New Ethereum token standards for reversible transactions
You can’t cancel or reverse your cryptocurrency transaction once confirmed on the Ethereum blockchain. Why? Because Ethereum was designed to be immutable in the first place. What’s immutability? Immutability means you can’t alter the information in a dataset. In the context of blockchain, it prevents a central authority, like a government or a company , from manipulating, replacing, or censoring the data. It is an approach to ensure decentralized operations. It also enables data integrity, a requirement for building efficient data storage platforms. Since data can’t be modified, new data is simply added to the existing ones, making the whole process faster than mutable databases. Furthermore, transaction histories are open, verifiable, and auditable because data is stored on the blockchain permanently. The downside is that it’s impossible to undo a transaction; for example, when you send your crypto to the wrong wallet address due to a typo or because you ...
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