With the Sentinel Protocol, scams and fraud in the Bitcoin ecosystem will soon be a thing of the past. Through a browser extension, the company wants to provide protection against any ICO scams or dubious homepages. Through monitoring, the “ethical hackers” announce real-time scam protection. The only catch: the ICO protection is itself an ICO.
Hardly a day goes by without reporting scams in the Bitcoin ecosystem. There is the allegation of manipulation in BitMEX, the scandal over the supposedly German-speaking ICO Envion or the Android app, which purports to sell ethers. The Sentinel Protocol now wants to remedy this situation – with real-time scam protection.
The product of Sentinel Protocol is above all a Chrome extension. This runs in the background while surfing and warns the users of suspicious sites and possible scams. It is designed to log all current hacks and safety notices and to include them in the scan process. Furthermore, there is the possibility for users to question so-called “validators” when in doubt. These “ethical hackers” are therefore specialists, who then evaluate the pages in question for the users.
Blockchain Based Real-time Scam Protection
The system is ultimately based on a blockchain. On this, there is a database, the so-called “Threat Reputation Database”, which fixed immutable potential dangers. Users who feed the database with validated data and help the ecosystem grow will receive tokens. The fact that the data for the scam early warning system is decentralized on the blockchain, in turn, hopes to protect yourself against external attacks. In addition, Sentinel Protocol wants to guarantee immutability of the database, which can only be changed by experts in exceptional cases – how exactly it is determined here who these “security experts” are remains in the White Paper, however, in the dark.
Ultimately, the team is pursuing an approach based on swarm intelligence. With the growth of the ecosystem, there is a hope that the developers will create a secured alarm system for scams, through which one can recognize at an early stage, whether the investment in an ICO pays or threatens the total loss.
The irony of the whole: Sentinel Protocol itself acts as an ICO. Let’s hope that it is not recognized by its own early warning system.