a lot of advantages offered to the finance ecosystem. But if something is too good to be true, it probably is the case.
This meaning that most ICOs are scams, in fact, more than 80%. For instance, Patrick Kim, who has fallen a victim to such a scam, has made a decision to use his expertise in network security and system architecture to found the Uppsala Foundation.
So, the CEO has hired some help, actually some ethical hackers, his keepers, or sentinels, to launch a verification service which would be available in your browser.
A research was conducted in June by ’’Carbon Black’’, a cybersecurity company, which stated that $1.1 billion of digital money was stolen. What was noted in the research was the exploitation of the dark web, which was the case with Kim.
And regardless of the precautionary actions that Kim took, he ended up losing 7,218 ETH, since hackers took advantage of a 2-minute breach to transfer out the currency. So, Kim concluded that with some honest protectors, the blockchain could combat scams, hacks, and thefts. This is why the Sentinel protocol was created.
The Sentinel Portal
Sentinel’s Uppward browser is now available on Chrome, and its main job is focusing on all visited websites, flagging a warning to the user if they seem suspicious. You will also be able to verify the information from other addresses and social media channels, such as Telegram, wallets, and URLs.
The Sentinel Portal will keep records of all hacking attempts and incidents, crowdsource security news, advice and tips. Or, another way to do this would be through ’’Sentinels’’, as they will investigate the threat. Currently, there are seven people chosen by the Uppsala Foundation, but more people will be required in the near future.
The ’’Sentinels’’ will be able to change the blockchain in certain instances, when something that poses a threat is detected, but that will only be possible if the other sentinels concur. But the pillar of this system is the Threat Reputation Database (TRD) that allows the database to become global based on individual experiences.
How does it work?
The Sentinel Protocol has two ways of operation: reactive and proactive.
’’There are a lot of ways for people to get hacked, whether it’s through a phishing website, malware infection or password compromise, our aim is to collect and provide these malicious addresses as well as scams, frauds, impersonation and other threat data in an accessible database so that funds won’t disappear. Instead, individuals from the comfort of their browser can double check if the destination address is the intended address and if all is exactly what it seems.’’
If suspicious, we provide sandboxing technology to test any suspicious files and links via a segregated virtual environment. This can prevent phishing and malware infection in the first place.
Saving your transactions
Kim is hoping that this kind of software will have the ability to detect any suspicious crypto exchanges, and not only flag them up, but rather prevent them. With the browser, the technology will block the address and subaddress, thus saving your transactions from hackers.
Over the course of next few months will partner up with crypto exchanges, wallets, and payment services, in order to put an end to the use of stolen cryptocurrencies. And even though, Kim never got his money back, he hopes that the Sentinel Protect and the Uppward browser can increase the viability of reputable ICOs.