{"id":6472,"date":"2022-02-26T19:41:26","date_gmt":"2022-02-26T14:11:26","guid":{"rendered":"https:\/\/sketharaman.com\/blog\/?page_id=6472"},"modified":"2022-02-26T21:40:34","modified_gmt":"2022-02-26T16:10:34","slug":"crypto-smart-contract-irrevocable-but-not-blind-https-qr-ae-pgqb2j","status":"publish","type":"page","link":"https:\/\/sketharaman.com\/blog\/archive-my-content-amc360\/crypto-smart-contract-irrevocable-but-not-blind-https-qr-ae-pgqb2j\/","title":{"rendered":"Crypto Smart Contract Irrevocable But Not Blind. https:\/\/qr.ae\/pGQB2j"},"content":{"rendered":"<p class=\"q-text qu-display--block qu-wordBreak--break-word qu-textAlign--start\"><strong>Why is there no failsafe for withdrawals and blind signing contracts within MetaMask or other browser wallets?<\/strong>*<\/p>\n<p class=\"q-text qu-display--block qu-wordBreak--break-word qu-textAlign--start\">Who said smart contracts need to be signed blindly?<\/p>\n<p class=\"q-text qu-display--block qu-wordBreak--break-word qu-textAlign--start\">The best practice is to review the smart contract code and make sure there are no gotchas before signing them.<\/p>\n<p class=\"q-text qu-display--block qu-wordBreak--break-word qu-textAlign--start\">Normies would argue that they&#8217;re not capable of carrying out code review, let alone spot gotchas in the code.<\/p>\n<p class=\"q-text qu-display--block qu-wordBreak--break-word qu-textAlign--start\">But Crypto Maxis would counter that argument by saying that crypto, especially smart contacts, is not meant normies.<\/p>\n<p class=\"q-text qu-display--block qu-wordBreak--break-word qu-textAlign--start\">Neither side would be wrong.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Reading plain English contracts before hitting I Agree is hard enough. Doing code review and detecting terrifying function is&#8230; I don&#39;t know what it is but I hope it&#39;s not the future of business. <a href=\"https:\/\/t.co\/Bu0tPxfqek\">https:\/\/t.co\/Bu0tPxfqek<\/a><\/p>\n<p>&mdash; Ketharaman Swaminathan (@s_ketharaman) <a href=\"https:\/\/twitter.com\/s_ketharaman\/status\/1493277143953915905?ref_src=twsrc%5Etfw\">February 14, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"q-text qu-display--block qu-wordBreak--break-word qu-textAlign--start\">Not sure what exactly \u201cno failsafe\u201d means but if you\u2019re referring to the irrevocability of the action initiated by the smart contact, well, that\u2019s a feature, not bug, of blockchain&#8217;s foundational characteristic of immutability: Once a transaction is written on the blockchain, it cannot be deleted.<\/p>\n<p class=\"q-text qu-display--block qu-wordBreak--break-word qu-textAlign--start\">If it\u2019s any consolation, even Account-to-Account Real Time Payments in a fiat currency have \u201cno failsafe\u201d. That\u2019s again a feature, not bug, of how digital payments have evolved. Examples of such MOPs include UPI (India), FPS (UK) and Zelle (USA).<\/p>\n<p class=\"q-text qu-display--block qu-wordBreak--break-word qu-textAlign--start\">As I highlighted in\u00a0<a class=\"q-box qu-cursor--pointer qu-hover--textDecoration--underline Link___StyledBox-t2xg9c-0 KlcoI\" title=\"www.quora.com\" href=\"https:\/\/www.quora.com\/How-do-I-revert-an-online-transaction-which-is-done-by-using-UPI-ID-mistakenly\/answer\/Ketharaman-Swaminathan?ch=10&amp;oid=173426385&amp;share=80acdd41&amp;srid=XAE&amp;target_type=answer\" target=\"_top\" rel=\"noopener\">Ketharaman Swaminathan&#8217;s answer to How do I revert an online transaction which is done by using UPI ID mistakenly?<\/a>, by supporting chargeback and revocability, credit card favors the Payor. A2A RTPs emerged as an alternative that leaned towards the Payee by\u00a0not\u00a0supporting chargeback and revocability.<\/p>\n<p class=\"q-text qu-display--block qu-wordBreak--break-word qu-textAlign--start\">As things stand, either a payment method is revocable (e.g. Credit Card) or it is irrevocable (e.g. A2A RTP, Crypto). I don\u2019t know of a third type of MOP that lies in between.<\/p>\n<p class=\"q-text qu-display--block qu-wordBreak--break-word qu-textAlign--start\">Not saying there can\u2019t be such an MOP going forward but I won\u2019t hold my breath of it emerging in the forseeable future.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">A new card network with 2X Rewards &amp; 0.5X MDR of Visa \/ MasterCard will be highly disruptive. It won&#39;t be profitable. But that hasn&#39;t stopped VCs from funding disruptive startups. Will we see such a startup soon?  <a href=\"https:\/\/t.co\/AUMVK1o5Ii\">https:\/\/t.co\/AUMVK1o5Ii<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/RuPay?src=hash&amp;ref_src=twsrc%5Etfw\">#RuPay<\/a><\/p>\n<p>&mdash; GTM360 (@GTM360) <a href=\"https:\/\/twitter.com\/GTM360\/status\/1093487128321892352?ref_src=twsrc%5Etfw\">February 7, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Why is there no failsafe for withdrawals and blind signing contracts within MetaMask or other browser wallets?* Who said smart contracts need to be signed blindly? The best practice is&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":3722,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-6472","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/sketharaman.com\/blog\/wp-json\/wp\/v2\/pages\/6472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sketharaman.com\/blog\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/sketharaman.com\/blog\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/sketharaman.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sketharaman.com\/blog\/wp-json\/wp\/v2\/comments?post=6472"}],"version-history":[{"count":5,"href":"https:\/\/sketharaman.com\/blog\/wp-json\/wp\/v2\/pages\/6472\/revisions"}],"predecessor-version":[{"id":6477,"href":"https:\/\/sketharaman.com\/blog\/wp-json\/wp\/v2\/pages\/6472\/revisions\/6477"}],"up":[{"embeddable":true,"href":"https:\/\/sketharaman.com\/blog\/wp-json\/wp\/v2\/pages\/3722"}],"wp:attachment":[{"href":"https:\/\/sketharaman.com\/blog\/wp-json\/wp\/v2\/media?parent=6472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}