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Project to Watch: Sentinel Protocol

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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.

Core team:

  • 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).

Threat Database

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

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

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.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.9 stars on average, based on 42 rated postsVladislav Semjonov has a legal and financial background. He has been involved in crypto space since early 2017 in both ICO advising positions in several ICO consultancy firms, and as an ICO analyst for VC. He began contributing for Hacked.com in April 2017.




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ICE Has Raised $182.5 Million for Upcoming Bakkt Trading Platform

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The downturn in crypto has not deterred high-profile investors from betting big on the future of the market. Intercontinental Exchange (ICE), the world’s largest stock exchange operator, has raised $182.5 million in support of its Bakkt cryptocurrency venture.

Bakkt: Institutional Support Grows

The Bakkt startup has raised $182.5 million from more than a dozen high-profile investors and venture capital firms, CEO Kelly Loeffler announced Monday. First-round investors include: Boston Consulting Group, CMT Digital, Eagle Seven, Galaxy Digital, Goldfinch Partners, Alan Howard, Horizons Ventures, Microsoft’s venture capital arm, M12, Pantera Capital, PayU, Naspers’ fintech arm and Protocol Ventures.

“Our work today is centered on driving institutional access for digital assets, along with merchant and consumer uses, and we’re already expanding on this vision, collaborating with great companies like Starbucks in these efforts,” Loeffler said.

Further details on Bakkt’s 2019 objectives will be announced sometime next month, though Loeffler indicated that the focus is on developing new infrastructure for the nascent market. This includes the “industry’s first institutional grade regulated exchange, clearing and warehousing services for physical delivery and storage.”

What is Bakkt? Preparing for the Physical Bitcoin Futures Market

Bakkt is scheduled to launch its bitcoin futures market Jan. 24 but delays in regulatory approvals could see that date get pushed back by a week or more. Further details can be found in the following article from Dec. 22.

Disrupting Traditional Finance

Bakkt has been described as the world’s first physically-backed bitcoin futures market, but its mandate stretches far beyond that. When ICE first unveiled the crypto startup in August, the goal was to broaden institutional access and consumer adoption of digital assets. Through high-profile partnerships with Starbucks and Microsoft and with the support of early investors like Susquehanna International and Fortress Investment, Bakkt is aiming to bring “regulated, connected infrastructure together with institutional and consumer applications for digital assets,” according to Jeffrey Sprecher, the founder and chairman of ICE.

NYSE Owner Is Betting Big on Cryptocurrency with Bakkt

The launch of a physically-settled bitcoin futures market as early as next month means institutional investors can access digital assets through a trusted custodian. On the consumer side, Starbucks will be the flagship retailer of Bakkt with the goal of developing practical applications for commercial use. According to Starbucks senior executive Maria Smith, consumers will one day be able to convert cryptocurrencies into dollars at various Starbucks locations.

Starbucks will play an important role in helping Bakkt disrupt the traditional payments market. One of Bakkt’s stated goals is to move consumers away from credit cards toward crypto applications.

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.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.7 stars on average, based on 739 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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Projects Built on Stellar and Possible Investment Ideas

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In this article, I will speak about five projects that have chosen Stellar blockchain as opposed to the Ethereum network. A distinctive feature of Stellar (https://www.stellar.org/) is that it is sharpened for micropayments and has a throughput of up to 3,000 transactions per second and confirmation within 3-5 seconds. So it is not surprising, that many projects like a Stellar as a solution for their projects.

SmartLands

SmartLands (SLT) is a platform for issuing security tokens and tokenization of real estate. Since the ICO in November 2017 it has raised slightly more than $1.7 million at $0.50/SLT. The product, designed for business use, is ready and works.

I do not see any entry points here although the coin has provided 7x returns in USD over 6 months.

Mobius (MOBI) – “connect the world with the blockchain” – is their slogan. It provides integration of tokens and smart contracts into any existing applications, as well as m2m (machine-to-machine) payments. During the ICO it raised $35 million at $0.16/MOBI. The token itself is used for payment in dApp store and stacking.

The asset does not seem interesting for me for investing.

SureRemit

SureRemit (RMT) is a specific niche product sharpened for quick and cheap remittances targeting migrant workers, as well as micro-payments for utilities. During the ICO it raised $10 million at $ 0.02/RMT. The application is ready, about 700 reception points are open in 5 countries in Africa and the Middle East.

  • SureRemit Price: $0.00458187
  • Market Cap: $2,290,759
  • Trading Volume: $587.40
  • Website: https://sureremit.co/

No entry point since there is virtually no volume.

Ternio

Ternio (TERN) is the “fastest blockchain in the world,” according to the website, with a bandwidth of up to 1 million transactions per second. During the ICO it raised $3 million at $0.02/TERN. The project is designed for online advertising, but according to the developers, can apply to any area where high transaction speed is required.

Maybe a good point to open some minor positions to play against ETH for short term with an aim of 20%.

SIX Network

SIX Network (SIX) is the brainchild of the Thai giant OOKBEE, offering “blockchain integration into everyday life.” During the ICO it raised $42 million ($ 0.1/SIX). The team released a universal wallet and founded a blockchain fund. Beta version is scheduled for the third quarter of 2019.

  • SIX Network Price: $0.01072694
  • Market Cap: $2,924,708
  • Trading Volume: $157,785
  • Website: https://six.network/

Here could be a good option to play against BTC. Currently, the price is around 250 Satoshi, and the target could be in a range of 400-450. Volumes are increasing, but no major exchanges are present.

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.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.9 stars on average, based on 42 rated postsVladislav Semjonov has a legal and financial background. He has been involved in crypto space since early 2017 in both ICO advising positions in several ICO consultancy firms, and as an ICO analyst for VC. He began contributing for Hacked.com in April 2017.




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What is Bakkt? Preparing for the Physical Bitcoin Futures Market

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As interest in the global cryptocurrency market grows, the need for a safe and efficient way to use digital assets grows with it. This article will focus on the Bakkt platform, which will allow institutional customers to perform various operations with digital assets as part of a seamless global network.

Investors and Team

The brains behind Bakkt is none other than Jeff Sprecher, head of Intercontinental Exchange (ICE), the world’s premier stock exchange operator. The project’s CEO will be Sprecher’s spouse, Kelly Loeffler, head of ICE’s digital assets department.

Behind the development of the project is Intercontinental Exchange itself – the operator of global stock exchanges and data services. Bakkt will cooperate with such giants in the field of emerging consumer fintech, like BCG, Starbucks, Microsoft. The main goal is to form an accessible ecosystem capable of supporting the growing needs of the digital assets market. Investors of Bakkt include Fortress Investment Group, Eagle Seven, Galaxy Digital, Horizons Ventures, Pantera Capital, Protocol Ventures, Susquehanna International Group, LLP, as well as British billionaire and hedge fund manager Alan Howard.

Main Objectives 

Bakkt is supposed to integrate institutional level markets with a custodian services system through trade and consumer applications. The first phase of the project will focus on trading and exchange transactions with Bitcoin and fiat currencies. The choice in favor of Bitcoin is explained by the fact that it still has the highest liquidity in the cryptocurrency market.

By combining consumer and institutional applications with a regulated infrastructure, project founders seek to ensure transparency and trust in digital asset markets. This will provide the project with a key role in increasing institutional, trade and consumer participation in the field of digital assets.

As part of the initial offer of Bakkt, ICE plans to release non-digital Bitcoin futures with custodian services in the first quarter of 2019, subject to review and approval of by the Commodity Futures Trading Commission (CFTC).

Future regulated trading platforms will establish new protocols to manage specific security requirements and transactions with digital assets. In addition, the clearinghouse will form a special guarantee fund, financing of which will be provided by Bakkt.

As Hacked previously reported, Bakkt was originally scheduled for launch by mid-December. The date has since been pushed back to Jan. 24, but this too may face a slight delay. Read more: Bitcoin Pulls Back from Three-Week Highs After Rapid Ascent; Bakkt Postponed Again?

Benefits

This project is considered capable of engineering a global revolution in the field of digital assets and cryptocurrency technologies. This is provided by strong support from technological and financial giants mentioned above.

The main strengths of the project are identified below:

  • Availability of sale, purchase and storage of digital assets to end users.
  • Increase confidence, efficiency in the use of digital assets in commerce.
  • Development of new open ideas for connecting the traditional market liquidity and trade infrastructure to blockchain technology.
  • The company has been operating in the financial market since 2000 and is on the Fortune 500 and Fortune Future 50 list.
  • Its wide range of services includes customer service in investment and trading in global financial markets through exchanges, clearing houses and information services.
  • ICE Data Services is a leader in market data, providing the necessary information and connectivity to virtually any type of asset.
  • ICE is the parent company of the New York Stock Exchange, which has helped many companies increase their capital more than any other exchange in the world, stimulating economic growth and transforming markets.
  • Owns the world’s largest market for ETF Arca and the leading platform for mid-tier companies NYSE American.
  • It is a leader in almost all categories of futures for “soft” agricultural products (sugar, coffee and cotton).
  • ICE Futures Europe tops the list of global markets for the sale of Brent crude oil.
    At the end of 2017, it received revenue of $ 4.6 billion.
  • ICE’s powerful trading infrastructure can become a platform for the development of Bakkt, providing it with everything necessary for successful development.
  • The project has enormous potential for ensuring wide recognition and use of digital assets, which in turn will have a positive effect on the overall capitalization of the digital assets market.
  • The project is planned to be launched in early quater 2019 with the participation of the 12 largest world exchanges and a wide range of exchange instruments that will ensure the introduction of Bitcoin into the fiat market as a global digital currency.

The Bakkt project can provide a significant boost in the development of the digital asset market and the expansion of its use. In this regard, the year 2019 can be considered as the year of the merger of two segments of the financial world on a global scale – the fiat market and the sphere of digital assets.

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.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.9 stars on average, based on 42 rated postsVladislav Semjonov has a legal and financial background. He has been involved in crypto space since early 2017 in both ICO advising positions in several ICO consultancy firms, and as an ICO analyst for VC. He began contributing for Hacked.com in April 2017.




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Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

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