Currently there is no incentives for cybersecurity experts to share information with each other.
The product is not ready now. The product value highly depends on cybersecurity experts.
The biggest risk – cooperation with exchanges. If most part of exchanges does not implement this protocol, it will have small value. Indirect way of compensation could be unattractive for cybersecurity experts.
Absolutely no information about finances now. Revenue streams are not clear.
Team is located in different countries – South Korea, Japan, Singapore and USA. Team has just been formed. There is no evidence that prove their efficiency.
The market of cyber security is huge and has high growth rates. A report from Cybersecurity Ventures predicted that the cybersecurity market size will grow by $1 trillion (US) from 2017 to 2021, as the constantly increasing number of cybercrimes have already exceeded the critical level. Moreover, the raising usage of the cryptocurrencies would lead to even higher spending on the cyber security. Recent attacks shows that existing solutions could not provide enough security. As blockchain technology has evolved, various scams and cybercrimes have also developed. One of the most well-known fields of cybercrime is ransomware, a new type of cybercrime that takes the user's data hostage and demands monetary compensation via bitcoin in exchange for the release of the user’s data. It is expected that the ransomware “market” will expand to $17.36 billion by 2021.
Despite the fact, that product is not developed now, the concept of it is well developed. The key participants of the whole platform is the Sentinels, delegated by the Uppsala Foundation, are a group of institutions or individuals with the necessary cyber security qualifications and expertise. From the technical side, three the most important pillars for the whole product are following: Delegated Proof of Stake (DPoS), Collective Intelligence and Artificial Intelligence. Collective intelligence is based on idea, that sharing information about potential froad is beneficial for all members of decentralized community. All information can be made instantly transparent to the individuals, exchanges, projects, security firms, governments, etc., and most importantly, it can be tracked within one system by all people around the world. Technically it would be realized through Interactive Cooperation Framework. All data will be stored in Threat reputation database (TRDB). Machine learning technology will be used in the client side Sentinel Wallet to create model behaviors. It will recognize the suspicious behavior and calculate the probability of threat, thus blocking or postpone the execution of the process. The most important task is build additional barriers for potential froaders, to raise the costs of attack. The building of Fraud Detection System (FDS) is possible due to transparent nature of the blockchain transactions. Client-based application will be integrated through security wallet (S-Wallet).
The key success factor of Sentinel Protocol is to successfully encourage cybersecurity experts around the world to join The Sentinels and to assimilate their vast knowledge and intelligence of cybersecurity. The Sentinels are the group of security expert individuals and organizations who will serve ro: 1) Validate hacking claims and tracing the attackers 2) Analyze the root cause of a threat and update such information on our Decentralized Threat Reputation Database (TRDB) 3) Update our TRDB to help ensure that it accurately reflects most up-to-date security research and analysis From the business perspective, the adoption of our security solutions by crypto exchanges, wallets, and payment services is crucial. While individual crypto users can benefit from Sentinel Portal, they can automatically benefit from using the exchanges and wallets that have been integrated with Sentinel Protocol to receive real-time alerts on detected threats and malware. As a result, the key focus of the project is bringing the real world cybersecurity experts to Sentinel Protocol and establishing partnerships with exchanges, wallets and payment services. Cybersecurity experts can contribute security expertise and intelligence to earn Sentinel Point. Sentinel Point is not a currency; it is a reputation score of the Sentinels indicating how much they have helped the hacking victims or how much they have contributed in adding security intelligence to the Decentralized Threat Reputation Database. Indirect contribution to the community such as creating articles to enlighten the public on issues of cybersecurity or translating such articles to other languages can also earn Sentinel Point. Sentinel Point can be exchanged to UPP token, the circulating currency in Sentinel Protocol. UPP token is a currency that is used to remit payment for subscribing to advanced security features of Sentinel Protocol.
Finance block of the project is not announced yet. As a result, it is hard to make any conclusions. The only one information, which is available now in pubic, is that founders won 30 000$ at the Kyber Network Developers Competition. The revenue streams is not clear yet. According to the current development stage hard cap should be in range of 7-15 mln $. Higher hard cap would mean overestimation of product and as a result lower potential return.
Project has well-balanced team. There are both sides – business and developers. However, at the same time, team members are located in different countries: South Korea, Japan, Singapore and USA. Some of them, according to LinkedIn works full time on other projects and does not even state Sentinel Protocol as a their main work. On the other hand, CEO, Head of Operations and Chief Evangilist worked in the same company – Darktrace, which is the world’s leading machine-learning company for cyber security. Other team members have strong developers background, both in cyber security sphere and computer science. One more disadvantage is that team has just been formed, less than one month ago. As a result, it is hard to measure their efficiency. At the same time, core founders team was co-winners of the Kyber Network Developers Competition.