Sentinel Protocol, a crowdsourced threat intelligence platform powered by blockchain announced that it has signed a partnership with Bibox Exchange. Sentinel Protocol’s security layer will be deployed to the Bibox exchange, and the exchange will also list Sentinel Protocol’s UPP token.
Bibox is among the top 10 crypto exchanges by trading volume and is known for its use of artificial intelligence for encrypted digital asset transactions. With this partnership, Bibox can protect its users from falling prey to scams and frauds by instantly referring to Sentinel Protocol’s decentralized Threat Reputation Database (TRDB).
Comprehensive threat data is collected and verified by the incentivized and distributed security expert ‘Sentinels’ coupled with artificial intelligence and sets on TRDB. While exact policies are still to be determined, the baseline is that suspicious or malicious addresses will be notified and alarmed to the exchange users through TRDB free API.
While no security framework or standard protocol in the blockchain space has been established so far, exchanges have been considered high-value targets by attackers due to the large volumes of cryptocurrencies they store and the number of transactions made. The frequency of attacks demonstrates that it is important to the industry for these exchanges to remain secure places for users.
Sentinel Protocol is a first mover forming an alliance with crypto exchanges, wallets, and payment services as well as dapps to share threat data and together block the use of stolen cryptocurrencies. It is supported by leading crypto and institutional investment firms such as Hashed, XSQ, Signum Capital, Kenetic Capital, Hyperchain Capital, Global Brain, dAlchemy, QCP Capital, Boost VC, and DraperDragon.
“Besides the instant sharing of threat intelligence, Sentinel Protocol even preemptively protects individual users and organizations. To use these proactive security suites, crypto users need to use the utility token UPP.”
It is expected that active deployment of Sentinel Protocol’s upcoming product lines — Machine Learning based S-Wallets and Distributed Malware Sandboxing, will escalate individuals’ security and the use of UPP token.
“Exchanges are an important part of Sentinel Protocol’s security initiative. With Bibox Exchange on board, our joint security force to fight against crypto-asset attacks will accelerate the expansion of a defense line to cooperate and collectively prevent the use of stolen cryptocurrencies.”
THE LOSS THAT STARTED IT ALL
Patrick Kim, the founder of Uppsala Foundation, had 7,218 Ether stolen in 2016 due to a vulnerability in the geth-mist wallet. He investigated the attack vectors and informed the geth-mist development team, who quickly applied two security patches.
This incident increased awareness among crypto users about security on the blockchain. Patrick had to learn this lesson the hard way: blockchain cannot guarantee security on the client side. The responsibility for securing crypto assets is imposed on individuals. Uppsala Foundation and Sentinel Protocol was established so that you do not have to learn the same lesson the hard way.