In the world of complex calculations, several Stanford University Researchers have come up with a grand plan to combat the crypto larceny epidemic. They developed a prototype just for opt-in. Reversible token level.
Due to rampant theft and skullduggery, smart academic types have put together their own potential solution by placing two new token types, ERC-20R and ERC-721R, alongside Ethereum’s standards. At opt-in only, they offer a specific time frame to stop and return stolen property.
Billions have been stolen in crypto. If we can’t stop theft, can we reduce the damage?
In recent months, another couple @ Stanford Researchers and I developed a prototype to support reversible transactions on ERC-20R/721R. #Ethereum.
Check out the post and ?: https://t.co/38Hs0F9goU
— kaili.eth (@kaili_jenner) September 24, 2022
Through the feedback, NFT holders can report anything. Unexpected transactions to decentralized judges. They can then vote on whether to take any further action regarding the offending NFTs (or crypto), taking into account the evidence from both sides.
The original idea reached the critical eyes of NFT Twitter by researcher Kylie Wang, looking to discuss possible solutions to the ongoing scourge of blockchain-based theft. The proposal received mixed responses from community members, prompting a healthy discussion in the process.
Read the report >> here
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