With news that so many attacks have occurred on the highest level of the crypto world, users may not only be keeping their ID keys in cold storage, but well under their mattresses or in sock drawers. However, a Singapore-based IT company may have come with a way to safeguard your goods in a manner that is less disruptive and more apt for our age.
Sentinel Protocol has managed to put on the cards a blockchain-based solution that will hit hackers and thieves hard. The company promises to protect individual users, but also to block the use of any stolen cryptocurrencies on both crypto wallets and exchanges.
This particular solution will allow security experts and anti-crime fighting bodies in the blockchain sector to successfully track information about all sorts of illicit affairs that take place on the digital nether, including scams and frauds. All of the information will be stored on the Threat Reputation Database (TRDB) allowing further use.
Playing with Fire – How to Cure Avarice
Meanwhile, the origins of Sentinel Protocol are quite telling as well. Patrick Kim, the founder of the company, has himself been a victim of hacks, because of an exploit in the geth-mist wallet he then used. Kim lost approximately 7,200 Ethereum because of a vulnerability he found in the wallet and consequently reported to the developers.
Now Kim is a man with a mission. The Threat Reputation Database will rally the industry’s security leaders who will be able to access the information and calculate risks. The information the company has managed to gather will be used by exchanges, wallets, payment services, and all companies that run a substantial cryptocurrency network of any sort.
Ultimately, the goal will be to add all existing crypto bodies into the fold, making the use and spending of stolen funds an impossible feat. Sentinel Protocol is already signing with a number of companies and exchanges, including Bibox, IDEX, DDEX, and a few others.
The Pillars of Future Success
For Sentinel Protocol to fully take off and succeed thereof, three criteria will need fulfilling. First, community members will be offered a chance to report all illegal activities that have transpired and that have affected them. A special community to report the crimes will be established.
Then, an S-wallet will be introduced which will have the smart function to gauge future threats and warn users about the dangers of taking one action over another or, conversely, taking no action at all.
Lastly, there will be a malware analysis sandbox to try and nip all potential threats in the bud without users having to worry about their assets and cryptocurrencies getting hacked. All of these initiatives are taking off in July when experts will begin work on the TRDB and adopt the S-wallet hoping they will manage to set the industry on a course for success and complete eradication of the use of hacked cryptocurrencies.
The smart use of sandboxing will help experts stay ahead of hackers. Sentinel Portal will go live for users in August.