Scienza e Tecnologia
.bit Reveals .bit Alias to Help Users Avoid Risks of Using Decentralized Identifiers for Certain Asset Transactions
The asset receiver provides the address and the corresponding .bit Alias to the sender. The wallet or exchange then initiates a .bit Alias Lookup request to the application programming interface (API) service. Once the result is found, the user will be prompted to complete the alias of the receiving address. When the user enters the alias, the wallet or exchange compares the filled-in content with the result of the query and the user can only complete the transfer if the two exactly match. For transfers of small amounts, the wallet or exchange can only prompt to confirm the name of the alias of the receiving address is correct.
This method is somewhat similar to fiat currency transfers in the traditional world banking system. When transferring money in legal currency in the traditional banking system, transfer errors are of little concern as it is necessary to enter the other party's matching bank account number and name simultaneously and if there is a mismatch, funds will eventually be returned. Using .bit as an auxiliary verification method when sending assets achieves the same effect while keeping all the data on chain. When the application finds that the .bit Alias completed by the user is inconsistent with the query result, it will not allow the user to continue sending assets
Upon recognizing and studying the risks, .bit also provides recommendations for all parties as below:
For more information about DIDs and .bit Alias, please read our latest post here, join the .bit Discord channel, follow .bit on Twitter and GitHub, or visit the .bit website: https://www.did.id/.
View original content:https://www.prnewswire.co.uk/news-releases/bit-reveals-bit-alias-to-help-users-avoid-risks-of-using-decentralized-identifiers-for-certain-asset-transactions-301798339.html