Sentinel Chain (SENC) Review – Sentinel Chain ICO Ratings and Details

Ticker:
SENC

Token type:
ERC20

ICO Token Price:
1 SENC = 0.0800 USD

Fundraising Goal:
14,400,000 USD

Sold on pre-sale:
6,400,000 USD
(25% BONUS,
LOCK-UP FOR 3 MONTHS)

Total Tokens:
500,000,000

Available for Token Sale:
40%

 

What is Sentinel Chain?

Sentinel Chain is a platform that is designed to make financial and banking services available to those who are unbanked. As an example, the ICO discusses how farmers often have trouble getting credit or receiving loans because their livestock is not quantified as an asset and no financial value is established. On a larger scale, many in developing countries simply do not have the resources necessary to get capital.

The platform will address a variety of assets that were previously not quantified or verified by financial institutions and they will be able to assign value and track ownership of the assets. In doing so, the owners of the assets will be able to use them as collateral to secure loans. The platform uses an app called CrossPay, which is only available through Android, to allow users to perform financial tasks and manage their assets in a manner they were previously unable to do. According to Sentinel there are 420 million unbanked people in Asia that could benefit from their service.

Their roadmap shows that they have already conducted a trial in 2017, using migrant workers in Singapore and signed a partnership with CloudWell LtD. Their token sale is scheduled for March and they plan to be listed on exchanges within the second quarter of 2018. CrossPay will go live by the end of the year.

How Does Sentinel Chain Work?

In order to track the livestock an identification tag will be issues to farmers that are supposed to be attached to the livestock. The tag contains timestamp information and location and can’t be removed without destroying the tag itself and the information it contains.

The Sentinel Chain Token, or SENC, will be the currency used to allow the unbanked to access to some of the most important financial services. The tokens will be used through the CrossPay app that is connected to the many CrossPay blockchains that will be established in different countries. The Sentinel Chain and CrossPay blockchain will share information with one another and the value of the SENC tokens will be adjusted within the CrossPay blockchain based on which country the user is in.

SENC tokens will be turned into Local CrossPay Tokens – LCT – through the CrossPay mobile app and the value of the local fiat currency will establish the LCT value where the user is.

Features and Benefits of Sentinel Chain

There are six major features that are highlighted as being part of the CrossPay app. Users who were previously unbanked will have access to insurance for their livestock which will be published on the blockchain. Local financing companies will be able to publish loan agreements through the blockchain, as well.

Token holders will also be able to make e-payments to local merchants and businesses through the blockchain. Overseas crowdfunding is another feature that will become available because of the communication with the Sentinel Chain. Community projects will see a benefit as well, as token holders will be able to fund projects such as humanitarian efforts or disaster relief.

The Sentinel Chain Token Sale

Sentinel Chain will conduct their public token sale beginning on March 15th, 2018 and running for three days. In order to participate users will need to register via whitelist by February 26th, but the USA and China cannot participate. 500,000,000 tokens will be created in total, and 40% will be available for purchase as part of the sale.

A fundraising goal of $14.4 million has been set and they already managed to raise $6.4 million during the presale. The sale will accept ETH as currency and there is no minimum or maximum contribution listed. The tokens will be distributed three days prior to being listed on exchanges.

The allocation of the tokens created is broken down through a graph on the project website, as is the intended use of funds. As we stated, 40% of the tokens will go to the token sale, 30% will go to a treasury reserve, 20% to early supporters, and 10% to the founding team. Meanwhile, 32% of the funds raised will go into a liquidity pool, 29% will be dedicated to research and development, 12% to operations, 10% for contingency, 7% for marketing and business development, 6% for sentinel chain development, and the last 4% for legal and finance.

Who’s Behind Sentinel Chain?

The team behind Sentinel Chain is detailed through their website which offers links to the LinkedIn profile of nearly everyone they identify. The CEO, CTO, and founder of the company is Roy Lai, a long time executive with a lot of experience in financial technologies, working for companies such as InfoCorp Technologies and BCS Information Systems. He was received a bachelor’s degree in computer science from National University of Singapore.

The head of PR and marketing is Anna Riana who serves the same position for InfoCorp Technologies. She also served as a legal consultant for Sanders Law LLC after receiving her LLB from the University of Sydney. The project director is J.M. Murli Manohar who also works as a senior business analyst for United Airlines and several positions with Tenth Planet Technologies. In total there are thirteen employees identified on the website.

There are nine people on the advisory board, serving as advisors in different areas. The three senior advisors are Dr. David Lee, Bo Shen, and Roland Schwinn. The board also features advisors for Innovation, Legal, Finance, and Blockchain.

Conclusion

Sentinel Chain is a unique idea in that it has identified a large market – 420 million in Asia alone – that many people likely do not consider. In order to survive farmers with livestock in developing countries will need to make the jump to having access to banking services at some point, and livestock not being an insurable asset is a significant oversight within the financial industry. The project is primarily concerned with livestock at the moment, but it has real potential to grow and appeal to other unbanked people and allow them access to financial services.

The platform is not aimed at individuals, but rather is a B2B marketplace, so it will succeed or fail based on the interest and willingness of businesses to adopt the platform and tokens. That could take a significant amount of time, and the roadmap for the ICO displays that their development is definitely going to require investors to be patient. Additionally, we are concerned because the public sale was delayed as the result of a security breach in early February, which could certainly make some potential investors wary. However, they have a low hard cap set and the idea is intriguing enough to continue to monitor the ICO.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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