As a lot of people would be aware, topics about cryptocurrencies as well as Initial Coin Offerings (ICOs) are like hot cakes- meaning, they are in high demand; a pie that a lot of people want a piece of. However, just like many cryptocurrencies, not all ICOs are actual or materialize.
Fake ICO Victim Opens Blockchain-Powered Verification Service
As per research conducted by Carbon Black, a cybersecurity company, many ICOs that were introduced or launched in 2017, turned out to be fake. The report said as many as 80 percents of the launched ICOs were false, a concerning matter for the crypto verse. Another report recently indicated that nearly $1.1 billion had been stolen in the first half of 2018.
Instead of waiting for the legal enforcement to take action, a victim Patrick Kim decided to take matters into his own hands. Due to a two-minute security gap, Kim had lost 7.218 ETH, despite using Ethereum’s wallet – Mist. Putting his knowledge of cybersecurity to good use, he decided to start an organization called Uppsala Foundation to launch a blockchain-based verification service.
The blockchain application is called Sentinel Protocol and is available on Chrome. If the website appears suspicious during the scanning process, it will alert the user. Apart from that, a user will able to verify information from other forms of social media channels such as Facebook, Telegram, cryptocurrency wallets as well as URLs.
Not just that, the Sentinel Portal will be an aggregator of security advice, news, and tips. The Sentinel can also be directed to investigate and validate a threat if required. At the moment there are close to seven people who act as ‘validators,’ but they are plans to expand this circle in the future.
Explaining the working of Sentinel Protocol, Kim told Forbes:
“There are a lot of ways for people to get hacked, whether it’s through a phishing website, malware infection or password compromise, our aim is to collect and provide these malicious addresses as well as scams, frauds, impersonation and other threat data in an accessible database so that funds won’t disappear.”
Kim expressed hope that through the sentinels and the decentralized approach, it would become more comfortable for people to spot suspicious activities anywhere such as crypto wallets, payments, or ‘hostile’ crypto exchanges. The browser will be able to block bad-addresses and sub-addresses which might be otherwise used by ‘bad actors.’
Let’s face it: With the sheer number of scams currently taking place in today’s world, everyone can do with this software, to save their money and time.
Is blockchain technology the panacea to combat all types of fraudulent activities? Let us know your views in the comments section.