The Argument of Eliminating Lengthy Key Addresses in favor of a human profile
Wrong-address transaction errors are an increasingly prevalent and problematic issue for users in the crypto space. According to Isabella Dell, Founder and CTO of IOV (Internet of Value), this is “one of the main problems facing the mass adoption of cryptocurrency usage . . . the difficult nature of making token transactions.” As it stands, Blockchain platforms have thus far failed to solve this prevalent and rising user experience problem. It makes it extremely intimidating and risky for first time and returning crypto users.
For many users who are not familiar with the issue of wrong-address transactions, here is how the issue generally unfolds: first, a user asks for some cryptocurrency to be sent. The receiver subsequently shares a lengthy address with the sender, which at first can look like a long IP address. The sender gets intimidated and begins to have second doubts. He is concerned he may accidentally send the funds to the wrong person / address. He holds his breath and sends it anyway. He has no way of confirming if the address actually belongs to the sender. If the address is indeed wrong, he has no way of knowing where the funds will ultimately end up. If the lengthy address belongs to someone else, he has no way of contacting the recipient to ask for his or her cryptocurrency to be returned. This recurring problem occurs again and again in the crypto space. Moreover, since cryptocurrency transactions on Bitcoin, Ethereum, and other blockchains networks are designed to be irreversible, the sender has no chance of verifying the true identity of the lengthy address.
Blockchain exchanges attempting to send and receive assets are losing money at an alarming rate, mainly owing to the complexity of prevalent lengthy key addresses. According to Dell, “when you think of a blockchain address now, you think of a line filled with numbers and letters.” The length and complexity of these key addresses make it very difficult for both technical and non-technical users to adopt blockchain technology and crypto — and thus it becomes very easy for users to make an innocent mistake when typing out these long and complicated key addresses, costing them up to millions of dollars in some cases.
According to a recent survey conducted by BlockCAT that polled current cryptocurrency users on “the level of anxiety they experience when sending crypto transactions,” 94 percent of those polled say they fear making a mistake when sending cryptocurrencies. Equally alarming: 11 percent of those polled have actually sent crypto to the wrong address and lost money.
Wrong-address transaction errors are increasingly more common in the crypto space, especially for new and first time users of cryptocurrencies who are attempting to make transactions for the first time. What’s even more alarming is that many exchanges (if not most) are profiting off these common and easy-to-make user errors by charging exorbitantly large recovery fees. Some crypto exchanges offer an ever more egregious alternative: refusing their customers the option of recovering tokens sent to the wrong address. In other words, send and receive crypto at your own peril. Furthermore, exchanges are unable to give a response of whom is associated with the wrong address or if the lengthy address is even connected to a real human profile.
But now, thanks to Stibits, users can bypass the risk of transactional errors and lengthy key addresses altogether. Stibits’ platform enables the frictionless transfer of blockchain assets. Users simply enter the name, email address, or phone number of the destined recipient — from there, funds are quickly transferred. User contact information is always verified, and in that sense, users are assured that they are exchanging currency with a real, desired third-party. To that point, every transaction will generate a new crypto address for added safety and privacy.
Lengthy key addresses are now a thing of the past with Stibits — this is all possible because Stibits uses an interactive dashboard. The interactive dashboard eliminates the need for lengthy key addresses, thereby allowing users to send and receive money in a quick and frictionless manner. Thus, Stibits has effectively eliminated the possibility for wrong-address transactional errors — a victory for all within the crypto and blockchain space.
For more information visit: https://stibits.io