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Ethereum Has a “UNDO” Button For Its Transactions 🤯🤯
Yes you heard me right, Ethereum has its own “Undo” button for reversing the transaction which is currently available only on 2 major Ethereum wallets namely — MetaMask and WalletConnect.
There is a Blockchain based startup named Kirobo in Israel. They have recently unveiled that they created an “UNDO” feature for Ethereum blockchain. This “UNDO” button will help in reversing the transactions on Ethereum blockchain.
The Kirobo startup has already built a “Undo Transaction” button for Bitcoin as well and now it is also available for the Ethereum blockchain and very soon the “UNDO” button will also be there for all the ERC-20 tokens that live on Ethereum blockchain.
This feature will help Ethereum users to reverse their faulty transactions, which they made by sending Ether to various smart contracts which don’t accept any deposits. Previously these transactions were completely lost and the Ether and Tokens send to these contracts were irrecoverable (circulating supply reduced for ever).
“UNDO” Feature is Available On Two Wallets Till Now
This feature is not 100% applicable in each wallet and dapps. But the Israel’s Blockchain based company Kirobo has officially announced that the “UNDO BUTTON” Feature is active only on Two major Ethereum wallets which are Meta-Mask and WalletConnect.
How It Works ?
Well it works pretty simple, The user(sender) has to enter a password along with the transaction. User(recipient) needs to enter the same password and if the recipient enters the same password then only the ether will leave the user’s(sender) wallet. However, if the password entered by the user(recipient) does not match the password entered by the user(sender) then the transaction won’t take place and funds are not released from the user’s(sender) wallet.
If no password is used then the user(sender) is able to get back his/her funds with a single click.
How Disruptive is this “UNDO BUTTON” ?
This will eventually protect users from token burn kind of scenarios, where users accidentally send funds to a non-recoverable address, meaning those Tokens and Ethers are lost forever. According to the company this feature also adds tremendous amount of security against hackers, as hackers wont be having access to the correct password due to which the sender can easily recover their funds by just one click, if they accidentally sent their funds to any malicious contract address. As in the case of Eth 2.0 deposit contract, the hackers are trying to convince users to sent funds to a malicious deposit contract address. So this will for sure improve the quality and security of Ethereum.
Along with this news article about this amazing technology I would like to add that the Ethereum 2.0 phase 0 launch is coming closer by every passing day and with news like these will eventually make Ethereum a strong and most used blockchain in the space.
The environment has never been so bullish on Ethereum ever before. Ethereum is for sure being prepared for a bigger adoption on global level with all the banks studying it and soon the institution will start hopping on.
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Crypto By Ksquare (Kunal Kishore)