Smart Send Option

Hi.

First of all, I’m not a developer but I have an idea. An idea that might help in terms of speed in adoption. But please let me know if this idea is already existing in our blockchain.

Problem: it is always scary to send large amount of Erg to another wallet no matter how pro you are. Okay, test sending a small amount prior to full sending is a good practice. But even after doing so, you would still feel anxious before even hitting confirm send. No matter how pro we are, we could mess up big time especially if our coffee cup is still full.

That being said, newbies are more intimidated using such technology because #1,-you cant get your Erg back if you messed up on transferring. And #2,-there is no arbitration if you want to dispute the transaction.

Proposal: P2P Double Signature Transaction Option

With this, another extra layer of condition is added. Essentially, with this option, for a transfer to be considered complete, the receiver should also sign and accept the transaction.

By using “Smart Send” option, sender can set parameters like: PIN, cancel if not accepted within given timeframe, time lock and cancel transaction after x failed attempts.

The best part of this option is the ability of the sender to cancel the transaction when nobody is confirming on the receiving side.

My theory is… with this, it would build confidence in using the blockchain as a means of transfering currency from wallet to wallet. Making it also a little bit forgiving in a way that you dont get punished hard when you send something improperly.

It is double edged somehow as it may be used for activities other than the good ones but that shouldn’t outweigh the benefit.

Use cases and possibilities:

  1. Remittances: normal people can confidently move Ergs to someone cross country confidently.

This could be done in multiple ways. But the one way I could think of in terms of parameters is sender has to set a pin code. No timeframe, no timelock.

The receiving party will receive a sign notification in their wallet, accepts it and enter the PIN code. (We need more than 4 to prevent brute force just in case).

  1. Estate: i can send a transaction to my child pending indefinitely until my child accepts it and enter my 4 digit pin which my real-life agency will give him when I pass away. Maybe this can even be done by our on-chain oracle in the future.

  2. Insurance: same with #2

  3. With the involvement of an arbitration/oracle, and some “time parameters” we can even make P2P off-chain fiat to Erg transactions.

  4. And also, Erg as a payment to a completed service. I can place the order of the service by sending it already to the address, then the arbitration dao/oracle will provide the PIN to receiver to complete the transaction.

  5. In the future, it could also be used like an on-chain check! I dont know for sure but at least somehow.

  6. Subscription payment method. One wallet will send to a wallet no PIN but with timeframe.

  7. Payroll? Mortgage? And many many more. It would give us the power of centralized industries without centralized entities.

All these, just by adding parameters from the sender and from the receiver.

The million Erg question is HOW? That’s the part I need help with since im no blockchain developer. I have an idea but as we all know, we do things academically here in Ergo so I will digress from here.

If you are still reading, thank you for your time. I hope our Ergo team can make this happen, if not, I hope at least someone from our community. And that’s my 0.02 ERG.

3 Likes

I don’t know either, but this is a great idea if it can be implemented without compromising other aspects of the network.

It feels like this idea is the guitar solo for the Bisq-like DEX idea discussed here: A bisq-like dex to trade ERG for fiat or BTC and other cryptcurrencies - #3 by kushti

By making the transaction contingent upon some kind of handshake, you could remove a huge amount of anxiety.

1 Like

I like your idea. I would use this, as I’m also wary sending large amounts.

1 Like