Ethereum News

Reversible Ethereum ERC20 And ERC721 Tokens Proposed By Standford Researchers

single-image

Stanford researchers recently unveiled a plan to build two new Ethereum token standards to combat asset thefts ad hacks in decentralized finance. The tokens will feature reversible transaction functionality when specific conditions are met, per the proposal. 

In cryptocurrency, a token standard refers to a set of rules hard-coded into a smart contract. These rules give the coin its identity, specific characteristics, and power smart contract compatibility across the digital asset ecosystem. 

Stay in the know on crypto by frequently visiting Crypto News Today

Ethereum has ERC20 designated for fungible coins like Ether (ETH) and ERC721 for non fungible tokens (NFTs) like Bored Apes. The proposal from Dan Boneh, Kaili Wang, and Qinchen Wang builds on these token standards and suggests developing ERC20R and ERC721R, with the R meaning reversible.

A thread published by Kaili Wang explained that crypto theft inspired the idea behind reversible tokens and transactions. The proposal also explained that a reversible is only possible when specific conditions are met, details from the proposal explained. 

According to Wang, the prototyped reversible Ethereum ERC20R and ERC721R feature both a smart contract and governance component. This allows aggrieved parties to leverage a trial system similar to a decentralized autonomous organization (DAO) vote. 

In theory, a user could request a freeze on specific funds if they have been stolen This locks down the assets and restricts the alleged hacker from moving stolen tokens. A decentralized court of judges then assesses the freeze request with the evidence provided and makes a decision.

Based on the decision, the argument proceeds to a trial where more evidence is submitted from both sides of the case. The funds are “reversed” or sent back to the “victim” if the judges agree to the reversal after weighing the evidence.

Wang noted that the proposal is not perfect and serves mainly to trigger discourse regarding the idea. Vitalik Buterin’s 2018 tweet about “Reversible Ether” was also quoted by Wang as a corner for the idea.

Reversible Ethereum Transactions Against Blockchain Ethos, Say Crypto Community

The reversible Ethereum proposal received heavy backlash from the community following its publication over the weekend. Several users on Twitter argued that the idea contradicts the core blockchain ethos. Other community members added that the proposal is difficult to implement across every theft case and transaction. 

The ensuing conversation hints that crypto users hope a remedy for hacks and stolen funds emerges sooner rather than later. However, it remains unclear if reversible Ethereum standards are the preferred or possible solution to the crypto hack epidemic. CRYPTOCASTER® - DECENTRALIZED FREEDOM!
Read More at EWN


Please Read Essential Disclaimer Information Here.
© 2022-2023 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.


Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt

You may also like