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Sentinel Chain (SENC)

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Name

Sentinel Chain

Overview

Sentinel is a B2B-type market offering non-bank financial services at affordable prices and in a much safer way. It is a complete novelty on the market through its financial integration service using livestock as collateral. There are many different types of farms in the world, most of them are small farms and cattle farms. The average farmers who run them, however, do not have access to loans from financial institutions. The agricultural sector, as far as small entrepreneurs are concerned, is considered unprofitable by banking systems. Of course, it depends on the country. This is largely due to the lack of a well-regulated system by which the value of the animals or the farm could be determined. There are also related problems with verification of animal ownership. Sentinel allows farmers to use their animals as collateral to obtain a loan from financial institutions.

One of the main elements of Sentinel is the identification tag that protects you from theft or falsification of documents, using RFID technology for this purpose (Radio-frequency identification), which allows data transmission and electric power supply systems to identify the object using radio waves.

The second very important element of the Sentinel network is the CrossPay mobile application that serves to track your identity and resources. CrossPay is also a mobile wallet and allows transactions between users. The blockchain Crosspay, the B2C financial ecosystem, is also very important, which is managed via the CrossPay mobile application. CrossPay plays an important role here, as different countries have different currencies and to facilitate all operations, they must be converted to an LCT token (Local CrossPay Token).

The Sentinel blockchain is also very important because it is connected with many decentralized CrossPay blockchain and functions as a decentralized platform Management.

 

Team

The Sentinel team consists of 14 members. The most important figures are, Roy Lai - CEO and co-founder. He has over 20 years of experience in investment banking and interbank payments. The second important person is Andrew Koay, CTO and vice president to Singapore Exchange and director of Practical Smarts Company. Prior to that, he held the position of Vice-President for the OCBC bank. The third key figure behind the project is Chia Hock Lai. He has 20 years of experience in the financial sector and is currently President of the Board of Directors of OCBC, Singapore Fintech Association.

Sentinel Chain advisers are Bo Shen, founder of Fenbushi, David Lee Kuo Chuen, co-founder of Blockasset and LeftCoast, as well as a professor at the University of Social Sciences in Singapore. Roland Schwinn, who is the executive director of the company Eurex and at Bombay Stock Exchange. The project has received funding from companies such as Fenbushi Capital and iGlobe Partners.

 

Analysis

It must be admitted that the idea Sentinel is offering is extremely unique, tokenization of livestock is something that no project has yet undertaken. It can really bring a huge change in the agricultural system, opening up new opportunities and the development of small and medium-sized farmers. In addition, the project is supported by renowned venture capital companies, which means that the team has successfully passed the scrutiny of institutional investors.

However, it is worth remembering that if the team consists of only professionals, then there is clearly a lack of experience in the agricultural industry. In addition, it is a B2B market, i.e. Bussines-to-Business, which means that users of SENC tokens will be largely composed of businessmen. As a result, the adaption of such a platform may take some time, as the recipients are not ordinary investors and followers of cryptocurrency.

The project has a fairly small market cap, which hinders the "big fish" to investing their money and thereby increasing the attractiveness of the project, especially if it is a short-term investment. It's hard to say how it looks from a long-term perspective. The project is great, the competition is practically non-existent, although we can be sure that soon there will be some projects with a similar concept. Everything looks good, but it's still a very fresh platform and a lot of things can happen and change, especially that the start of version 1.0 is planned for the first quarter of the year 2019.

 

Pros

  1. Unique and has no competitions as of the moment
  2. Has great potential in tapping into new territory
  3. Partnered with different established companies, which should mean a higher rate of success
  4. Backed by reputable venture capital firms, which means that this has passed the scrutiny of institutional investors

 

Cons

  1. The team has no experience in the agricultural industry and may not understand intimately the needs of the farmers when designing the platform.
  2. The users of SENC tokens may not be the intended audience and will be most likely businesses since not all are accustomed to cryptocurrencies. 

 

Where to buy SENC?

The purchase of SENC tokens is unfortunately not possible yet. The sale of tokens is planned March of this year and you can buy them using Ethereum. Those who are interested should follow the homepage of the project as well as their social channels to keep up with updates.

 

Where to keep SENC?

As soon as the SENC tokens are made available on the stock exchange, of course, you can go there to buy and store, but it is worth mentioning that this is not a recommended solution, due to the possibility of hacking attacks, which in the worst case may result in the loss all your tokens. The SENC token is an ERC-20 type token, so you can use such wallets as MyEtherWallet or Parity without any problems. The third option is to buy a hardware portfolio, which is the most recommended solution, due to the high security, and also convenience - especially if it is able to handle a larger number of cryptocurrencies.

 

Conclusion

The idea of the tokenization of livestock is certainly unique and should open up a lot of possibilities for utilizing such assets. This is a good example of how blockchain technology can benefit those who don’t have access to banks and financial institutions. The project has very little competition and if successful, it would have a first mover advantage in this kind of industry.

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