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> Reversing charges is a different point, which could be accomplished pretty simply with 2-of-3 sigs if there's market demand for it. You can’t reverse transac
by uncomputation 4y ago
> Reversing charges is a different point, which could be accomplished pretty simply with 2-of-3 sigs if there's market demand for it.
You can’t reverse transactions. Once validated and included in a block, the transactions are forever, which is of course one of the main appeals of cryptocurrency in the first place. You would have to get the fraudster to send the money back (potentially covering gas fees) or else there is literally no other way without their signing key (also one of the key appeals of cryptocurrency).
- tylersmith 4y agoBlockchain transactions are really just messages that can optionally include payments. A logical retail transaction that can be reversed can be modeled on top as a series of messages, very similar to how credit card clearing works.
- uncomputation 4y ago> messages that can optionally include payments This is a weird way to put it. Transactions include state transitions which modify the state of the global blockchain permanently. Miners (in the case of bitcoin) validate these transitions and publish the block to the chain. If there is a reversal, it must come from the merchant’s account, because only they can produce a valid state transition to “return” (ie send back) your money.
- tylersmith 4y agoA message can be handled many ways, and a reversal payment protocol wouldn't put the customers funds directly in control of the merchant until the reversibility period is over.