Originally published on: November 13, 2024
Smart contract transactions on the Ethereum blockchain are about to get a whole lot smarter with the introduction of a groundbreaking “time machine” by Ethereum researcher and Smart Transactions (STXN) co-founder Vlad Zamfir. This innovative feature allows users to reverse smart transactions, making certain transactions less immutable.
STXN’s co-founder, Anuj Das Gupta, revealed at the DevCon conference in Bangkok that Smart Transactions also enable users to set specific conditions for transaction timing and execution. Describing STXN as a time machine, Das Gupta explained that this technology guarantees the future when it comes to smart contracts, offering a new level of flexibility and utility.
The “time machine” feature will be compatible with Ethereum Virtual Machine-compatible blockchains, providing a solution for crypto users who may encounter errors during transactions. According to Das Gupta, this innovation addresses the challenge of balancing flexibility and immutability in blockchain technology.
STXN’s newly-appointed CEO, Boris Mamlyuk, compared the impact of blockchain immutability to the evolution of email technology. Just as Gmail introduced an “undo toggle” for emails, allowing users to retract messages, Smart Transactions aim to unlock more utility and opportunity in Web3.
The team at STXN is also incorporating this time machine feature into CleanApp, a platform created by Mamlyuk in 2013 to incentivize users to complete tasks in exchange for blockchain rewards. Transactions will be reversible in cases of malicious intent, ensuring a secure and efficient ecosystem for decentralized applications.
Looking ahead, STXN plans to integrate this innovative feature into various matchmaking applications, including a decentralized Uber-like platform. By enabling users to build match-making applications on top of their infrastructure, STXN aims to support a wide range of decentralized applications and enhance user experience in the DeFi space.
This announcement follows STXN’s recent partnership with Ethereum infrastructure firm ConsenSys, indicating a positive trajectory for the development and adoption of smart contract technologies. As the DeFi ecosystem continues to evolve, innovations like the “time machine” feature have the potential to revolutionize how transactions are executed and managed on the blockchain.
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