Despite the growing popularity of cryptocurrency, some of the industry’s key issues remain in place. Scams and fraudulent projects have become the new normal over the years. Fighting such trends has proven to be very difficult, if not impossible. With the help of Uppward, that situation may come to change fairly soon.
The Uppward Concept
Originally developed by the team behind the Sentinel protocol, Uppward is one of the very few solutions to nip fraudulent cryptocurrency activity in the bud. It is a browser tool designed for consumers. With this Chrome extension, users can protect themselves from cryptocurrency scams and fraudulent projects. Solutions like these are direly needed to keep the average consumer safe from harm in this booming industry.
How Does it Work?
On the surface, Uppward may not look like anything spectacular. Under the hood, however, it can make a world of difference for both novice and advanced cryptocurrency users. The solution is designed to double-check all information pertaining to cryptocurrency. That includes website addresses, wallet addresses, Telegram groups, Twitter accounts, and so forth.
Should a discrepancy be discovered, the Chrome extension will alert users immediately. It also allows users to report previously unmarked sites as potentially dangerous. Community involvement will play an integral role in this project, as it is of the utmost importance that fake sites are reported as soon as possible. Given the vast number of exchange phishing sites and misleading ICOs out there, a tool such as this one can go a long way in the industry.
The wallet address validation aspect of Uppward is of particular interest. There has been an increase in malware designed to alter wallet addresses copied to the built-in Windows clipboard. Uppward will flag suspicious addresses immediately to force users to double-check the information provided. Whether or not it will help reduce the number of wrongfully sent transactions is a different matter altogether.
The Road Ahead
Creating a more safe and secure cryptocurrency ecosystem for everyone will remain an ongoing challenge. There are numerous threats out there which users need to be aware of at all times, and it seems the odds are insurmountable. Even so, solutions such as Uppward show that threat intelligence is a vital aspect of the cryptocurrency industry, and it is well worth looking into further.