1/ A few weeks ago I did a survey and more than 50% of responders said that they had lost money due to a mistake in entering public keys. With @kadena_io you can do what I call a Safe Transfer which makes it impossible to lose coins. Here's how they work...
https://twitter.com/KadenaDirEng/status/1360209814895353860
2/ If we take a step back and think about the #cryptocurrency safe transfer problem, what we really need is some way of guaranteeing that someone has a private key corresponding to the public key to which we're sending.
3/ There's an obvious way to do this...sign the transaction with the *receiver's* private key! Signing something is the definitive way to prove possession of a private key.
4/ Therefore, to make a truly safe transaction where you know your #Crypto isn't being sent to a black hole you have to REQUIRE that the transaction also be signed by the receiving key. The next question, then, is how do we require this...
5/ Well, we already have something that establishes this requirement. You have to sign to transfer money out of an account. This suggests a pretty elegant way to construct a safe #Crypto transfer...
6/ If Alice wants to transfer 5 coins to Bob safely, all she has to do is construct a single transaction that transfers 5.001 coins to Bob and then transfers 0.001 coins from Bob back to Alice *in the same transaction*. Here's where @kadena_io's Pact saves the day...
7/ With $KDA, coin transfers aren't special. They're a normal Pact function call just like anything else. This design decision means that we didn't have to do any extra work to support safe transfers...even though we didn't think of the idea until after launch!
8/ Here's the #pact code for doing a safe transfer. If any part of a Pact transaction fails, the whole transaction fails. So if the 0.001 transfer from Bob to Alice fails, then the preceding transfer also fails. 
9/ If you made a mistake while entering Bob's public key, then Bob won't be able to sign this transaction. Therefore, the transaction can't possibly succeed unless Bob has the private key and signs the transaction with it.
10/ The only downside to this is that you have to sign the transaction with two keys...the sender's key and the receiver's key. But guess what...it's the well known best practice in #Crypto is to do a test transfer first and then have the receiver do a transaction to verify.
11/ It's not even sufficient to do a small test transfer and check your balance. To be really sure it worked, you have to verify that you can transfer the coins out again. @kadena_io safe transfers do all this in one transaction!
12/ Say goodbye to lost coins or time consuming test transfers and start doing safe transfers today with @kadena_io's Chainweaver wallet! It has built-in support for safe transfers that handles all the details for you. kadena.io/chainweaver
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