This "Hand-Shake" can revolutionize STEEM and bring value to the network
What is the Hand-Shake?
It is a pre-payment verification process prior to sending STEEM or SBD.
What will the Hand-Shake do?
It will prevent STEEM or SBD transfers to the incorrect address, sending incorrect transfer amounts, or sending incorrect currency type.
How will the Hand-Shake revolutionize STEEM blockchain?
STEEM or SBD will not only be an incredibly fast and free to transfer, but will become the safest way to transfer cryptocurrency.
Here is how it works
These are some real-world scenarios that help explain how a hand-shake will improve STEEM transfers. I will use "Joe Crypto" in these scenarios.
Here is a concept of a marketplace use of the Hand-Shake
Let’s say that Joe Crypto is shopping in a market that accepts STEEM or SBD as form of payment. Joe wants to pay in STEEM and not in SBD. The merchant tells Joe the total STEEM price and the STEEM account name that Joe needs to pay. Joe initiates the hand-shake. This puts a temporary hold on the transaction. The merchant checks their STEEM wallet and verifies that the amount is correct and Joe is paying in STEEM and not in SBD. If the merchant did not receive the notification to their STEEM wallet, then Joe must have typed in the incorrect deposit address. If this is the case, Joe does not then release the payment. Joe reviews the hand-shake and discovers that he typed the deposit address incorrectly. Good thing that there was a hand-shake in place. This prevented Joe from loosing his STEEM.
Here is a concept of on-line use of a Hand-Shake
Joe Crypto wants to buy some silver coins. Joe finds Jane Stacker’s silver coin store on line. Jane Stacker is a reputable silver coin merchant. Jane accepts SBD as payment. Joe messages Jane and request to buy 5 silver coins minted with the STEEM logo. Jane provides Joe with the total, but made a typo on the deposit address. Joe initiates a hand shake which puts a temporary hold on the SBD transfer. Jane didn’t get the notification since Joe is using the incorrect address. Since Jane didn’t respond, Joe checks back with Jane and they discover the address was incorrect. The hand-shake prevented a loss of SBD currency. Jane Stacker gives the correct address to Joe. Joe initiates another hand shake with the correct address and Jane responds after verifying the amount, currency type, and the address is correct.
Here is the concept using the hand shake when the sender and the receiver are the same person
Joe buys a bunch of STEEM on Binance and wants to send it to his STEEM wallet. Joe is a little nervous sending this much STEEM. If a hand-shake could be implemented, a hold on the transfer is created, and a pre payment notification is sent from the exchange to the STEEM wallet. Then Joe would check his STEEM wallet to verify the pending transaction is the correct amount, correct currency, and that it is going to the correct location. After Joe verified everything, he releases the transaction from the exchange.
Another Exchange Example:
Joe has built up a bunch of SBD from his hard work. One day, STEEM currency gets pumped on Binance and Joe can’t log into Binance fast enough. In the excitement, Joe sends his SBD to Binance instead of STEEM on accident. Since Binance doesn’t trade SBD, Joe’s SBD is stuck on the Binance wallet forever and cannot get it back. If a pre-payment hand-shake was available, the transfer to the exchange would create an error alerting Joe that the currency type was incorrect.
Do we need to always use a Hand-Shake?
A hand-shake should be an option for the sender. Users sending small amounts or users who don’t need this option should retain the ability to transfer STEEM or SBD the same way as they do currently.
Isn’t there already an escrow service that does this?
An escrow service requires a 3rd party and really doesn’t perform a hand-shake as I have described. Hand-shakes don’t require a 3rd party and only requires a sender and a receiver. It is simple and should be built into STEEM. The hand shake is really only a simple hold and a notification of the pending transfer.
How do we get an Hand-Shake implemented on STEEM blockchain?
- Steemit Inc updates the STEEM blockchain software. A hand-shake can be added to STEEM with a blockchain software update. Go to @steemitblog and voice your desire to have Hand-Shake option available for STEEM blockchain.
- Write to your witnesses and let them know that a hand-shake is something that they should suggest to Steemit Inc for future changes.
- Blog about hand-shake and write how it would make the STEEM experience so much better.
- Resteem and upvote this post to get the hand-shake concept on the Trending page so that it is popular enough to get Steemit Inc to implement it.