The ‘Undo Button’ Wallet Tool Gives Users the Ability to Reverse Ethereum Transactions
On Thursday, November 12, 2020, the blockchain firm Kirobo launched a tool that allows users to reverse ethereum transactions. Similarly to the replace-by-fee (RBF) protocol leveraged by bitcoin users, ethereum transactions can be reversed as well with Kirobo’s “Undo Button” supported by Metamask or any wallet that supports walletconnect.
The two top blockchain assets, in terms of market capitalization, have features that allow users to reverse transactions they sent if the fee was too low or for other reasons. For years now crypto proponents using the Bitcoin (BTC) network have been able to use the replace-by-fee (RBF) protocol, which essentially allows them to double-spend bitcoin transactions with a higher fee. For instance with the new Electrum wallet release 4.0.4, “users can cancel (double-spend) unconfirmed transactions using RBF,” developers note.
Ever since the inception of Bitcoin and the following introduction of RBF a few years later, replace-by-fee or double-spends have always been controversial. For example, the transaction replacement concept has allowed for massive theft in certain instances and many crypto supporters consider RBF a glaring vulnerability.
Despite the concerns, RBF remains and on November 12, the startup Kirobo has just introduced a mechanism that allows people to reverse ETH transactions.
“Retrievable Transfer will be available to Ethereum users from Thursday, November 12,” Kirobo detailed in the announcement. “Initially, the service will be available for ETH and later on all ERC20 tokens, as well as offering protection against sending funds to smart contracts that don’t support deposits. Available to all Metamask and walletconnect owners, Kirobo’s unique undo feature means that individuals can reclaim funds mistakenly sent to the wrong address.”
Kirobo’s announcement adds:
The process for Ethereum is identical to that used in Bitcoin transactions. When dispatching digital assets, a password is entered by the sender. Funds are then released only when the recipient enters this same password. If the password is not entered, the sender can retrieve their assets at their convenience.
“The use of our logic layer finally eliminates the need to send a test transaction, sharply reducing the level of anxiety users feel when transferring funds to a third party,” Kirobo CEO Asaf Naim explained.
Naim also detailed that the company’s Bitcoin version of the “Undo Button” has been “hugely popular in recent months.” Bitcoin and Ethereum transaction fees have skyrocketed during the last few months as well. Additionally, Naim said that Kirobo’s tool will also be supported by Trezor and Ledger in the near future.
The Ethereum version also includes protection against Man-in-the-middle attacks Kirobo revealed as well. The Tel Aviv-based startup says that both bitcoin and ethereum transactions have increased a great deal in recent times. Kirobo thinks that human error will be inevitable and the Undo Buttons will be beneficial to bitcoin and ethereum users.
What do you think about the Undo Button that allows someone to reverse an Ethereum transaction? Let us know what you think about this subject in the comments section below.
Asaf Naim, Bitcoin, Bitcoin (BTC), BTC, Double Spends, ETH, Ethereum, Kirobo, Ledger, metamask, RBF, Replace by Fee, reverse ethereum, reverse ethereum transactions, Reversible transactions, Tel Aviv, Trezor, Undo Button, walletconnect
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- As DeFi Grows, Investors Look to Polkadot to Be the Next Ethereum – news.kuaidiantou.vip
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- Ethereum to surge to $530 if bulls break above parallel channel
- Ethereum and Ripple to be Considered as Securities – TCR
As DeFi Grows, Investors Look to Polkadot to Be the Next Ethereum – news.kuaidiantou.vip
Look no further than the rapid growth this year in the white-hot arena of decentralized finance, or DeFi, and it’s clear why the Ethereum blockchain is dominating so many conversations right now in the digital-asset industry.
The second-largest blockchain’s native cryptocurrency, ether (ETH), is up 266% this year – twice as much as mooning bitcoin (BTC).
But a lot of savvy digital-asset investors are hedging their bets, buying tokens associated with upstart blockchains that could potentially grab market share from the Ethereum network, often referred to as a “world computer” due to its versatility and programmability.
One such token is dot (DOT), of the Polkadot blockchain, whose co-founder Gavin Wood was a co-founder of Ethereum. Wood wrote the original project white paper for Polkadot in 2016, just a year after the Ethereum network launched.
Since going live in mid-August on exchanges after the Polkadot network performed a 100:1 split, the dot token is up over 44%. Over the same period, Ethereum’s ether has only climbed a bit over 8%.
“The market and investor appetite has been really strong for Polkadot’s dot token,” said Keld van Schreven, managing director of the investment firm KR1, which includes Polkadot in its portfolio. An initial valuation from a pre-network launch fundraising was priced around $3, he said. “So to consistently trade above $4 since then has been really encouraging.”
At the heart of Polkadot is the concept of “parachains,” which are blockchains that can run higher transaction throughput than Ethereum because of more sophisticated design. According to Peter Mauric, head of public affairs at Parity Technologies, the term is short for “parallel blockchains.”
A key player behind the network’s development is Parity Technologies, a for-profit European-headquartered firm building tools for the open-source Polkadot platform.
Parity also is the company behind Substrate, a set of tools for developers to create blockchain applications with Polkadot, often known as decentralized apps, or dapps.
Polkadot backers say software engineers also utilize Moonbeam, a Boston startup that has built its own parachain to mimic a toolkit that would look familiar to Ethereum developers.
“The purpose of the Moonbeam parachain is that we’re implementing, effectively, the closest we can make it to the Ethereum feature set at its core,” said Derek Yoo, the project’s founder, in a video conference call. Yoo has been actively engaging with Ethereum projects to adopt the technology. “If we’ve done our job well, we’re trying to make something that is low-friction and easy to adopt for an existing Ethereum project.”
Projects bringing use cases to Polkadot include Interlay, which plans to launch a wrapped bitcoin project called “PolkaBTC” in 2021, and cross-chain liquidity provider Equilibrium, which will be the first Polkadot project to be audited by Quantstamp.
KR1’s van Schreven says he is tracking around 230 projects being built on the platform.
When talking to Polkadot ecosystem stakeholders, they discourage the term “Ethereum killer” as many like to categorize it, because many see Polkadot as a complement to the overall ecosystem, not a rival.
“We’re still Ethereum supporters,” van Schreven said. “But we see the Polkadot approach as being a kind of the natural progression of the whole ecosystem, really.”
The ability for Polkadot to spin up new blockchains is enticing from an investment perspective, van Schreven says.
Despite supporting Ethereum, van Schreven thinks Polkadot’s “clean sheet” will allow it to offer brand-new features in scalability, finality and governance that developers will adopt.
Bottlenecks and throughput capacity have proved to be an issue for Ethereum, as evidenced by elevated congestion and transaction fees on the network in recent months.
And Ethereum’s governance seems to be centered more around its leader, Vitalik Buterin, than the rigorous systemized version of governance that Polkadot hopes to achieve, according to Schreven.
All of this could lead to adoption of the network by more developers – partly how Ethereum has achieved its success – and Polkadot’s parachains might take things to the next level.
“We’re going to see a growth of economic activity from all these chains because of this cross-chain aspect of the Polkadot ecosystem,“ van Schreven added. “Obviously, some of that will take away from Ethereum.”
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Author: News Bureau
Ethereum to surge to $530 if bulls break above parallel channel
If Ethereum bulls clear resistance near $485, the next barrier will be around $530
Ethereum (ETH) price is up by about 4.5% in the past 24 hours to change hands around $465 at the time of writing.
If ETH continues to rise short term, the momentum could take it above a crucial resistance line. After this, bulls are likely to aim for the psychological $500, with the breakout bringing into play the next resistance area around $530.
Ethereum remains within an ascending parallel channel on the hourly chart.
The ETH/USD pair is trading near the middle line of the channel. However, the upside continues to stall below the upper limit, which bounds action at $485.
Bulls have previously attempted to break to the boundary or higher on multiple occasions over the past few days without success.
But with price inching higher on the hourly chart, it looks like the prevailing bullish momentum will be enough to take ETH/USD over the threshold.
ETH currently trades near $465 and likely will test bear resolve at the upper boundary of the indicator. The 100 hourly simple moving average and the upward pressure means the short term target is to break above the trendline and consolidate near the $500 price line.
Once bulls clear the trendline resistance and make the 100-SMA a major support zone, the next barrier is around $530.
On the flip side, the short term view will turn negative if bulls fail to keep gains above the middle line of the channel.
More importantly, ETH needs to stay above the 100-SMA for bulls to retain their upper hand. If sellers succeed in pushing the ETH/USD pair lower, losses may extend beyond $450. A more realistic support base is near $440, which is also the base of the parallel channel.
Elsewhere in the market, Bitcoin (BTC) has touched highs of $16,750 and could soon break above $17K. Meanwhile, Litecoin (LTC) is outperforming most large cap altcoins with a 15% price jump to see bulls eye a break to $80.00.
The post Ethereum to surge to $530 if bulls break above parallel channel appeared first on BTC Ethereum Crypto Currency Blog.
Author: By TeamMMG
Ethereum and Ripple to be Considered as Securities – TCR
- Gary Gensler will direct one of Joe Biden’s financial regulation teams.
- Ethereum (ETH) and Ripple (XRP) could be classified as Securities.
- No comments from Joe Biden regarding the issue of Central Bank Digital Currency.
The United States Presidential candidate Joe Biden seems to consider Ethereum (ETH) and Ripple (XRP) as securities. Recently Biden summoned the former President of the Commodity Futures Trading Commission (CFTC), Gary Gensler, to lead one of Biden’s financial regulation transition teams.
Last Week on Tuesday, The Joe Biden campaign announced that Gensler, who has closely studied the rising cryptocurrency space, will now lead the team focused on the Federal Reserve, banks, and securities regulators. This appointment seems to have a significant impact on the cryptocurrency market, as Gensler has differing opinions about the cryptocurrencies.
Back then, when Barack Obama was the President of the United States, Gensler served as a key financial regulator, and also served in the Treasury Department when Bill Clinton was the President of the United States.
According to 2018’s statement of Gensler, there is a strong chance that both Ripple (XRP) and Ethereum (ETH) could be considered as securities. Back in Obama’s administration, the officials also believed that Bitcoin (BTC) is not a bond.
As the first Ethereum (ETH) token was sold before the Ethereum Foundation was started, Gensler justified Ethereum as a security. Gensler also mentioned that over time this network has become more decentralized.
Gensler pointed out that, because of the high percentage of Ripple (XRP) token is owned by Ripple itself, XRP is more likely to be considered as a security. Gensler also added that Bitcoin and other Altcoins have led to a robust debate about the Central Bank Digital Currencies.
The winning candidate of the United States Presidential election yet has not commented anything about the possible issuance of the central bank digital currency. However, the United States has started off debates on the possibility. Indeed nothing has been defined in the rule of Donald Trump.
We can consider that may come with Joe Biden, the United States will launch its own central bank digital currency. However, the United States would nearly cut off against the law for the buy and sell of Ethereum and Ripple on crypto exchanges. Though we observe that such a move can impact the prices of both Ethereum and Ripple, which might not be in a right way.
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Author: By Steve Anderrson