Hi I am a cyrpto fan holder of ADA and a big believer in the future of blockchain technology. I recently made a payment in Monero to a Bittrex account and even through I was extremely careful it did not arrive. It was a considerable amount of money so this got me thinking that as it currently stands cryptocurrency in all its existing forms is nowhere near ready for mainstream adoption. For it to be able to be successful to needs to be as easy to use as tap and go contact less card technology or Internet banking.
This got me thinking about what I think would be a vitally important part of any transaction that currently is not even part of Internet banking system that would make crypto payments more widely accepted.
I am not sure if this is part of the Cardano system or if it is planned but what I thought was that if I wanted to make a payment to another one of my accounts or a 3rd party account then instead of just paying it I
could either declare that i intend to make a payment which would then be broadcast to the blockchain or a sidechain. Then if I accessed my other receiving account that declaration could be seen in that account confirming that I have indeed declared to pay the correct account. From here I could simply confirm the transaction and convert the declaration of intent to pay into a transaction fully knowing that it will arrive at its intended destination and not a different account by mistake.
if I wanted to pay a third party I could make a payment and at the time of payment a unique key is generated that could be shared with the 3rd party allowing them to receive the funds. If the shared key is not provided and verified then the third party cannot make a claim to those funds. If the claim is not made within a set time limit, Eg: 7 days then the payment would be automatically returned to the senders address.
With current existing online banking if you make a payment to 3rd party account and make a mistake you cannot recover those funds without a lot of trouble and time. By using the above method payment mistakes could be avoided completely. this would give the cyrptocurrency using these features an advantage over nearly every other payment system.
I am not sure if this is a new or old idea and I am sure these ideas and many others have been thrown around but I just through I would put it out there and see what some of the Cadano Dev’s might have to say about this.