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Sentinel Protocol

Sentinel Protocol, the first one of its kind in the crypto world, will provide the collective security intelligence solutions based on the decentralized and distributed nature of blockchain technology. Project will combine the group of security experts who may be widely distributed, yet collaboratively working on the same mission — preventing hacks, scams, or frauds against crypto assets.

Rating: 3.6

Official contacts
Location: N/A
Web-resources:   Whitepaper Website
Social networks: N/A
Product source tracking: N/A
Details Description Risks Full analysis Team

Detailed review

Stage of product development
Product is not developed yet. According to roadmap, SIPB prototype already have to be beta tested. Mainnet launch will be in July 2018. Distributed sandbox will be realized in Dec 2018. Machine learning based Fraud Detection System would be realized in mainnet in 2019.
Returns since ICO
USD
0.11x
ETH
0.74x
BTC
0.24x
Market & returns
CS token price
Market Cap
USD
0.01281333 -2.19%
$ 2955363.00
ETH
0.00014873
24h Volume
BTC
0.00000387
$ 681442.00


Token description
ICO date
10.04.2018 - 20.04.2018
Token price
N/A
Platform
N/A
Blockchain
Own
Token distribution date
N/A
Consensus method
PoP (Proof of Protection) - consists of various cybersecurity activities including: reporting a true scammer’s address, IP, website, validating reports, resolving incident cases, etc.
Escrow
N/A
ICO currencies
USD , EUR , ETH , BTC
Bounty camping
N/A
Markets
N/A
Token functions
UPP token is a currency that is used to remit payment for subscribing to advanced security features of Sentinel Protocol. Security experts and vendors are encouraged by Sentinel Points, which could be later converted to the UPP tokens.
Tokens distribution
Uppsala Foundation (15.0%)
Business Development (15.0%)
Reserved Allocation (8.0%)
Advisors (2.0%)
Early Contributor (31.0%)
Public Contributor (29.0%)
Risks
MARKET

Currently there is no incentives for cybersecurity experts to share information with each other.

PRODUCT

The product is not ready now. The product value highly depends on cybersecurity experts.

BUSINESS MODEL

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.

FINANCES

Absolutely no information about finances now. Revenue streams are not clear.

TEAM

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.

Full analysis
Market

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.

Product

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).

Business model

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.

Finances

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.

Team

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.

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