Sentinel Protocol ICO Review
One of the biggest threats of today is getting hacked. Now, combining that with the cryptocurrency world, the risk it possess is daunting. The decentralized nature of cryptocurrencies which is its best feature has its disadvantages as well. It lacks an appropriate threat defense system that makes the cryptocurrencies vulnerable to thefts, scams, and hacks. This is where Sentinel Protocol comes into the picture that plans to “overcome the disadvantage of decentralization by turning it into an advantage for security.” So, what is this project? Get to know its full potential through our comprehensive Sentinel Protocol ICO Review!
Total tokens: 500,000,000
Available for token sale: 300,000,000(60%)
Token pre-sale: May 23
Token crowdsale: May 27
Token price: 1 UPP = 0.16 USD (0.00020 ETH)
Sentinel Protocol: Protection against hacks & scams
Sentinel Protocol ICO aims to build a “crowdsourced threat intelligence database on the blockchain by leveraging its consensus and incentive system.”
The team of sentinels includes security experts and organizations that leverage the power of decentralization to create a secure ecosystem. By recognizing the three main security issues viz. exposure to hacks, identification of attackers, and the responsibility of the damage so inflicted, the team has developed a solution.
This security intelligence platform protects individual cryptocurrency users and secures crypto exchanges, wallets, and payments through its unique features including threat reputation database, machine learning security wallet, and distributed malware analysis sandbox while rewarding the security professionals for their contribution.
Now, the evaluation time!!!
Detailed whitepaper with funds focused on R&D
The whitepaper of the Sentinel Protocol ICO gives a detailed description of the problem that is the security issues with decentralization, platform’s specialized security features, and the Sentinel Protocol ecosystem.
The company is creating their wallet that is S-Wallet which is powered by machine learning. With the functionality of an antivirus software, S-wallet also proactively responds to unknown threats.
As for the prototype, the team is working on it but there are no codes available on the GitHub as stated in the FAQ on the website that states codes will be made available but some won’t be published due to security reasons.
The whitepaper showcases the biggest chunk of raised funds i.e. 50 percent will be allocated to the Research and Development. Cybersecurity equipment expenses, general operations & administrative and accounting, legal & compliance sections will be getting 10 percent each of the funds. The remaining 20 percent will go towards sales & marketing that covers both online and offline marketing efforts.
Singapore-based team profile
The team talks a good inspiration for this project as the founder of Uppsala Foundation, a team of IT security professionals working to enable a decentralized yet connected crypto world Patrick Kim had his 7,218 Ether stolen that led to this idea.
Patrick Kim – Founder & CEO, With a decade of experience in network security and system architecture, Patrick Kim also founded Uppsala Foundation and has worked in Cisco, Palo Alto Networks, and F5 Network. He has also consulted the government and big corporations like Samsung.
HM Park – Co-Founder / Head of Operations, Park has years of experience in IT security, fintech security, and machine learning. He has designed the DB architecture at KB bank and led the global business operations in F5 Networks, and Darktrace.
John Kirch – Chief Evangelist, John Kirch has over 25 years of international experience in software solutions and has previously worked in Softbank, Watchguard, and Darktrace.
Dayeol Lee – Core Development, Lee is currently pursuing a Ph.D. on hardware and system security who has won the 3rd place in the simulated hacking competition at the 2010 DEFCON which is the world’s largest hacker conventions. He has simulated hacks for enterprises, governments and university websites as well.
The team comprises of eight other people in the designer, developer, marketing, finance, security, and intelligence departments.
Business model: A utility token
Sentinel Protocol has its own cryptocurrency named UPP i.e for Uppsala that can be used to pay for the goods and services provided by the platform. UPP tokens can also be used to avail the advanced security features of the wallet among other services like vulnerability assessment, consultancy, and detailed cyber forensic service.
In order to encourage those who need help and those who are providing it, early contributors will be rewarded greater incentives. Also, an initial inflation ratio will also be set between 3 to 7 percent per year that will be gradually decreased to the point of 0 percent inflation ratio. 30 percent of the UPP revenue will go to community contributors.
Backing technology: ICON blockchain
The Sentinel Protocol will be using the ICON blockchain however, the team doesn’t have any of its own blockchain specialists. The project does have a full-stack developer and a core developer but they don’t possess any blockchain knowledge per se.
With a clear set of terms and conditions, the project follows the KYC measures and clarifies the min/max contribution limit applicable that is 30-300 ETH. KYC registration is a necessary step for both presale and crowdsale that asks for an Ethereum wallet address that shouldn’t be a centralized exchange address. Moreover, for identification, a driving license is not acceptable rather a national ID and passport are considered the valid options.
The registered company is Uppsala Foundation that is based in Singapore, which has emerged as an ICO hub. The government holds a positive stance towards fintech and taxation rules. In November 2017, the country’s Monetary Authority issued a set of guidelines for token sales noting that it doesn’t regulate digital currencies, rather welcome them as an innovation.
The whitepaper clearly states that the people from China and the USA won’t be able to take part in this ICO along with citizens of countries where it is restricted or unauthorized to participate in an ICO.
Token distribution: Out of the total 500,000,000, 15 percent that is 75 million will be given to Uppsala Foundation while another 15 percent will go towards business development. Early contributors will have 33.7 percent of the initial UPP and 26.3 percent of the total tokens will go to public contributors. The public token distribution of 131,500,000 UPP is further divided into public presale (33.25%), crowdsale (28.7%), strategic contributors (33.25%) and pre-sentinels (3.8%). 8 percent of the total tokens will be up for reserved allocation while the remaining 2 percent share will only go to advisors.
When it comes to advisors, the team consists of 6 people viz. JH Kim who is on the foundation council at ICON, Simon Kim, John Ng, Kenneth Oh, Hongzhuang Lim and Wong Lee Hong who is an executive advisor at Kyber Network.
Given the fact that the Sentinel Protocol ICO is a security intelligence platform for blockchain, security is the main factor of this entire project. It has three unique security features namely Threat reputation database (TRDB), Machine learning (ML) engine integrated security wallet (S-Wallet), and Distributed malware analysis sandbox (D-Sandbox) to ensure a secure Sentinel Protocol ecosystem.
Sentinel Protocol project has their social presence on Facebook, Twitter, medium, Reddit, and Youtube. Their Telegram channel has over 30 thousand members which is a good number. Though they have a blog section in place, it isn’t much active. Talking about the team members, they do have complete bios updated and up for analysis.
Average Rating: 7.7/10
Stage of Project:
- The project began in January, this year, in which it also won the Kyber Network Developer’s Competition. The roadmap states March for the token issuance but both the presale and crowdsale will be happening at the end of May.
- The project has reportedly a prototype on testnet but not available for the public. They also showcased their prototype in ICON summit. As per the roadmap, the mainnet will be launched in July while machine learning and Sandbox will go live at the end of this year.
- The project has yet to make any partnership announcements that are required for its scaling. For the success of sentinel’s protocol, it will be dependent on exchanges leveraging the protocol and again there has been no such announcements of partnerships with exchanges.
A note to investors
With the increase in the number of cryptocurrency hacks and thefts, this ICO holds a strong meaning. However, the market needs more awareness and consideration towards the concept. Sentinel Protocol is surely the need of the crypto industry at the time. The project has a good team with substantial years of experience but lacks the relevant one in Blockchain. As for the prototype, the team is already working on it but there is no availability of codes on the GitHub yet. Having said that the company has already mentioned due to the sensitive nature of the project, it won’t be made public entirely. Overall, this is a project with potential and a good team!
To rate an ICO, we follow a list of parameters that are basically the KPIs (Key Performance Indicators) of a project viz:
- Whitepaper – Availability of code or prototype, the breakdown of funds, wallet for crowdsale
- Team profile – Team’s strength and reputation
- Business model – Problem solved, purpose & utility of the token and the economic model
- Backing technology – Blockchain infrastructure, clarity of terms & conditions and token software
- Crypto-sale resilience – Incorporation, token distribution, legal risks and security aspect
- Community acceptance – Clarity & frequency of communication and social media presence
By asking the right questions, we maintain the integrity and viability of our ICO review while following a rating method that is based on the criticality of a particular factor. For instance, elements like token utility and funds breakdown have been given the highest importance while the team members’ reputation and plan to attract a user base are of medium criticality.
We have a team of robust professionals who rate the ICO projects in completely unbiased manner.
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