We have an idea we want to discuss with you.
Please tell what you think.
Idea against theft of crypto assets.
Idea abstract example:
Smart contract or special wallet with a second signature that can cancel a transaction within a certain period specified by a data-transaction in the network.
Simple example.
An exchange creates a wallet where it keeps its assets.
It sets 24 hours to cancel any outgoing transaction by an additional password.
The second password is stored securely and is not needed until a successful hacker attack happens.
Negative:
- you have to wait for 24 hours (or whatever time is specified)
- if you lose the second password your assets could be blocked by an attacker, but you keep the password securely stored for emergency and don't have to use it online until it happens
Positive:
even if you lose both passwords hacker can't use the funds, it will be a cat and mouse game that will discourage stealing
There can be multiple variations.
The same password can make transactions and cancel.
MultiPasswords for cancelation are needed.
And other. It's cool.
The main disadvantage is that no TX is really committed until X hours passed. For daily traders, this might not be something positive.
This mitigates the impact of the hacked exchange risk.
The hacking best strategy, in this case, would be to retire small amounts trying to minimize the chance that the exchange realizes it.
Other systems use some kind of blacklist to make the hacked assets unusable, but that requires some degree of centralization.
Please tell what you think.
Idea against theft of crypto assets.
Idea abstract example:
Smart contract or special wallet with a second signature that can cancel a transaction within a certain period specified by a data-transaction in the network.
Simple example.
An exchange creates a wallet where it keeps its assets.
It sets 24 hours to cancel any outgoing transaction by an additional password.
The second password is stored securely and is not needed until a successful hacker attack happens.
Negative:
- you have to wait for 24 hours (or whatever time is specified)
- if you lose the second password your assets could be blocked by an attacker, but you keep the password securely stored for emergency and don't have to use it online until it happens
Positive:
even if you lose both passwords hacker can't use the funds, it will be a cat and mouse game that will discourage stealing
There can be multiple variations.
The same password can make transactions and cancel.
MultiPasswords for cancelation are needed.
And other. It's cool.
The main disadvantage is that no TX is really committed until X hours passed. For daily traders, this might not be something positive.
This mitigates the impact of the hacked exchange risk.
The hacking best strategy, in this case, would be to retire small amounts trying to minimize the chance that the exchange realizes it.
Other systems use some kind of blacklist to make the hacked assets unusable, but that requires some degree of centralization.
