Kaili Wang posted details about her Stanford University research team’s proposed Ethereum-based cryptocurrency theft solution on Twitter last Saturday, September 24, 2022.
This blockchain researcher at the United States-based university said their group aims to reduce virtual currency-based burglary.
Wang’s suggested remedy against cryptocurrency theft raked in huge interest among cryptocurrency enthusiasts.
We think our readers will find this latest cryptocurrency-related report important to read today, which is about a proposed Ethereum-based cryptocurrency theft solution.
Therefore, we are sharing this report on our official portal. On Wang’s official Twitter page with the handle @kaili_jenner, she said that billions in crypto-assets get stolen.
This blockchain researcher pointed out that she and her fellow Stanford University researchers can decrease the harmful effects of these incidences of pilferage even if they cannot halt them.
Wang relayed that her group has formulated an Ethereum-based cryptocurrency theft solution over the recent months.
She referred to their proposal as a prototyped “ERC-20R/721R,” which is meant to back reversible transactions on the Ethereum blockchain.
Moreover, the blockchain researcher shared an overview of her research team’s Ethereum-oriented reversible token proposal.
She cited that the blockchain ecosystem would be much safer if there were a method to reverse those hacking incidents.
Wang said their proposed Ethereum-based cryptocurrency theft solution permits reversals only if approved by a decentralized judge quorum, per the update posted on the Internet by India-based business news outlet The Financial Express.
She clarified that their prototype was neither meant to make Ethereum reversible nor replace ERC-20 tokens.
Wang’s Twitter message last weekend resulted in a considerable online discussion. Some cryptocurrency enthusiasts refuted the proposed Ethereum-based cryptocurrency theft solution, while others supported it, stating their insights and asking more queries.
Besides Wang, the other Stanford University blockchain researchers behind the proposed token standard are Qinchen Wang and Dan Boneh.
The ERC-20R and ERC-721R are related to ERC-20 and ERC-721. This drafted Ethereum-based cryptocurrency theft solution involves a freeze request on the assets to a governance contract allowed to be submitted if a cryptocurrency user’s money gets stolen.
Both of the transaction’s parties can keep proof to the judges for the latter to have sufficient details to be able to reach a just decision.
We think it is high time that we put an end to the endless hacking incidents, which are undeniable thefts with robust evidence.
We welcome Ms. Kaili Wang and her fellow Stanford University blockchain researchers’ proposed Ethereum-based cryptocurrency theft solution. We hope they gain the support they need in this project to implement it at the soonest possible time.