Project to Watch: Sentinel Protocol
The creators of Sentinel Protocol set themselves the goal of overcoming the current disadvantages of decentralization in the field of cryptocurrency technologies, turning this ecosystem into a safe and protected environment from hacker threats.
Using a collective intelligence system created by using decentralization, the project combines cryptographic functions and threat analysis algorithms based on artificial intelligence to create a secure, innovative platform.
Creation History and Team
The creators of the project note the current difference in the level of protection against security threats between individual users and business users. The latter can afford to spend large amounts of money to ensure their IT security.
According to the SANS Institute, in 2016 the largest category of costs for financial institutions was to ensure cyber security (10-12% of the annual budget of organizations). The report of Cybersecurity Ventures argues that the size of the market of protection systems in this area will grow by $ 1 trillion from 2017 to 2021 since the constant increase in the number of cybercrime led to a critical level.
The DAO case in 2016 was the first serious incident in the field of a security breach in blockchain technology and gave the developers of the Singapore-based Uppsala Foundation idea to create the Sentinel Protocol project.
- Patrick Kim (founder and CEO, has experience with Cisco, Palo Alto Networks, Fortinet, F5 Network and Darktrace).
- HM Park (co-founder, head of operations, worked at F5 Networks, Darktrace, Penta Security Systems).
- John Kirch (chief evangelist, worked at Darktrace, Watchguard, Softbank, Bank of America).
- Dayeol Lee (Lead Developer, graduated from the University of California, Berkeley, received a doctorate in computer science, a security systems specialist, and previously worked at companies such as Penta Security Systems, Inc. and WINS Co., Ltd.).
- Guo Feng (lead developer, worked on the Singapore Exchange, Accenture, and NCS).
Overview of Main Features
Although blockchain technology is aimed at ensuring the confidentiality of personal data, the lack of a guarantee of confirmation of the user’s identity does not allow him to take part in financial services and projects. A blockchain consortium could be a way out of this situation, although it is associated with some drawbacks of public decentralization. The creators of the Sentinel Protocol offer their approach to solving this problem.
The Security Intelligence Platform for Blockchain (SIPB or Sentinel Protocol) has the following security features:
- Threat database (TRDB);
- Built-in secure wallet with machine learning (S-Wallet);
- Split Isolated Malware Analysis Environment (D-Sandbox).
TRDB immediately solves two problems related to current cyber security threats. The first is a centralized database of security companies. Storing information about threats in one centralized location makes the data vulnerable to manipulation and abuse. The database becomes an obvious target of the Sybil attack, a server is hacked, and the service is interrupted. This is the fundamental problem of the centralized client-server model in the modern Internet.
The second problem is the lack of common knowledge among companies specializing in providing IT security. The more risk information collected, the higher the likelihood of preventing cyber crime. This is due to the lack of incentives for such companies to join and collaborate to create one comprehensive database.
Thanks to the collective intelligence, TRDB is able to efficiently collect data about hackers, malicious links, phishing addresses, virus software, etc. TRDB is updated only by security experts to eliminate systematic errors, such as false positives. However, ordinary users can also participate in this process in two ways – through the functions of automatic and manual reporting.
In the first case, unknown threats will be automatically detected by the security system of the wallet based on the machine learning mechanism and sent to the database. Manual reporting allows the user to report risks. The community will subsequently verify this information.
TRDB will be provided in the form of an API so that this information will be available to any person or organization.
S-Wallet has the functionality of antivirus software, but it also has a fundamental difference. Antivirus software responds best to new threats only after receiving the latest updates via a centralized server. This approach is ineffective against new unknown threats, such as zero-day attacks.
S-Wallet analyzes threats, their trends, and history to respond to unknown attacks.
S-Wallet uses collective intelligence by connecting to TRDB and provides essential security services, such as cryptocurrency address filtering; URL/URI filtering; data analysis; search and detect fraud risk.
The fraud detection system (FDS) is based on machine learning technology operates on all distributed registers and identifies transactions that could potentially be fraudulent, thereby preventing secondary damage.
D-Sandbox is a security mechanism for running untested programs and code on a separate virtual machine without risk to the entire system or host. This feature is based on analysis using the collective mind.
D-Sandbox has two key benefits. Firstly, this approach has significant economic benefits. This ensures infinite scaling across distributed systems and is limited in operation only by the potential of virtual machines. The second advantage is that D-Sandbox is not only able to solve the problem of loss of computing power using the PoW algorithm, but is also capable of creating a better security ecosystem. The computational capability of the Sentinel Protocol network nodes can be used for additional analysis to detect malware.
In the end, the advantage of a decentralized system is that free resources can be used where they are needed. Moreover, individual users will help by using D-Sandbox through a virtual machine to improve the overall security of the ecosystem.
Sentinel Protocol Ecosystem
One of the biggest obstacles to business continuity in the cryptocurrency industry is security. Recently, the number of customer hacking incidents and costs has increased significantly, and security systems could not cope with a threat level.
The Sentinel Protocol overcomes this problem, which security experts are working on in the field of cryptocurrency technologies by combining collective intelligence.
By joining the Sentinel Protocol community, users of digital currencies can easily get knowledge and help on all security issues. They can also use security solutions provided by the Sentinel Protocol. This approach is aimed at ensuring the overall security of the cryptographic world and its prosperity based on the fundamental principle of decentralization.
Theft Protection System
While a large number of cryptocurrency applications are entering the market every day, there is currently no system for checking the integrity of digital assets. This means that it is impossible to track and identify the stolen virtual money.
To fight this, the Sentinel Protocol will act like bank card providers that block plastic cards in case they are stolen or lost. The system will track all stolen cryptocurrencies and pass this information to providers of crypto resources. Then, stolen digital assets will be tagged and will not be used to exchange, pay, or convert to fiat money.
Prevent Transaction Distortion
Addresses registered as fraudulent and all related addresses will be entered into the database, which will be available to all system participants in real time.
One of the examples of this approach is an ICO fishing, in which thousands of people participate in a short period of time. Even if the hacker changes his address and transfers his funds to him, all users will be automatically notified of the new suspicious address. This can completely change the security industry paradigm, as there is currently no such platform that could provide users with such information.
As of today, there is merely no systematic approach to identifying suspicious persons and ensuring the protection of users from potential damage.
Sentinel Protocol Consensus
The platform uses a delegated proof of stake algorithm (DPoS), presented by BitShares and invented by Daniel Larimer. The “guards” appointed by employees of the Uppsala Foundation are a group of trusted institutions or individuals with the necessary qualifications, including security teams on servers, employees of specialized research firms or a group of white hackers. All of them will be certified to confirm their status and experience.
They will receive points for work performed, such as identifying threats and fraudsters. Based on their effectiveness, users will be able to vote for a particular “guard,” increasing or decreasing its reputation. If the actions of the “guard” dishonest in his hand are harmful, he will lose his reputation.
Trading and Liquidity
- Ticker – UBT
- Major exchanges – Bitrex, Ubbit
- UPP token price $0.0134082748 (+3.82%); 0.0001487522 ETH; 0.00000391 BTC
- 24h Volume $649,370 Market Cap $3,092,586
- Returns since ICO: 0.11x USD; 0.73x ETH; 0.24x BTC
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.