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It has become apparent that smart contracts will help elevate Ethereum to a whole new level in the years to come. That can only happen if this technology is perfected and made more secure. BlockCAT may have come up with an interesting feature in this regard. More specifically, the Tabby Pay solution ensures funds can never be sent to the wrong wallet.
WHAT IS TABBY PAY EXACTLY?
Although the name suggests something else entirely, Tabby Pay is a feature designed to make the transfer of Ether more safe and secure. As of right now, sending transactions to the wrong wallet address is still very problematic, as preventing user error is pretty much impossible at this stage. Thankfully, there are ways to counter most of these problems with innovative technology.
This is where Tabby Pay comes into the picture. The new payment solution, developed by the BlockCAT team, ensures user error can be prevented when dealing with Ether transactions. Anytime someone tries to send Ether to the wrong wallet, the payment itself can be canceled and the balance will be returned to the sender without any problems.
Whether or not this will make cryptocurrency more accessible in the long run remains to be seen. Even so, it is a remarkable development, assuming this concept works as advertised. Despite what experienced users may claim, it is still pretty easy to screw up cryptocurrency payments. Wallet addresses can be copied to one’s clipboard without noticing whether it is the correct one or not. If a transaction is sent to the wrong wallet, recovering the funds is pretty much impossible as of right now.
In fact, BlockCAT claims nearly all Ethereum users worry about sending ETH to a wrong address. That is quite worrisome, as it shows Ethereum’s chances of becoming an actual payment currency are hindered in this regard. Even basic transactions can be nerve-wracking for novice users, which is a problem that will need to be addressed sooner rather than later. It is easier said than done, though.
What Tabby Pay does is use a custom smart contract to ensure cryptocurrency payments are completed in a proper manner. There is a web-based UI with which users can interact. If a payment is sent to an incorrect recipient, the user can have the payment reversed. Up until now, it has been virtually impossible to cancel outgoing transactions, but with this smart contract, it seemingly becomes possible. More specifically, the recipient must confirm their receiving wallet. Failure to do so will result in the Ether being returned to the sender.
And no, we are not talking about rolling back the blockchain. Instead, Tabby Pay executes payments as a series of transactions. Canceling the entire payment will always be possible as long as the recipient can’t confirm the receiving address. It will be interesting to see how many people make use of this new feature in the future. Being able to bring more security to Ether payments overall can only be considered a good thing.