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STXN’s Ethereum Time Machine introduces conditional transactions and reversal options, enhancing blockchain flexibility for error correction, fraud prevention, and user control.
Key Notes
STXN’s Ethereum Time Machine enables transaction reversals and conditional executions for greater flexibility.Users can set absolute or relative conditions for executing trades, offering more control.STXN plans to integrate the feature into decentralized apps for secure blockchain interactions.A new way has been created for handling Ethereum ETH $3 182 24h volatility: 3.7% Market cap: $383.80 B Vol. 24h: $49.57 B transactions, as an Ethereum researcher has developed a system in which users can set conditions for the timing and execution of transactions. The new solution, Ethereum Time Machine, was developed by Ethereum researcher and Smart Transactions (STXN) co-founder Vlad Zamfir. It allows users to reverse certain transactions on the Ethereum blockchain, making blockchain activity less rigid and providing flexibility for cases where reversals may be warranted, such as accidental transfers or fraudulent activities.
Reversing Transactions with Ethereum Time Machine
The STXN team explained a feature of the project, stating that the solution allows Ethereum users to set specific conditions for executing a trade at a future time. These conditions can be absolute or relative. For absolute conditions, a trade will only proceed if an asset reaches a specific value, while a relative condition allows a trade to execute if one asset’s value surpasses another’s.
STXN co-founder Anuj Das Gupta described the solution as “like a time machine” because it enables users to have confidence in the future outcome of smart contracts. He explained that the solution introduces a new way to incorporate fresh data into existing contracts, effectively “traveling back in time” by allowing conditions to be set or modified retroactively based on future events. In a release by CoinDesk, Das Gupta stated:
“STXN is like a time machine because it allows us to guarantee the future when it comes to smart contracts, It allows us to travel backward in time as well, in the sense that Ethereum smart contracts are no longer limited by what was known at the time they were written. We believe this is an important solution to the tension between flexibility and immutability when it comes to blockchains”
Boris Mamlyuk, the newly appointed CEO of STXN, compared blockchain’s unchangeable, permanent nature to the early days of email. Back then, once a message was sent, it was immediately out of control, making it impossible to unsend.
He pointed out that Gmail’s “undo” feature gives users a brief chance to retract or adjust a sent message. Das Gupta noted that Smart Transactions bring similar flexibility to web3.
STXN’s Plans for a Flexible Web3 Ecosystem
STXN is integrating the time machine feature into CleanApp, which was founded by Mamlyuk in 2013. Mamlyuk stated that transactions could be reversed if malicious actions are detected. He said:
“If there’s malicious use of the app, we can go back and claw back the blockchain rewards someone gained through that malicious use. So it’s a force multiplier. It opens up utility.”
The new solution was introduced following STXN’s partnership with ConsenSys, a leading Ethereum development firm. STXN plans to integrate the time machine feature into other decentralized apps, including a version of Uber. Both Das Gupta and Mamlyuk envision STXN supporting a broad range of decentralized matchmaking platforms.
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Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
