How Sentinel Protocol protects cryptocurrency from scams and fraud

The cryptocurrency space is plagued with scams, hacks, and fraud. So what is Sentinel Protocol and how is it helping keep users safe?

Sentinel Protocol is a platform that aims to provide cryptocurrency owners with a cybersecurity ecosystem to protect their digital coins and financial privacy.

The system uses collective and artificial intelligence to create the first crowdsourced threat intelligence database. Among other benefits, users can verify the authenticity of wallet addresses and ICO websites before making transactions.

Here’s how Sentinel Protocol and its tools could protect your wallet and personal data from scams and fraud.

Paying ethical hackers for their security contributions

Sentinel Protocol encourages all cybersecurity specialists to contribute to its blockchain-based database with Sentinel Points (SP). These are similar to a reputation score. Each contributor (called a Sentinel) receives points for the data uploaded on the blockchain.

Sentinels can use their SP to buy UPP, the digital currency of the Sentinel Protocol network. All Sentinels need the platform’s S-Wallet to store UPP.

As technology advances, so does the risk of identity theft, ICO scams, and cyberattacks. If people had access to reported security incidents and industry news in real time, they could verify the authenticity of ICOs and wallet addresses and protect themselves better.

Sentinels are mostly members of professional security teams, cybersecurity experts, ethical hackers, and developers – people with a proven history of working in the industry who can help regular users counter threats. They use their experience and skills to analyse and validate each reported security incident to increase overall security.

Through this system, valuable information is available to all users on the blockchain, and the professionals get paid for their hard work. It’s a win-win situation.

Chrome and Firefox extensions for private users

UPPward is one of the better-known tools created by Sentinel Protocol for individual users. This browser extension is available for Chrome and Firefox and is meant to protect cryptocurrency adopters and their transactions.

The tool identifies and flags phishing sites, unreliable Twitter accounts, and even malicious wallet addresses. Users who download and install the extension can protect their devices against malware, as well as their personal information and digital coins.

The tool can even reduce the number of ICO scams, which cost investors upwards of $725 million in cryptocurrency in 2018 alone.

If you’re looking to invest in a recently launched ICO, the UPPward Extension validates the ICO website. It also checks the wallet address before you send your funds, protecting you from scams and fraud.

All you need to do is input the wallet address into the extension and you’ll automatically receive a safety report. This is based on previous feedback from the Sentinels and other users.

The tool is still in its early stages, so some bugs and errors may occur while using it. However, reviews have been mostly positive, so it’s worth a try.

The Sentinel Protocol Threat Reputation Database

The Threat Reputation Database (TRDB) is the core product of Sentinel Protocol. It’s a global database for cybersecurity data – a decentralised solution to counter isolationism on the blockchain.

Few cryptocurrency owners have the tools and abilities to protect themselves alone. However, through this database, they can access information to help them stay safe on the blockchain.

It’s an ambitious project that requires collaboration between Sentinel Protocol and other leading platforms and exchanges. Without a significant number of users and experts on board, the platform will lack accuracy and could provide incomplete information about websites and wallet addresses.

As new cryptocurrency scams happen frequently, the network would only be trustworthy if enough people regularly contributed to updating data in real time.

Sentinel Protocol is looking to minimise risks using machine learning security technology. The platform uses software to create a model behaviour on the blockchain and keep track of any change in normal activities.

When the system identifies any behavioural change, it reports suspicious activity as a possible threat. This means the system could block the execution of the operation until Sentinels analyse data and validate or invalidate the process.

Distributed Malware Sandbox

Another way Sentinel Protocol plans to protect cryptocurrency from scams and fraud is through sandboxes. Thanks to blockchain technology, developers can use nodes to make sandboxes available for users who don’t have the skills or software to isolate code and test files and links in a secure environment.

The Distributed Malware Sandbox created by Sentinel makes using sandboxes cheaper. This increases the security of individual users on the blockchain by giving them access to previously exclusive tools reserved for programmers and expensive hardware owners.

Final thoughts

Sentinel Protocol aims to make cyberspace safer for investors, cryptocurrency owners, and new adopters, and the platform’s cybersecurity solutions have the potential to help users protect their cryptocurrency assets. However, the project still has a long way to go before seeing massive adoption in the market.

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