BlockCAT Launches “Error-Proof” Ether Transactions With Tabby Pay 🚨 This article is 7 years old...
BlockCAT Launches “Error-Proof” Ether Transactions With Tabby Pay
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Updated: Mar. 16, 2018 at 12:56 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
A new payment solution based on the Ethereum blockchain developed by BlockCAT is aiming to prevent user error in blockchain transactions by allowing users to cancel Ether transactions if they accidentally send to the wrong wallet.
Distributed ledger technology provides users with the ability to effectively “be their own bank,” providing asset holders with far more control than traditional financial institutions.
While cryptocurrency transactions may be faster, more transparent, and cheaper than fiat currencies, however, they can also be easy to mess up — blockchain transactions can’t be reversed, which can lead to some extremely frustrating situations.
BlockCAT has developed the Tabby Pay solution in response to a survey that quizzed cryptocurrency users on the level of anxiety they experience when sending crypto transactions, discovering that 94% of respondents worry about making a mistake when sending crypto and a massive 11% have actually sent crypto to the wrong address.
[Announcement] Introducing Tabby Pay | Never send #ETH to the wrong wallet again. ?? https://t.co/toFEdEJbtt #smartcontracts #ethereum #cryptonews
— BlockCAT (@BlockCATio) March 15, 2018
The Tabby Pay solution offers Ethereum users an additional level of security when performing Ether transactions by allowing them to cancel transactions before completion, eliminating the threat of irretrievably sending large amounts of cryptocurrency to the wrong wallet address.
What is Tabby Pay?
Tabby Pay offers users a simple web-based UI that allows them to send Ether payments to anybody using a Web3 enabled wallet. Ether payments made via the platform are routed via a smart contract along with attached data that ensures only the intended wallet is able to accept the transaction.
The Tabby Pay system utilizes a two-step method that requires payment recipients to visit the Tabby Pay website in order to claim it. If a user sends Ether to the wrong wallet address, they are able to cancel the payment before it finalizes.
Overall, the Tabby Pay system is simple but extremely effective. Tabby Pay is currently available without fees for the first 30 days of operation, but the platform is likely to begin charging fees in future as evidenced by the fee discounts offered to CAT token holders.
The Tabby Pay solution is the brainchild of the BlockCAT team, who recently launched a successful ICO that generated over $6.2 million in token sales.
Solutions such as Tabby Pay may not be critical to more experienced crypto users, but as adoption increases less technically adept individuals are entering the market.
Tabby Pay provides an effective mechanism that can be used by anybody to ensure their Ether payments are going to the right place. While Tabby Pay currently only supports Web3 enabled Ethereum wallets, the BlockCAT team have announced that they intend to support a broader range of wallets — including hardware wallets — as a top priority.
Posted In: Adoption
