In the universe of cryptocurrencies, we are accustomed to an essential characteristic, irreversible payments. For a high percentage of adopters of crypto coins and tokens, this is essential and indispensable; however, it is a huge entry barrier for users who are not accustomed to dealing with this type of transaction. The transactions presented by EthereumCard open the door to a new way of using the blockchain. With pros and cons that we will comment next.
Recently, an extensive exchange of cryptocurrencies such as Binance suffered a security failure; the displeasure generated by the theft of thousands of Bitcoins was massive, affecting multiple users of the platform and other ecosystems that maintain interconnection with the exchange in question. At the time of Binance’s final report, there were approximately 7000 bitcoins in the hands of criminals. As a consequence of the incident, the irreversible transfers or transactions in the block chains came back to the fore.
Inverse transactions offer an alternative path that could combat these unfortunate events in favor of providing alternatives to the already usual irreversible transactions. Also, it facilitates the integration of new adopters that come from systems such as Paypal or others; in which transactions can be reverted in a wide range of cases.
Solutions proposed by EthereumCard to accelerate the adoption of p2p payments
In the last four years, the pace of growth of the sector has been put to the test. With a significant correction, we have seen the market decrease the number of successful launches and seek new solutions to new bottlenecks.
The number of startups that reach targets remains significant, and the next step could be to provide a user-friendly ecosystem for untrained users. EthereumCard combines a variety of features in its project to provide a fast and straightforward experience. With the still abrupt volatility of a growing market, simplicity and speed are required when trading.
Outstanding features of the EthereumCard platform ecosystem
On the other hand, better and more strict compliance with regulations and standards could provide an adoption boost; increasing daily transactions on a global scale between peers and without third parties. Let’s look at some of the details that could boost the global adoption of cryptocurrencies and tokens.
The characteristics of the ecosystem around the ETHCD token are based on several utilities, so we’re talking about a useful token. The following are the details highlighted by its founding team for the description of the ecosystem devised.
Ease of use, without borders and with guarantee deposits.
These first three features are the flag of EthereumCard. It will provide ease to buy worldwide and exchange worldwide, without borders. Also, it offers security deposit services for the correct health of the ecosystem.
Compatibility with crypto space security standards.
EthereumCard will offer wallets 100% compatible with the base standard of cryptographic wallets. This includes self-management of private keys by the user. One of the barriers to overcome to improve the adoption of blockchain technology is to facilitate the processes. Educating and training the profile of the user not familiar with security self-management is part of this process.
Integrated Escrow Services.
Escrow services for exchanges between two parties are no longer a globally centralized matter. Business between the two parties is facilitated by this service that manages the processes of operations between unknown parties securely and reliably.
Inverse Transactions on the platform.
The native ETHCD token platform will incorporate the reverse transaction function that allows the two wallets to send a reversal confirmation in the blockchain for authorization. This facilitates functions common to the traditional ecosystem in the blockchain universe.
How to reverse transactions work on the platform
The characteristic that most caught our attention works peculiarly. It is a type of transaction that generates a replica of the original transaction; however, the amounts are crossed about the first transaction in time. Simplifying it, the balance originally received becomes the sent balance. Meanwhile, the balance originally sent becomes received. This does not eliminate the first transaction, which remains on record. So, both in the chain of blocks and in the wallets resulting from the event, you will be able to observe the history of events. And the balances are readjusted.
Inverse (or revocation) transactions are automatically posted to the same account for the same amount. This makes it possible to reverse the event with a reverse transaction. This feature also prevents fraudulent attempts to generate random reverse transactions by malicious actors in the network. Thus, if one of the two parties requests that the reverse transaction be processed, the other party must confirm it so that it can be carried out.
This brings us to the first mentions, on security in centralized exchanges and adoption. Also, it is a matter of third-party wallets and other services that have suffered the scourge of irreversibly stolen funds. The proposal is exciting, and the team states that it will host this type of reverse transaction in its system. We could see in the future some unusual cases in which the stolen funds are entirely located, and the attacker decides to agree to return them.
“Ethereum Card will enable reverse transaction feature for multidimensional contract on our Mainnet on the blockchain technology.”
Without a doubt, a new scenario that opens doors to adoption and hitherto unpublished situations. These new solutions present new paradigms in terms of usability, security, and management. EthereumCard has several social profiles and official links to follow its activity, news and soon the launch of its token.
Do not hesitate to stay informed and review the technical documentation of the project to go into more detail. We share some links related to the project below.
Henry Lares is still early into his career as tech reporter but has already had his work published in many major publications including Tech Crunch and the Huffington Post. In regards to academics, Henry earned an engineering degree from Apex Technical School. Henry has a passion for emerging technology and covers upcoming products and breakthroughs in science and tech.