Topic: Reversible crypto transaction is no more impossible - page 2. (Read 298 times)
One of the main feature of blockchain is the irreversible transaction, if this is lost then it could be a minus to it, some people saved documents and records on it because they believe the documents are immutable so reversing it means all these benefits are lost.
@bitmover After reverting the transaction the stolen 70 million USD returned back to the owner? Wow that's cool, I'm just hearing this for the first time though, I don't know that it's possible to revert transactions, I will surely wait for Kirobo project and see its outcome
This is not cool. Irreversibly oftransactions is a strong point in blockchain technology. Ethereum made a huge turnaround to bypass that. A blockchain with reversible transactions would simple be a total disaster. Centralization issues basically
Who would decide which transaction to reverse and which not?
Someone could just reverse the transactions of YOUR funds.
It is still the same it was before. If you are using their platform (which never means crypto), you can use their service. Did they change tje codebase of bitcoin, ethereum? Not at all. They developed a centralize platform where you can get safe transactions. That's all.
I'm guessing the project will work on a separate blockchain, not erc20 or other meaning the reversible transactions will work perfectly, how is this not great? Even if it's centralized it still make sense that most decentralized crypto projects 
I've always thought that reversible crypto payment or transactions is impossible but now not anymore, an Israel based startup project called Kirobo is looking to change the impossible to possible.
Kirobo has recently established a new method of reversing what were once considered to be “irreversible” bitcoin and cryptocurrency transactions. The method known as “receivable transfer” allows a person sending digital currency across the blockchain to another address to cancel the transaction granted they sent the money to an incorrect location.
https://www.livebitcoinnews.com/kirobo-introduces-new-reversible-crypto-transaction-technology/
Sounds awesome right? We still have more surprising use case that you can never think of, I hope developers can start using their spare time on something better
I have read about this on another thread and came to know that this startup is implementing an OTP kind of feature before making the transfers.Kirobo has recently established a new method of reversing what were once considered to be “irreversible” bitcoin and cryptocurrency transactions. The method known as “receivable transfer” allows a person sending digital currency across the blockchain to another address to cancel the transaction granted they sent the money to an incorrect location.
https://www.livebitcoinnews.com/kirobo-introduces-new-reversible-crypto-transaction-technology/
Sounds awesome right? We still have more surprising use case that you can never think of, I hope developers can start using their spare time on something better
The sender will first initiate a transfer on the third party's interface and then send it to the receiver and once the receiver confirms the security key then the transfer will be done. The sender will be able to reverse the transaction until the receiver approves the transaction.
So the coins are basically still there in the third party's interface.
I don't recommend to use this kind of service because it involves a third party and why would we destroy the motive of bitcoin and use a third party instead ? What would be the difference between banks and this startup then ?
It is still the same it was before. If you are using their platform (which never means crypto), you can use their service. Did they change tje codebase of bitcoin, ethereum? Not at all. They developed a centralize platform where you can get safe transactions. That's all.
@bitmover After reverting the transaction the stolen 70 million USD returned back to the owner? Wow that's cool, I'm just hearing this for the first time though, I don't know that it's possible to revert transactions, I will surely wait for Kirobo project and see its outcome
It's not awesome. Can you imagine how does PayPal's reverse transaction works? do you find it awesome? the scammers are taking advantage of it and that's why many reports are being done on their platform. Kirobo is still looking to change it, meaning that there's no complete result from that plan of theirs. And whether they make it, changing the protocol for cryptos which has been known for decade will create a lot of ruckus and implications for their users. I believe through their platform, they can make it but not wholly to the broadcasted tx on blockchain.
This is a good idea coming to the blockchain space as it will help to curb some mistakes which might occur due to negligence and so on. But on the other hand, what if a fraudulent user, uses it to his own advantage that is, sending to another user then requesting for it back with baseless excuses. However, this is just my thoughts and I believe the team will do everything possible to ensure the interest of all parties involved in the transaction is protected. Lastly, this is also another good proof that the blockchain space will only keep expanding, improving and becoming more innovative despite all odds.
The best example you can think of "reversible transaction" is Ethereum fork in July 2016.
After a big hack in DAO, due to an exploit in a smartcontract, caused the losses of about 70million USD.
Vitalik and the community vote to , in practice, revert the transaction:
After a big hack in DAO, due to an exploit in a smartcontract, caused the losses of about 70million USD.
Vitalik and the community vote to , in practice, revert the transaction:
Quote
https://www.cryptocompare.com/coins/guides/the-dao-the-hack-the-soft-fork-and-the-hard-fork/
This hard fork had the sole function of returning all the Ether taken from the DAO to a refund smart contract. The new contract would have only one function: withdraw. The DAO token holders could request to be sent 1 ETH for every 100 DAO. The investors that had paid more than 1 ETH for 100 DAO could request the difference from the original address. This proposal generated a lot of controversy among the Ethereum community, which was split into 2 groups: hard fork supporters and non-supporters.[]/quote]
So, it would take a hard fork to really reverse something in blockchian.
This hard fork had the sole function of returning all the Ether taken from the DAO to a refund smart contract. The new contract would have only one function: withdraw. The DAO token holders could request to be sent 1 ETH for every 100 DAO. The investors that had paid more than 1 ETH for 100 DAO could request the difference from the original address. This proposal generated a lot of controversy among the Ethereum community, which was split into 2 groups: hard fork supporters and non-supporters.[]/quote]
So, it would take a hard fork to really reverse something in blockchian.
I don't think it would be a difficult task to make crypto transaction reversible but is that what we want?
Irreversible nature of crypto is considered to be a pros of cryptocurrency by many though it may have sometimes led to accidents.
It would always be better to have options as cryptocurrency are now a broad genre of blockchain based currencies.
There is not big with this use case but it's a very clever idea feature that will make it insanely hard for hackers to steal funds without your involvement, just think about it, I wish many developers can come up with rare use case like this one, I will definitely put a tracker on this project to see how it goes. Irreversible nature of crypto is considered to be a pros of cryptocurrency by many though it may have sometimes led to accidents.
It would always be better to have options as cryptocurrency are now a broad genre of blockchain based currencies.
I don't think it would be a difficult task to make crypto transaction reversible but is that what we want?
Irreversible nature of crypto is considered to be a pros of cryptocurrency by many though it may have sometimes led to accidents.
It would always be better to have options as cryptocurrency are now a broad genre of blockchain based currencies.
Irreversible nature of crypto is considered to be a pros of cryptocurrency by many though it may have sometimes led to accidents.
It would always be better to have options as cryptocurrency are now a broad genre of blockchain based currencies.
Hm, love the idea, the fund isn't really yours until you insert a key or password that can be known between the sender and the receiver, sounds good enough for me, is there any old project that have this use case feature? I don't think so
Nope... Transactions are still irreversible, even with this platform...
There is no whitepaper available, but after reading a couple press releases (with very limited technical details), it looks like they just require the receiver to validate the transaction funding his wallet before said transaction is actually broadcasted. This way, it becomes harder for a hacker, copy/paste virus or a simple mistake to happen (since the sender does no longer just broadcast the transaction, but basically forces the receiver to validate before the transaction is broadcasted). If the validation fails, it's like nothing happens.
But nothing happening =/= reversibility
It's just a clever workaround that gives the impression of reversibility...
There is no whitepaper available, but after reading a couple press releases (with very limited technical details), it looks like they just require the receiver to validate the transaction funding his wallet before said transaction is actually broadcasted. This way, it becomes harder for a hacker, copy/paste virus or a simple mistake to happen (since the sender does no longer just broadcast the transaction, but basically forces the receiver to validate before the transaction is broadcasted). If the validation fails, it's like nothing happens.
But nothing happening =/= reversibility
It's just a clever workaround that gives the impression of reversibility...
I've always thought that reversible crypto payment or transactions is impossible but now not anymore, an Israel based startup project called Kirobo is looking to change the impossible to possible.
Kirobo has recently established a new method of reversing what were once considered to be “irreversible” bitcoin and cryptocurrency transactions. The method known as “receivable transfer” allows a person sending digital currency across the blockchain to another address to cancel the transaction granted they sent the money to an incorrect location.
https://www.livebitcoinnews.com/kirobo-introduces-new-reversible-crypto-transaction-technology/
Sounds awesome right? We still have more surprising use case that you can never think of, I hope developers can start using their spare time on something better
Kirobo has recently established a new method of reversing what were once considered to be “irreversible” bitcoin and cryptocurrency transactions. The method known as “receivable transfer” allows a person sending digital currency across the blockchain to another address to cancel the transaction granted they sent the money to an incorrect location.
https://www.livebitcoinnews.com/kirobo-introduces-new-reversible-crypto-transaction-technology/
Sounds awesome right? We still have more surprising use case that you can never think of, I hope developers can start using their spare time on something better
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