Cardano Features Questions


#1

Hi All,

Just want to know if theres a feature in cardano that is simillar to the banks.

  1. When you do a wrong transfer, is theres a way to revert the transaction by calling customer support or simillar?
  2. When hacked, is theres a way to return your money or revert the hack?

I think, the 2 features above is a game changer?

Thanks


#2

Hi @jon-oh :slight_smile:

  1. This is a difficult case under which conditions should this be possible? That could be misused
  2. What do you mean by “hacked”? You can safe your wallet with a password which is needed for every transaction. You have to take care of your recovery phrase extremly well everybody who has that can recover your wallet and will own your ADA. How to find out who the real owner is?

#3

Hi Chris, lets say you just transferred it to a wrong address. On bank they can give your money back if you transferred it to a wrong account. Specially if you have 20 on your list.

About Hacked, i just thought it would be good to revert like when your bank account is hacked and use it to buy lots of things online. If its recovered in another computer or location does CARDANO flagged it?

Does it track IP addresses etc, so lets say your’e in new york, then suddenly someone recovered your account from nigeria. I know it will be a bit hard to track whos the owner because its anonymous.


#4

Also, lets say you added Extra 0 zero to the amount that you are transferring, thats quite big. Once its adopted globally, people will make a mistake no matter what. So how do Cardano deal with this as a 3rd Generation Blockhain. I can understand it for Bitcoin and Ethereum if they dont have this features.


#5

I don’t know if that would be technically feasible


#6

If it gets hacked, its gone, if it gets send to a real (but wrong) address, its gone. There will be no way to externally get them back at least.

Though I believe there will eventually be solutions from helping preventing these things from happening through third-party software.


#7

Hello, @jon-oh! Thank you for your questions!

  1. No
  2. No

Actual decentralized blockchains do not support such functionality.

Thank you!


#8

Yeah, thats what i thought as well, maybe its for 4th Gen, jsut need to triple check the things you doing for now.


#9

Such functions would be for 0th Gen - which means banks :slight_smile:

You see, @jon-oh, blockchain is created in order to give power to people. Power to handle your own money, without trusting it to banks. And as we all know… =)

With great power comes great responsibility.


#10

I dont think it’s for banks, specially the WRONG TRANSFERS. Its common issue, its like when you buy something you have an option to cancel it.


#11

Its really not about the banks… Its about governments…

The banks are not really the enemy, they are something that would exist in a free market, since they provide a valuable service - The invention of Banks are one of the reasons we have achieved a great amount of prosperity.


#12

@jon-oh do you really want thats possible to change blocks?


#13
  1. How do prove it was wrong?
  2. Who decides when to execute the roll-back and when not?

Imo, your are trying to incorporate back the very thing blockchain was designed to eliminate - trust for 3rd party decisions.


#14

You know, not trying to be stupid here, these mistakes are common for people specially if they are new to crypto and might happened more often once crypto is adopted.


#15

Again this has to be solved through third party software. Nobody controls the blockchain, so nobody can do anything about the transactions that take place on them.

You are right that this is a issue actually, but this wont be on any decentralized block-chain, since it wouldn’t be decentralized anymore (at least not to the standards we hold today)


#16

How could it looks like? Who decide which transaction is wrong?


#17

Well you could have a wallet software, that has a ID tag to addresses, or also check the addresses etc for validity. I believe Daedalus already prevents you from sending to invalid addresses, but you could certainty sent to a wrong one.

These things will come, you could have a software with trusted accounts, with their addresses not even viable, only visible to the software. So when you sent money to Paul, you do it through his account etc… and the software takes care of everything on the backend.


#18

That’s a nice idea! You may create a start-up company that creates a centralized service, where people send all their ADA to you, and you open custodial accounts for them, and when they want to send someone their ADA they actually send a special note to you, and you see if other person is also your client, and then you just change some numbers in your DB, and if then they decide that it was wrong - you can just roll it back, and no one lost any ADA… wait… it’s a bank


#19

Maybe it would be possible to create contacts in his Daedalus Wallet with the corresponding addresses


#20

Yeah things will happen, people will be innovative to solve these problems.

Theft of funds are though, what is going to be a major issue when it to adoption of institutions and corporation big or small in general. I am curious to see, if people will actually solve this. It is simply a systemic risk, that cannot be allowed in the private sector with public companies etc.