Reversecoin, a newly launched cryptocurrency in the ever-expanding altcoin market, recently grabbed the passersby’s attention with its distinctive ‘reversible transaction’ feature.
Though the digital currency project currently seems to be in its infant phase, yet it attempts to address one of the major disadvantages that has been overlooked by other altcoins’ developers in the past. Reversecoin is simply trying to become the world’s first cryptocurrency to implement the reverse transaction feature in real-time, and it has a definite roadmap.
Reversecoin developer Obulapathi N Challa (yes it’s a real identity) writes about introducing two separate accounts – Standard and Vault – for the users. While Standard Account is like any another online wallet that allows users to send and receive payments, it is Vault Account that does most of the magic tricks.
“Vault accounts behave much like you bank savings account, where you can deposit large amount of coins and keep them safe from hackers,” says Challa. “Each vault account has a configurable timeout and is backed by two key pairs, one online and one offline. You only need online key pair to transfer coins from vault. When you transfer your coins using online key pair, your transactions get confirmed after they live in blockchain for the timeout period.”
“If someone steals your online key pair and transfers coins to them, the transactions will have to wait in block chain for the timeout period. During which, you can use your offline key pair and reverse those transactions and restore your coins to your other address. You can also use your offline key pair for immediate transfer of coins in your Vault, instead of waiting for timeout period.”
The whole functionality of Reversecoin is based on addressing one security loophole – the identification of private keys. Recently, generous hacker Joehoe revealed such loopholes in the security of Bitcoin wallet company Blockchain.INFO, where he mentioned the methods to steal private keys from using the signatures alone.
We don’t expect Reversecoin to hit a homerun on the very first delivery, but surely expect greater developments in the future when it comes to addressing cryptocurrency security. Please join in the discussion below to present your opinions on the new coin.