Private Researchers Propose Reversible Token Standard to Curb Scam Attacks
Researchers from Stanford University have unveiled a plan to combat crypto theft through reversible token standards.
California-based private university researchers have designed a master plan to fight against the trending crypto theft. The team had done a lot of calculations before they presented a prototype for an opt-in-only reversible token standard.
This innovation is linked to the rampant scam attacks in the crypto world, and these geniuses have collaborated to bring in their potential solution to this problem. Two token types have been presented, the ERC-20R and the ERC-721R, in accordance with existing Ethereum standards. However, the token will be on an opt-in basis; they will offer a limited timeframe to freeze and potentially return any stolen assets.
One of the researchers of Stanford University, Kaili Wang, stated:
“The major hacks we've seen are undeniably thefts with strong evidence. If there were a way to reverse those thefts under such circumstances, our ecosystem would be much safer. Our proposal allows reversals only if approved by a decentralized quorum of judges.”
Steps in Reversing a Stolen Crypto
NFT owners can easily report scrupulous transactions to an array of decentralized judges. They can then proceed to vote on taking further action with regards to the stolen assets (NFTs or crypto) while taking evidence from both parties into consideration. The procedure will take five steps before justice can be restored. The steps are listed as follows:
- Victims requests a freeze on the stolen funds
- Judges accept or deny freeze request
- Execute freeze
The tweet released by Kaili Wang sparked a discussion on potential solutions to the ongoing plague of blockchain-based theft. Some members of the NFT Twitter community disagreed with the proposition; their antagonistic response provoked a healthy dialogue.