Post
Topic
Board Bitcoin Discussion
Merits 4 from 3 users
Topic OP
Would it be possible to develop crypto address validation technology?
by
jdn_ldn
on 26/08/2020, 02:03:02 UTC
⭐ Merited by ranochigo (2) ,bL4nkcode (1) ,vapourminer (1)
A little while ago I was very tired, multi-tasking and finally made the dreaded mistake of sending some USDT to a BTC address. Fortunately it was only a small amount and the exchange were able to retrieve it but it got me thinking...

Would it be possible to develop some kind of address validation technology that runs a check and doesn't physically allow you to send crypto to a different coin address?

Coinbase Pro have attempted to implement something like this https://i.imgur.com/HD2l9jI.png but after running a test it still seems to give the green light for a PAXG address when trying to send USDC. I imagine this is because they're both ERC20 tokens.

I messaged another exchange and they said it would be hard to implement this technology because many coins have unspecific addresses.

I feel like this is such an essential thing to have in the crypto space if its to ever have a serious chance at mass adoption. The fact that one easy mistake can be so calamitous and then with no customer support to call because... well its crypto, seems like a fundamental flaw.

I've been sending crypto around for 6 years and I'm still just triple checking that the first and last 4 characters of an address match up after a copy paste. Then until it shown up at the deposit end I still have a slight fear that I might've made some mistake, as I'm sure many can relate!

Surely in this day and age (in a tech oriented scene no less) it is nonsensical that something so sensitive as sending money digitally is still subject to manual checks and human error.

Is there a way to develop this or any existing technology I don't know about?