Blockchain-based Solution for Stolen Crypto on Crypto wallets 17109
News
Priyanka Babu
Jun 26, 2018 at 11:39 AM

Blockchain-based solution for stolen cryptocurrencies on crypto wallets is being offered by Sentinel Protocol. Sentinel Protocol is a Singapore based IT security company. It aims to protect individual crypto users and block the use of stolen cryptocurrencies on crypto wallets and exchanges.

Sentinel Protocol permits organisations and security experts to access comprehensive threat intelligence data on its blockchain platform. A decentralised Threat Reputation Database(TRDB) stores information on hacks, scam and fraud. Founder of Sentinel Protocol, Patrick Kim, is a victim of hacking. He lost 7,218 Ethereum due to a flaw in the geth-mist wallet. He said, "...at the expense of freedom of decentralization, the burden of proof is imposed on an individual when hacking happens."

“The ideology of decentralization is central to both cryptocurrency and the internet, but it is impossible to say that blockchain implements perfect autonomy,” he wrote in the company’s white paper. “Autonomy in openness is subject to individual responsibility. Decentralization is not a magical solution to all problems … the ideology of decentralization must develop a philosophy of security.”

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Transaction safety is the primary motive of the company. The TRDB data is provided to the users of the wallet to conduct blockchain transactions safely without accidentally aiding in criminal activity. Any address associated with attackers could be automatically identified and marked. This helps exchanges and wallets to block the movement of stolen cryptocurrencies,  Cointelegraph reported. According to Sentinel Protocol, the more the number of exchanges, wallets and payment services join the partner alliance, the more difficult it would be to spend stolen cryptocurrencies.

Safety net

Sentinel Protocol’s platform is based on three aspects — a Sentinel Portal -- a place for crypto community to report hacking and get required help from the security experts. The second aspect is a S-wallet powered by a machine learning that assesses future threats and a distributed malware analysis sandbox that verifies unknown threats in a virtual environment.

Sentinel portal will be pre released to cybersecurity experts on June 27. They will collect and verify incident information. Experts will begin to work directly on the TRDB and S-wallet lite. S-wallet lite is a solution for Initial coin offering investors to prevent scams. Sentinel has already announced a partnership with Bibox, a centralized exchange. It has entered into several new collaborations with decentralized exchanges including IDEX, DDEX, and DEx.top.

Image via shutterstock

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