- Stanford has come up with new Ethereum standardsstandards that would let transactions be undone.
- Both the ERC-20R and the ERC-721R should help stop activities. ivities.
- With the proposed standards, the whole ETH network won’t be able to go time. in time.
Researchers at Stanford University have made a prototype for “reversible transactions” on Ethereum. They say this coucrypto-theftto theft less damaging.
Stanford scientists Kaili Wang, Qinchen Wang, and Dan Boneh came up with the new standards for Ethereum tokens. They are called ERC-20R and ERC-721R. These prototype standards for opt-in tokens make it possible to undo transactions when the situation calls for it.
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In case of a hack or theft, the paper asks for a “back button” or “undo button” on the blockchain. It says that reversible transactions are important because of recent events like the BAYC phishing attempts, the Poly Network attack, the Harmony Bridge hack, and the Ronin theft.
One of the researchers, Kaili Wang, had something to say about the situation. She said:
We have strong proof that the major hacks we’ve seen are thefts. If there was a way to stop these kinds of thefts, our ecosystem would be a lot safer. Our plan says that reversals can only happen if a certain number of judges all agree.
Wang stressed, though, that the prototype was not meant to replace ERC-20 tokens or make Ethereum backwards-compatible. Instead, it is an opt-in standard that “allows thefts to be disputed and possibly restored within a short time after a transaction.”
If someone’s tokens are stolen, they can ask for their assets to be frozen by filing a request with a governance contract. So, a decentralised court of judges will have to decide “within a day or two at most” if they will grant the request or not.
If an attacker knows that the transactions are going to be frozen, the researchers suggested that the full freeze be done in a single transaction on the blockchain “so that the attacker can’t get ahead of the freeze.”
The researchers did say that choosing the judges who would decide on the ERC-20R and ERC-721R tokens was the most unclear part of the system.
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