Tabby Pay allows users to cancel Ethereum transactions erroneously sent
It has become clear that smart contracts will help to elevate Ethereum to a whole new level in the years to come. That can only happen if this technology is perfected and becomes more secure. BlockCAT may have presented an interesting feature in this regard. More specifically, the Tabby Pay solution ensures that funds can never be sent to the wrong wallet.
WHAT IS TABBY PAYS EXACTLY?
Although the name suggests something completely different, Tabby Pay is a feature designed to make the transfer of Ether more secure. From now on, sending transactions to the wrong address in the wallet is still very problematic, since avoiding user error is practically impossible at this stage. Fortunately, there are ways to counteract most of these problems with innovative technology.
This is where Tabby Pay enters the scene. The new payment solution, developed by the BlockCAT team, ensures that user error can be avoided when dealing with Ether transactions. Every time 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 problem.
It remains to be seen if this will make the cryptocurrency more accessible in the long term. Even so, it is a remarkable development, assuming that this concept works as advertised. Despite what experienced users may claim, it is still fairly easy to ruin cryptocurrency payments. The wallet addresses can be copied to the clipboard without noticing if it is correct or not. If a transaction is sent to the wrong wallet, the recovery of funds is practically impossible at this time.
In fact, BlockCAT states that almost all Ethereum users worry about sending ETH to the wrong address. That is quite worrying, as it shows that Ethereum’s chances of becoming a real payment currency are hampered in this regard. Even basic transactions can be stressful for novice users, which is a problem that should be addressed sooner rather than later. However, it is easier said than done.
What Tabby Pay does is use a customized smart contract to ensure that payments with cryptocurrencies are completed properly. There is a web-based user interface with which users can interact. If a payment is sent to an incorrect recipient, the user may have the payment reversed. So far, it has been virtually impossible to cancel outgoing transactions, but with this smart contract, it is apparently possible. More specifically, the recipient must confirm their receiving wallet. Otherwise, the ether will be returned to the sender.
And no, we’re not talking about undoing the blockchain. Instead, Tabby Pay executes payments as a series of transactions. The cancellation of the entire payment will always be possible as long as the recipient can not confirm the reception address. It will be interesting to see how many people make use of this new function in the future. Being able to bring more security to Ether payments in general can only be considered a good thing.