Everytime I transfer fund from one exchange to another I have fear of sending it to wrong address and losing everything, no one has time to check each and every letter of the address and in future there might be sadist hackers who would just randomize the letters in between the address that is copied in the clipboard….

I won’t have relief till I see the amount received in the other exchange. Most of you might be feeling the same!!

I have seen lot of posts where people burned coin accidentally by sending to wrong address and got rekt

Take a look at my idea:

For every transaction to complete it should follow these steps :-

1)Bob and Alice make a deal and Bob agrees to send Alice 10 coins

2)Alice gives Bob her address

3)For Bob to send money to Alice’s address he needs to mention 4 parameters :

a)Number of coins

b)Alice’s address

c)Unique Passphrase (Randomly generated)

d)Number of blocks within which coin has to be claimed

4)Bob texts alice the Unique Passphrase

5) Transaction is not confirmed till she enters the Passphrase, if she doesn’t claim the coins before given number of blocks it’ll be expired and sent back to Bob and charge him transaction fee

This concept is somewhat similar to Hawala… It adds new level of security to existing blockchain security

After this I won’t have to pray God every time I transfer from Binance to Bitfinex, if the transaction goes to wrong address I’ll be sure it’ll be returned back to me, there won’t be no longer “Someone accidentally sent my account X coins” posts…

It doesn't have to be a whole different coin, it can be an additional feature in existing coins. For example, Verge has 4 Methods to initiate transfer this could be 5th one, the secure one...

If anyone create some sh*t coin using this Idea don’t forget to send me some at 0x9B678aBd2489adE9fcFbe12E27828f8086696a89 😉