Sending to the wrong address is deadly in the Metaverse

Someone just lost $500k by sending to the wrong address.

Yup, imagine what a horrendous day it was for him.

Half a million dollars vanished instantly.

Just because he sent it to the wrong address.

That is a literal game-ender.

There is no coming back from that.

Ever.

This is the reality of the metaverse.

The laws that exists within the fantastical world of cryptoland.

When people say our future will be built in the Metaverse, they probably are right.

But that does not mean that we are ready for it.

At least not all of us are.

“Losing a half-million dollars worth of crypto by mistake is something that needs to be addressed before crypto can become mainstream. When it’s this easy to lose everything, there’s no way your grandma is going to be using it.”

Think about it.

We curse the banks and lament at their customer service (or lack thereof).

They are the big bad boy.

The centralised system that governs our financial world.

They have almost complete dominance over the flow, creation and use of money.

But that also means that they can reverse a wrong transaction or help sort things out when you send to a false or wrong bank account.

Note, I said they CAN.

I don’t mean they necessarily would or that it would be easy.

In simple terms, we do give up certain freedoms and power to the central banks.

But that also means for the majority of us who are prone to making mistakes and errors, there is a mean of rectification or salvation.

Who do you sue or blame when hackers steal from your crypto wallets?

Worse still, what can you do if you accidentally send to the wrong address?

Nothing.

Sending to the wrong address is deadly in the Metaverse.

And to be honest, it is complicated.

Nobody remembers their wallet addresses.

Every coin has its a different wallet address on every platform or app you use.

It’s a long string of hexadecimals that is randomly generated and designed for security.

Ironically, that also makes it easy to key in wrongly, hard to double-check and prone to overlooking.

Can you imagine “burning” your cryptocurrency just because you were distracted and keyed in a wrong address or accidentally typed an additional letter?

I really hope we can all figure this one out in the future.

The punishment for a simple error like sending to a wrong address is too overwhelming.

Till we do so, the metaverse, however amazing, will not be truly accessible to everyone.

Anyone has any brilliant idea or way around this?

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#startups #business #startupx #growth #success #socialmedia #culture #entrepreneurship #strategy #nft #blockchain #protocol #metaverse #btc #eth #walletaddress #banks #humanerror

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Durwin Ho

Durwin Ho

CEO of StartupX | Web3.0, Crypto, DeFi, NFT Enthusiast |HyperX Sustainability Hackcelerator | Startup Weekend Singapore.