Critics Call Idea ‘Plain Stupidity’ But Supporters Embrace It As Defense Against Hacks
Researchers at Stanford University have designed variations of Ethereum’s popular ERC-20 and ERC-721 token standards to enable reversible transactions. But the Ethereum community is largely panning the work.
Reversibility — the ability to redo transactions on blockchains — has long been a challenging project for crypto scientists.The Stanford team believe it may hold the key to making cryptocurrencies more protected from hackers. Chainalysis, the blockchain forensics firm, estimates that hackers stole $ 14B in crypto hacks during 2021.
Yet to make this proposition work, technologists would have to tinker with one of the most sacred properties in cryptocurrency systems: immutability.
Many in the crypto community vehemently opposed allowing transactions to be reversed in any circumstances.
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