ICO Review: Sentinel Protocol
April 20, 2018
In an industry rife with scams, frauds, and hacks, the cryptocurrency market is a place where almost none have stopped to think about the welfare of their investments.
Although the decentralized aspect of cryptocurrency offers an additional layer of safety for users, we can’t deny that corporations have much more robust software, hardware and expertise to defend themselves against cyber-attacks. Enter — Sentinel Protocol.
What is Sentinel Protocol?
In essence, Sentinel Protocol is a blockchain solution that works on a Delegated Proof of Stake consensus algorithm — attempting to tackle malware, phishing and other cyber-based attempts to hack and steal money from users. It benefits users, as well as “Sentinels” which help fish out malware and actively participate in the global safety of the system. Sentinel Protocol can be thought of as an antivirus/security feature for your cryptocurrency.
With a rock-solid team of full-time members and veteran advisory board (lent experience from ICON and Hashed), this project definitely does not lack expertise.
How does it work?
Sentinel Protocol incentivizes its user base (exchanges, individuals and communities) to participate by rewarding participants (“Sentinels”) for actively searching and eradicating attempted attacks, in addition to the system filtering for scams and malware, machines detecting abnormal behavior, and distributed malware sandboxing.
Who Does Sentinel Protocol Benefit?
By default It benefits every user in one simple way: Sentinel Protocol keeps them safer.
For users, they can participate in finding malware and get rewarded. They also enjoy the safety of an arsenal of security features.
For exchanges, it brings additional layers of protection; making them safer from experiencing hacked API keys, which is a known concern when it comes to leaving funds on an exchange.
For payment processing, it protects against attacks by being able to detect stolen funds, blocking the transfer and creating “global alliances” which exchange information on any threats encountered.
Sentinel Protocol ICO
Sentinel Protocol’s ICO Presale will start on May the 7th, while the Crowdsale starts on May 11th. They will distribute 131,500,000 UPP tokens, divided between Strategic Contributors (33,25%), Public Presale buyers (33,25%), Crowdsale participants (28,7%), and Pre-sentinels (3,8%). Bounties and airdrops will also be available. The total dollar value of the ICO will be $22,000,000, with the price of 5000 UPP tokens to 1 ETH. The tokens that fail to sell will be burned, reducing the total token supply.
As far as the general public goes, the project has not been reviewed by many influential people in the Cryptosphere. They have an extremely small following on Twitter and Facebook, and a modestly-sized Telegram group.
A project with a great vision; trying to help end-users and corporations tackle scams, threats, hacks, and frauds. In this vein, Sentinel Protocol certainly deserves more attention, as it is somewhat under the radar right now. Surely, the market can benefit from such a visionary project, but only time will tell if the market timing was correct and if it is mature enough for such an endeavor. If the team follows its roadmap and the dynamics of the market improves, this project might get the acclaim it truly deserves.