Reversible Transactions Can Play A Key Role In Driving Crypto Adoption
The irreversibility of blockchain transactions is often touted as proof of crypto’s security. Because a transaction cannot be undone, there is no way for scammers to initiate a chargeback after they have transferred funds to purchase a product. It provides the ultimate level of protection for sellers – especially those who might have been burned […]
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For some users, reversibility runs up against the idea of the blockchain. However, it could be a critical tool for fighting hackers and encouraging the mass adoption of cryptocurrency. A proposal out of Stanford University to make crypto transactions reversible is adding a wrinkle to discussions of crime and fraud prevention. Researchers suggested that mutability — the ability to reverse blockchain transactions — would help prevent crime.One of the advantages of cryptocurrency is that it is possible for the market — individuals, traders and banks — to decide if reversibility is wanted. Not....
If there's one thing standing in the way of mainstream bitcoin adoption, it's cyberfraud. So says the team at HyprKey, the startup aiming to protect digital currency users from fraud by utilizing the HYPR-3 three-factor authentication protocol. HyprKey works by creating a biometric authentication bridge between the user and the mobile wallet built on top of it. It auto-converts bitcoin in real-time so users can spend it without ever even touching the digital currency by linking their debit cards, thereby authenticating transactions at the point of sale. "The reason that [cyberfraud] struck....
The proposal puts forward an “opt-in” token standard that would enable victims to report theft to a governance contract, with algorithms helping to identify and freeze ill-gotten gains. Stanford University researchers have come up with a prototype for “reversible transactions” on Ethereum, arguing it could be a solution to reduce the impact of crypto theft. In a Sept. 25 tweet, Stanford University blockchain researcher Kaili Wang shared a run down of the Ethereum-based reversible token idea, noting that at this stage it is not a finished concept but more of a “proposal to provoke....
Bitcoin Suisse, Switzerland’s biggest BTC broker, has now made Lightning Network technology available for its crypto payment system. Bitcoin Suisse will use the Lightning Network to make Bitcoin (BTC) transactions both cheaper and faster. It will be the first cryptocurrency payment processor in Switzerland to integrate the technology, according to a press release dated Tuesday.Armin Schmid, head of Bitcoin Suisse Pay, praised the decision, noting that Lightning transactions will play a significant role in scaling crypto apps and driving mass adoption.“Lightning transactions enable higher....
In the common discourse, Bitcoin is often treated as a revolutionary new concept in how we handle our funds, substituting irreversible finance with reversible, automatic with prepaid, asymmetrical with symmetrical and debt-based with equity-based. Bitcoin promoters often hail these aspects as a necessary shift in our economic culture while detractors bemoan the loss of the consumer protection that reversibility and bank responsibility for fraud normally bring. Reversibility has become a point of great focus in the Bitcoin community, with a widespread understanding that reversible payment....