Reverting Blockchain Transactions, Key in Making Web3 a Safer Place?
Published in
3 min readNov 24, 2022
Whether due to thefts or accidental losses, cryptocurrency-based crime has, since crypto adoption, targeted end users, bridges, DAOs, and exchanges.
Since 2020, more than $20 billion in crypto was stolen and it isn’t going to stop.
In 2018, Vitalik put forward the idea of a “Reversible Ether” which aims to revert transfers that are identified as fraudulent to resolve the issues of fraud, scams and crypto crimes in general.
Of course, this approach also applies to tokens other than ERC20, like ERC721 (NFTs) for instance.
Four years later, a team of researchers from Stanford, Kaili Wang, Qinchen Wang and Dan Boneh tried to resolve this issue and unveiled this September new standards of tokens with a reversible property :
- ERC-20R, reversible regular token
- ERC-721R, reversible NFT token
