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Topic: Is a new cryptocurrency with SMS verification before transfer valuable? - page 2. (Read 236 times)

hero member
Activity: 2268
Merit: 507
hi all


I was stolen all my ETH in my wallet after submitting Keystore file to a phishing website carelessly. So I has an idea of a SAFER cryptocurrency.

It has following features:
1) Only trusted receiver address is permitted.
2) Phone SMS verification needed when adding trusted receiver address
Thus even private key is leaked , scammer cannot transfer coin to his address.

Sample contract code maybe:
Code:
function transfer(address _to, uint _value) returns (bool) {
        if(_to not in TRUSTED_ADDRSSES) {   #Check _to is in trusted addresses or not
             return false
        }
        if (balances[msg.sender] >= _value && balances[_to] + _value >= balances[_to]) {
            balances[msg.sender] -= _value;
            balances[_to] += _value;
            Transfer(msg.sender, _to, _value);
            return true;
        } else { return false; }
    }

Look forward to your opinions or advise.  Thank you
I have so many problems with phone sms verification to be used as the main layer of security. Sometimes i was using sms verification and I don't receive any code, That becomes another problem. You need to add the second way as the substitution for that. but sounds good to me.
newbie
Activity: 252
Merit: 0
Thanks for such concept. This will help people mainly the investors to get free from hackers. A lot of people got stolen coin from their wallet. Using the procedure the changes of being stolen will get minimized.
member
Activity: 157
Merit: 13
hi all


I was stolen all my ETH in my wallet after submitting Keystore file to a phishing website carelessly. So I has an idea of a SAFER cryptocurrency.

It has following features:
1) Only trusted receiver address is permitted.
2) Phone SMS verification needed when adding trusted receiver address
Thus even private key is leaked , scammer cannot transfer coin to his address.

Sample contract code maybe:
Code:
function transfer(address _to, uint _value) returns (bool) {
        if(_to not in TRUSTED_ADDRSSES) {   #Check _to is in trusted addresses or not
             return false
        }
        if (balances[msg.sender] >= _value && balances[_to] + _value >= balances[_to]) {
            balances[msg.sender] -= _value;
            balances[_to] += _value;
            Transfer(msg.sender, _to, _value);
            return true;
        } else { return false; }
    }

Look forward to your opinions or advise.  Thank you
SMS verification is not a secure way of authorization of actions. Of course, it can improve the safety of the currency you suggest somehow but it will still remain vulnerable.

Here is a good article with an explanation why SMS message is not a good way of verification - https://www.theverge.com/2017/9/18/16328172/sms-two-factor-authentication-hack-password-bitcoin
newbie
Activity: 1
Merit: 0
hi all


I was stolen all my ETH in my wallet after submitting Keystore file to a phishing website carelessly. So I has an idea of a SAFER cryptocurrency.

It has following features:
1) Only trusted receiver address is permitted.
2) Phone SMS verification needed when adding trusted receiver address
Thus even private key is leaked , scammer cannot transfer coin to his address.

Sample contract code maybe:
Code:
function transfer(address _to, uint _value) returns (bool) {
        if(_to not in TRUSTED_ADDRSSES) {   #Check _to is in trusted addresses or not
             return false
        }
        if (balances[msg.sender] >= _value && balances[_to] + _value >= balances[_to]) {
            balances[msg.sender] -= _value;
            balances[_to] += _value;
            Transfer(msg.sender, _to, _value);
            return true;
        } else { return false; }
    }

Look forward to your opinions or advise.  Thank you
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