on the crypto
In the cryptocurrency universe, we are used to an essential feature, irreversible payments.
For a high percentage of cryptocurrency and token adopters, this is essential and indispensable; however, it is a huge access barrier for users who are not used to handling this type of transaction. Transactions presented by EthereumCard open the door to a new way of using the blockchain. With pros and cons we will comment later.
Recently, a broad exchange of cryptocurrency like Exchange Binance suffered a security failure (stolen 7000 bitcoin); the displeasure generated by the theft of thousands of Bitcoins has been enormous, affecting more 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 around 7000 bitcoins in the hands of the criminals. As a consequence of the accident, irreversible transfers or transactions in block chains have returned to the fore.
Reverse transactions offer a alternative route which could counteract these unfortunate events in favor of alternatives to the usual irreversible transactions. It also facilitates the integration of new users who come from systems like Paypal or others; where transactions can be restored in a wide range of cases.
Solutions proposed by EthereumCard to accelerate the adoption of p2p payments
Over the past four years, the growth rate of the industry 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 the goals 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 direct experience. With the still brisk volatility of a growing market, simplicity and speed in trading are needed.
Exceptional functionality of the EthereumCard platform ecosystem
On the other hand, better and stricter compliance with regulations and standards could provide a boost to adoption; increase daily transactions on a global scale between peers and without third parties. Let's take a look at some details that could increase the global adoption of cryptocurrencies and tokens.
The characteristics of the ecosystem around the ETHCD token are based on several utilities, so we are talking about a useful token. The following are the details highlighted by its founding team for the description of the ecosystem conceived.
Ease of use, without borders and with guarantee deposits.
These first three characteristics are the EthereumCard flag. It will provide ease for worldwide purchase and exchange worldwide, without borders. In addition, it offers safety deposit services for the correct health of the ecosystem.
Compatibility with cryptographic security standards.
EthereumCard will offer wallets that are 100% compatible with the basic crypto wallet standard. This includes self-management of private keys by the user. One of the obstacles to be overcome to improve the adoption of blockchain technology is to facilitate processes. Educating and training the profile of the user who is not familiar with security self-management is part of this process.
Integrated Deposit Services.
Exchange services for exchanges between two parties are no longer a centralized issue globally. The business between the two parties is facilitated by this service which manages the processes of operations between unknown parties in a safe and reliable way.
Reverse transactions on the platform.
The native ETHCD token platform will incorporate the reverse transaction function which allows the two portfolios to send a reversal confirmation in the blockchain for authorization. This facilitates the functions common to the traditional ecosystem in the blockchain universe.
How to reverse transactions work on the platform
The feature that most caught our attention works in a particular way. It is a type of transaction that generates a replica of the original transaction; however, the amounts are crossed on the first transaction over time. Simplifying it, the balance originally received becomes the balance sent. In the meantime, the balance originally sent is received. This does not eliminate the first transaction, which remains recorded. Therefore, both in the block chain and in the portfolios resulting from the event, you will be able to observe the history of events. And the balances are readjusted.
Reverse (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 on the network. Therefore, if either party requires the reverse transaction to be processed, the other party must confirm it for it to be performed.
This brings us to the first mentions, to security in centralized exchanges and to adoption. In addition, these are third-party portfolios and other services that have suffered the scourge of irreversibly stolen funds. The proposal is exciting and the team says it will host this type of reverse transaction in its system. We may see in the future some unusual cases where the stolen funds are entirely located and the attacker decides to agree to return them.
"Ethereum Card will allow the reverse transaction for a multidimensional contract on our Mainnet on blockchain technology."
Without a doubt, a new scenario that opens the door to adoption and the situations that have not been published so far. 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.
EthereumCard Web - https://ethereumcard.org/
Twitter - https://twitter.com/ethereum_card
Medium - https://medium.com/@ethereum_card
Telegram - https://t.me/ethereum_card