Cryptocurrency Transfer Verification via Blockchain Node Query
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Solution Overview
Problem
In blockchain networks, incorrectly selecting a blockchain network during cryptocurrency transfers can result in sending cryptocurrencies to non-existent recipient addresses, as the address systems and validity checks may be the same across hard-forked networks, leading to incorrect transactions.
Innovation Solution
An electronic device identifies the existence of a blockchain address within its corresponding network by using unique data and only transfers cryptocurrency if the address is found, preventing transfers to incorrect networks by verifying blockchain transaction information through nodes within the intended network.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If the address system is used across hard-forked blockchain networks, then compatibility between networks is improved, but the risk of incorrect cryptocurrency transfer increases
Solution Approach 1:
The system performs preliminary verification by checking blockchain transaction information before executing the cryptocurrency transfer. This advance check confirms the recipient address exists in the correct network, preventing incorrect transfers while maintaining compatibility across hard-forked networks.
Solution Approach 2:
The system uses feedback from blockchain nodes to verify transaction details before execution. By receiving and checking transaction information from the blockchain network, the system can confirm address validity and prevent transfers to incorrect networks, thus improving reliability without sacrificing compatibility.
2Reliability
If cryptocurrency transfer verification is added, then transfer accuracy is improved, but device complexity increases
Solution Approach 1:
The system uses blockchain nodes as intermediaries to perform verification. Instead of complex internal validation, the system queries existing nodes for transaction information, simplifying the verification mechanism while maintaining high accuracy. The nodes act as trusted mediators that provide verified blockchain data.
Data Source
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AI summary
An electronic device is provided. The electronic device includes a memory, a communication circuit, and a processor, wherein the memory stores instructions which, when executed, cause the processor to receive a message from an external electronic device, the message including a blockchain address corresponding to a blockchain account and an identifier corresponding to at least one blockchain transaction related to the blockchain address, obtain blockchain transaction information related to the identifier from a node included in a blockchain network related to the blockchain address using the communication circuit, based on a request for remitting cryptocurrency to the blockchain address, when the blockchain transaction information obtained from the node corresponds to the blockchain address, remit the cryptocurrency to the blockchain address via the blockchain network, using the communication circuit and, when the blockchain transaction information obtained from the node does not correspond to the blockchain address, refrain from remitting the cryptocurrency to the blockchain address via the blockchain network.