Singapore, 18 June 2018 – Sentinel Protocol, a crowdsourced threat intelligence platform built on the blockchain, announced today that it has signed a partnership with Bibox Exchange. Upon understanding of Sentinel Protocol offering security layer to the Bibox exchange, Bibox has not only agreed to deploy Sentinel Protocol platform to protect its users but also to list Sentinel Protocol’s UPP token on June 18, 13:00 SGT (UTC +8).
“Exchanges are an important part of Sentinel Protocol’s security initiative,” said Patrick Kim, the CEO and founder of Sentinel Protocol. “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.”
While no security framework or standard protocol on 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 i is important to the industry for these exchanges to remain secure places for users. Sentinel Protocol is the 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.
Bibox Exchange is among the top 10 crypto exchanges by trading volume, according to Coinmarket Cap, 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.
Aries Wang, the co-founder of the Bibox exchange explained the reasoning of the UPP token listing. “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.
About Sentinel Protocol
Sentinel Protocol is the first crowdsourced threat intelligence platform built on the blockchain. It collects and analyzes real-time hacks, scams, and fraud information for improved security of crypto assets and shares such intelligence to crypto exchanges, wallets and payment services using decentralized Threat Reputation Database (TRDB). The ecosystem discourages malicious behavior by preventing the use of stolen cryptocurrencies while incentivizing security professionals who are rewarded for their contributions.