Decentralized Failsafes

Have you ever sent money to the wrong account?

I have. Too many times.

And I got the money back every time.

That’s not how crypto is designed at all.

big red button
In crypto, there’s no human with a Big Red Button who can reverse transactions once they’re sent. That’s both a feature and a bug.

A key advantage of centralized banking is the ability to easily reverse transactions.

  • How can we build this feature into decentralized finance (DeFi)?

What do you do if someone hacks your crypto wallet and steals your NFTs?

We need a decentralized consensus mechanism to track and reverse theft of digital assets.

This idea is a work-in-progress. If you’d like to riff on it, hit me up @neilthanedar on Twitter.

Published by Neil Thanedar

Neil Thanedar is a scientist, entrepreneur, philanthropist, and activist. He is the founder & CEO of Air to All, a 501(c)3 nonprofit medical device startup designing low-cost respirators and ventilators for COVID-19 and beyond. He is also the co-founder and CEO of Labdoor, a consumer watchdog that independently tests and ranks supplements and other health products for its 20M+ users. He previously co-founded Avomeen Analytical Services, a product development and testing lab acquired for $30M+ in 2016. He has worked with community organizations since 2007 and political campaigns since 2016 to fight for better education and economic opportunities in Michigan.