The initial coin offering (ICO) sector has gone through a lot of turbulence since it first came to the fore at the start of 2017. As a result of this sector taking the authorities across the world by surprise when it exploded all of a sudden, there were little to no regulations or oversight in place.
There were also not a lot of people who had a proper grasp on how ICOs operate and what the best practices are when it comes to the entire process. This meant that investors were often blindly putting their money in projects that had a high probability of failing.
As there was little oversight and therefore a limited chance of getting caught, in addition to large sums of money going into the market by investors who were not well versed in the space, this meant that it was the perfect opportunity for scammers to take advantage of.
While a lot of authorities have been cracking down on errant ICOs since the start of 2018 and they have guidelines and regulations being brought into law, there is still a large proportion of scam ICOs out there today.
This is why a lot of people are shifting from investing in ICO startups to investing in ICOs of more established companies. This decreases the risk of investing in a project that may be a scam. There is also more awareness out there today as to what the common warning signs are when it comes to a scam. However, some of these scams are very advanced and can be hard to identify. This is why this new Google Chrome extension has been created with the goal of automatically spotting errant ICOs.
What are the details about this new project?
The Uppsala Foundation is located in Singapore and they launched this Google Chrome extension that is called Uppward. They are the same team that were part of the Sentinel Protocol and they have dubbed this extension as being a search engine for those who are looking for ICO projects to invest in.
The technology behind this project is threat intelligence that has been crowdsourced in addition to data that originated from the decentralised threat reputation database which is part of the Sentinel Protocol. It will give a warning to people who are on a phishing website and is posing to be a legit ICO, as well as alerting the user if a wallet address is suspicious.