Sentinel Protocol and traceto Announce Partnership for Safer Blockchain World
TRDB: One Step Closer to a Notary Public Service With KYC integration
Currently, no legal system or organization validates the rightful ownership of stolen cryptocurrency assets. At best, an official investigation can be made when reporting cryptocurrency theft to each country’s existing law enforcement. Since cryptocurrency exchanges have not been actively pursuing such theft cases, making an official report is already difficult, not to mention going through legal processes with complex documentation and identity verification requirements. Therefore, the burden of proof is fully imposed on victims of hacks and/or theft. As a result, there is a pressing need for a new solution to properly deal with theft within the cryptocurrency market.
Sentinel Protocol’s Decentralized Threat Reputation Database (TRDB) is designed to be a notary public service. The current law enforcement system is too complex and impractical for one to claim theft and get the stolen coins returned. The TRDB intends to bypass this problem allowing victims of theft to report a case and quickly prove the stolen coins were rightfully theirs. TRDB does this in two ways. First, with Know-Your-Customer (KYC) integration, the TRDB should be able to identify the real-world identities of its users. Second, reputable experts whose identities have been verified through KYC, can validate and prove the facts about each incident. These proven facts can be used as legal evidence. Consequently, returning stolen currencies to their original users becomes a much more practical outcome.
With the TRDB, we can now visualize such outcomes. For example, when TRDB is integrated, cryptocurrency exchanges will find out when stolen coins get deposited into the exchange wallets. Given that the TRDB can be trusted by all parties, exchanges can confirm these coins have been stolen. It is possible to return these stolen coins to their original owner by tracking records and the original owner’s private key. Sentinel Protocol envisions that the TRDB could eventually become a custody chain that can replace law enforcement in solving cases involving cryptocurrency theft. For the TRDB to have authority similar to the legal system, Sentinel Protocol’s platform must build trust among all parties, along with an effective and tamper-proof reputation system. Therefore, KYC is an integral part of building trust.
Please read the full announcement regarding our partnership with traceto, a KYC company, below.
On March 29, 2018, Sentinel Protocol, the Security Intelligence Platform for Blockchain, and Traceto, the leading KYC provider, announced a partnership designed to building a more trustful blockchain world by protecting crypto users from scams and frauds and by satisfying the real-world regulations.
The partnership was formed to achieve the overlapping goal of bringing more trust in the blockchain world using real-world reputation and system reputation. In a decentralized land, it can be particularly difficult for crypto users to rest assured that their assets are safe and the transactions they are involved are not at risks. It is not possible for individuals to address compliance or regulatory requirements themselves. It is why Know Your Customer (KYC) is currently an integral part of the landscape, which protects against Anti Money Laundering (AML) and Counter Terrorism Financing (CFT) violations. traceto is a leading KYC provider powered by Cynopsis Solutions, which has more than 50 years of compliance and RegTech experience with over 450 clients. Its proprietary KYC framework along with fusing smart contract technology provides the first all-inclusive real world KYC standard to the decentralized land.
Powered by machine learning and collective intelligence, Sentinel Protocol safeguards individual crypto users and organizations’ crypto assets. Its decentralized threat reputation database (TRDB) collects comprehensive hacking and attack information that can be referred by crypto exchanges, wallets and payment services at no cost with the goal of incapacitating stolen assets altogether working as a defense line. With the wide use of TRDB, stolen coins cannot be converted to fiat nor can be used, thus discouraging hackers to do hacking in the first place. TRDB so that stolen currencies can be tracked down, even to identifying the real world identity of the hackers.
Also, traceto’s KYC will be integrated to users who use Sentinel Protocol’s services such as Sentinel Portal, S-Wallet, and D-Sandboxing. Then, users can register only once, and discourages them from case abusing. KYC service will also be used for “The Sentinels” to make sure The Sentinels are bounded by the real-world identity in addition to the system reputation based on Sentinel Point. Besides, crypto users within the Sentinel Protocol ecosystem and community can be rest assured that they are using crypto-related businesses that have assessed various risks, including money laundering, terrorism financing and credit worthiness.
The fact that both companies use artificial intelligence technologies for the project success, has accelerated the collaboration decision so that information and resources can be shared to improve the algorithms. Machine learning technology needs high quality input data and polishing process to be accurate and useful. The partnership is expected to foster the development of Sentinel Protocol’s S-wallet and traceto’s transaction monitoring to be smarter.
“We believe there is an enormous opportunity to use collective intelligence to solving security risks. This is especially critical in this early stage of blockchain world where there is no mature regulations or governing body,” said Patrick Kim, CEO and founder of Uppsala Foundation, the team behind Sentinel Protocol project. “Now that traceto’s specialty in KYC service is brought to our Security Intelligence Platform, The Sentinels and Uppsala Foundation can focus on other areas that have not been covered.” he added.
“traceto is focused on delivering KYC services that can bridge the compliance and regulatory gap between real and virtual worlds” said Chye Kit, CEO of traceto.
To find out more about Sentinel Protocol and traceto, please refer to the links below:
Sentinel Protocol
Website: https://sentinelprotocol.io/
Telegram: https://t.me/uppsalafoundation
Reddit: https://www.reddit.com/r/Sentinel_Protocol/
Twitter: https://twitter.com/s_protocol
traceto
Website: https://traceto.io/
Telegram: @tracetoio
Twitter: https://twitter.com/tracetoio
