- Project name: Sentinel Protocol
- Token symbol: UPP
- Website: https://sentinelprotocol.io
- White paper: https://sentinelprotocol.io/Sentinel%20Protocol%20Whitepaper%20English.pdf
- Hard cap: $22 million (ICO contributors receive 60% of total token supply)
- Conversion rate: 1 ETH = 5,000 UPP
- Maximum market cap at ICO on a fully diluted basis: $37 million
- Bonus structure: 30% bonus for private investors with bonus lockup of 6 months / 15% bonus for presale with bonus lockup of 180 days
- Presale or white list: Whitelist ongoing, register here: https://docs.google.com/forms/d/e/1FAIpQLSdftpKgKlsGQnLlqXncWmVBP9N7luZz7ZKrdiIZOOILpB3pOA/viewform
- Blockchain platform: On the ICON blockchain
- Countries excluded: USA and China
- Timeline: Presale begins within April, crowdsale will begin after the presale ends (Please refer to Sentinel Protocol’s website for the most up-to-date information)
- Token distribution date: TBA
Video summary (video is 6:03 long)
What does the company/project do?
Sentinel Protocol aims to create a secure ecosystem for cryptocurrency by utilizing a collective intelligence system to perform threat analysis.
Currently, the most popular type of hacking is phishing – users entering the wrong website or are approached by a fake admin and send the cryptocurrency to a scam address.
Blockchain is a system that shares information transparently. Through careful analysis, it is possible to track down illegal use of cryptocurrencies. The flow of cryptocurrency transactions that has been hijacked by cybercrime is actually easily traceable.
Eventually, in order to monetize the hijacked assets, hackers need to send such assets to exchanges. This applies even to coins with anonymity features, such as Monero, Dash, and Zcash.
Sentinel Protocol has three security features: threat reputation database, machine learning engine integrated security wallet, and distributed malware analysis sandbox.
Threat reputation database (TRDB)
Security experts and vendors are compensated to contribute to building the threat database. Through collective intelligence, TRDB can efficiently and effectively collect hacker’s wallet address, malicious URL, phishing address, malware hashes, and so on.
General users can report threats but the database is only updated by security experts in order to eliminate systemic errors such as false positives.
TRDB will be provided as an API to organizations such as exchanges and wallet providers so that hackers will have a hard time moving funds around.
Machine learning engine integrated security wallet (S-Wallet)
S-Wallet has the functionality of antivirus software, but it is better in the sense that it doesn’t need signature updates. It utilizes machine learning technology and analyzes the threat tendency and history to proactively respond to unknown threats.
Distributed malware analysis sandbox (D-Sandbox)
D-Sandbox is where potential threat is submitted via a ticket system and analyzed through collective intelligence.
By being distributed, D-Sandbox has two advantages: more cost effective and efficient in the use of computing power.
Below is an introductory video of Sentinel Protocol including a demo (video is 17:15 long):
How advanced is the project?
The development of the project began from January 2018. It won the Kyber Network Developer’s Competition in Seoul in the same month. Below is the roadmap of the project:
June 2018: Public beta release
July 2018: Mainnet launch (manual reporting of TRDB)
November 2018: Machine learning engine beta test
December 2018: Machine learning engine feature release (auto report applied) beta / Distributed sandbox (D-sandbox) release
2019: Machine learning based Fraud Detection System (FDS) release into mainnet
What are the tokens used for and how can token value appreciate?
UPP tokens are used as a currency for goods and services provided by Sentinel Protocol, including the advanced security features of the security wallet. It can also be used for detailed cyber forensic service, consultancy, vulnerability assessment, and/or other activities requiring The Sentinel Protocols’ help.
To incentivize the early participants or early Sentinels, the initial inflation ratio will be set between 3 to 7% per year, decreasing gradually each year. Similarly, the rewards of UPP tokens for performing similar contributions will gradually reduce.
30% of UPP revenues will go towards community contributors.
The core Sentinel Protocol team consists of 9 members. The bios of key team members are listed below:
Patrick Kim, Founder & CEO – Cyber Technology Specialist at Darktract (an AI company for cyber security), former System Engineer at Fortinet, Services Consultant at Cisco.
HM Park, Co-Founder & Head of Operations – Major Account Manager at Darktrace, Terriroty Account Manager at F5 Networks, Global Account Manager at Penta Security Systems, and Backend System Programmer at Webcash.
John Kirch, Chief Evangelist – Regional Director at Darktrace, Director at Nominum, Vice President at Penta Security Systems. Began his career at Bank of America as Money Tracking Systems Analyst.
Sentinel Protocol’s advisors include Simon Kim, CEO of Hashed, John Ng, Partner of Signum Capital, and JH Kim, Foundation Council of ICON.
- Security is one of the most important issues concerning the growth of cryptocurrencies. There are countless scam attempts on Telegram, Twitter, Slack, and so on. If successful, the potential for the project can be huge.
- Most people focus on how not to get scammed/hacked in the first place, whereas Sentinel Protocol focuses on tracing the transactions/wallets of hackers. There is no competing project that we know of, therefore the project has a first mover advantage.
- The project plans to partner up with exchanges to prevent hackers converting their stolen coins back to fiat. This provides a clear go-to-market strategy for quick adoption of the project.
- The project relies on network effect to create a rich database of threats. The protocol’s usefulness is limited if not a lot of people report scam addresses/transactions.
- Because the project requires manual and real-time verification of fraudulent addresses/transactions, we believe the system would be fairly labor intensive.
Overall, we are neutral about the flipping potential of this ICO but like its long-term potential. Our thoughts on buying the tokens for flipping and investing for the long term are as follows:
Neutral. Sentinel Project has drawn a lot of market awareness because it is one of the first ICOs on the ICON blockchain. However, also because it is one of the first, the timeline of token issuance and listing on exchange is uncertain and is dependent on the development schedule of ICON.
For long-term holding
Good. Sentinel Protocol is one of the projects that we believe can move cryptocurrency as a whole forward – because of the immutable nature of blockchain, security is paramount.
The project can be thought of as the cryptocurrency-equivalent of the anti-virus industry for personal computers. It can deter hacking as hackers would face difficulties moving funds around.
For more information about the ICO, please visit the following links:
* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.