Stanford University researchers build prototypes to reduce cryptocurrency-based theft!
Hello, welcome to the NPRBG.COM website. If you stay updated to get information related to Cryptocurrency, then you will know that only two people are involved in the transaction of cryptocurrency.
The way in which the information about the transaction and transfer or happening in the bank remains between more than two people, in the same way, cryptocurrency does not remain. And taking advantage of that, hackers steal the cryptocurrency coin.
But don’t worry too much here, as Stanford University researchers built a prototype to reduce cryptocurrency-based theft! So today we are going to tell you this in this article.
So let’s now “Stanford University researchers build a prototype to reduce cryptocurrency-based piracy!” Provides information about:-
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Stanford University researchers build prototypes to reduce cryptocurrency-based theft!
According to Cointelegraph, Stanford University blockchain researcher Kelly Wang shared a rundown of the Ethereum-oriented reversible token idea. It was said that it is a proposal to provoke discussion and get solutions from the blockchain community.
Researchers at Stanford University have reportedly designed a prototype for an Ethereum-based reversible transaction that could reduce the effects of cryptocurrency theft, as reported by Cointelegraph.
What did a Stanford University blockchain researcher say about cryptocurrency theft?
According to Cointelegraph, in a recent tweet, Stanford University blockchain researcher Kelly Wang shared a rundown of the Ethereum-oriented reversible token idea, saying that it proposes to stir up discussion and elicit solutions from the blockchain community. Is.
“The major hacks we have seen are undeniably thefts with strong evidence. If there was a way to reverse those thefts under such circumstances, our ecosystem would be much more secure. Our proposal would only be approved by a decentralized quorum of judges. But only allows for reversal,” Wang said.
A Few Things About Cryptocurrency-Based Theft!
The proposal was devised by Stanford-based blockchain researchers, including Wang, Dan Boneh, and Kinchen Wang, based on information provided by Cointelegraph, and included opt-in token standards relating to ERC-20 and ERC-721 to ERC. was contracted. -20R and ERC-721R.
Wang also clarified that the prototype was not intended to replace the ERC-20 token or make Ethereum reversible. Under the proposed tokenization standards, if someone’s funds are stolen, a freeze request can be submitted for a governance contract over the asset.
Both parties to the transaction will be able to keep evidence to the judges so that they have enough information to be able to make an appropriate decision. However, the proposal acknowledged that freezing Fungible tokens is complicated, as thieves can share funds between other accounts, process them using an anonymity mixer, or exchange them for other digital assets.
Furthermore, Cointelegraph also noted that Wang’s Twitter post created a lot of buzz, with people asking more questions, supporting the idea, denying it, or stating their own views. Ether (ETH) bull and podcaster Anthony Sasano expressed his displeasure over the tweet, noting that reversal controls and consumer protections should be placed at higher levels, such as on exchanges and companies.
“Doing it at the ERC20/721 level would basically have to be done at the “base layer,” which I don’t think is correct. End-user security can be kept at a higher level such as the front-end,” Sasano said.
What to do if Cryptocurrency is stolen?
Don’t worry, because researchers at Stanford University have built a prototype to reduce cryptocurrency-based theft, so everyone can get help.
What to do if Cryptocurrency is stolen?
Don’t worry, because researchers at Stanford University have built a prototype to reduce cryptocurrency-based theft, so everyone can get help.
