Can someone please explain Revoke dot Cash for me better?

OcTradism

hero member

Activity: 1722

Merit: 801

Quote from: Peasant Wright on February 08, 2023, 07:13:24 AM

A close friend told me about revoke cash, he said I can use this platform to cut off access that's been given to a dex or other platforms after trading, I want to understand how this works, I insert my eth address and saw that few tokens has allowance in front of them like.

You can use that website https://app.unrekt.net/ to Find & revoke all the addresses that can spend your tokens.

It is a solution at the end but at start you can be more careful when giving any rights, allowance to any smart contracts, addresses that can spend your tokens. If you want to explore any website, any new project, any smart contract, consider to use an empty wallet for that.

If you use a wallet that has funds inside, maybe you will lose your tokens before you are able to use the Unrekt website.

Smart Contract interaction, risk and liabilities

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

Quote from: Maus0728 on February 08, 2023, 07:53:15 AM

As for the unlimited allowance, you basically give someone else complete authorization to spend as many tokens as they want without restrictions. It is like an open chest box that any malicious person can access and spend whatever that wallet contains.

Do note that this may happen only when there are vulnerabilities found in smart contracts.

I bought some axies a while ago on the axie marketplace and they used a "spend up to x eth" on their smart contracts for buying axies.

Also some dapps are just badly coded so it could be a vulnerability or just an issue with the site (whether you risk signing it depends on what you're doing and if your wallet is fresh and with a limited budget that's close to what you're trying to buy in value anyway).

Maus0728

legendary

Activity: 1904

Merit: 1563

Imagine you have a physical wallet in which you keep the money your mother gave you as an allowance. However, you decided to purchase a video game from a store. So you seek permission, and eventually, they allow you with the condition that they monitor your expenditures!

The same concept applies to the ERC-20 allowance. It allows the holder of a specific token to authorize the exchange by another party.

As for the unlimited allowance, you basically give someone else complete authorization to spend as many tokens as they want without restrictions. It is like an open chest box that any malicious person can access and spend whatever that wallet contains.

Do note that this may happen only when there are vulnerabilities found in smart contracts.

Peasant Wright

newbie

Activity: 11

Merit: 2

A close friend told me about revoke cash, he said I can use this platform to cut off access that's been given to a dex or other platforms after trading, I want to understand how this works, I insert my eth address and saw that few tokens has allowance in front of them like. Shiba inu > allowance and some said > No allowance, please someone explain this to me better.

Topic: Can someone please explain Revoke dot Cash for me better? (Read 61 times)