Bitcoin Forum

Alternate cryptocurrencies => Altcoin Discussion => Topic started by: bobma on June 03, 2018, 01:54:07 PM

Title: Is a new cryptocurrency with SMS verification before transfer valuable?
Post by: bobma on June 03, 2018, 01:54:07 PM

hi all

I was stolen all my ETH in my wallet after submitting Keystore file to a phishing website carelessly. So I has an idea of a SAFER cryptocurrency.

It has following features:
1) Only trusted receiver address is permitted.
2) Phone SMS verification needed when adding trusted receiver address
Thus even private key is leaked , scammer cannot transfer coin to his address.

Sample contract code maybe:

Code:

function transfer(address _to, uint _value) returns (bool) {
        if(_to not in TRUSTED_ADDRSSES) {   #Check _to is in trusted addresses or not
             return false
        }
        if (balances[msg.sender] >= _value && balances[_to] + _value >= balances[_to]) {
            balances[msg.sender] -= _value;
            balances[_to] += _value;
            Transfer(msg.sender, _to, _value);
            return true;
        } else { return false; }
    }

Look forward to your opinions or advise. Thank you

Title: Re: Is a new cryptocurrency with SMS verification before transfer valuable?
Post by: khendjer on June 03, 2018, 02:38:51 PM

Quote from: bobma on June 03, 2018, 01:54:07 PM

Code:

function transfer(address _to, uint _value) returns (bool) {
        if(_to not in TRUSTED_ADDRSSES) {   #Check _to is in trusted addresses or not
             return false
        }
        if (balances[msg.sender] >= _value && balances[_to] + _value >= balances[_to]) {
            balances[msg.sender] -= _value;
            balances[_to] += _value;
            Transfer(msg.sender, _to, _value);
            return true;
        } else { return false; }
    }

Look forward to your opinions or advise. Thank you

SMS verification is not a secure way of authorization of actions. Of course, it can improve the safety of the currency you suggest somehow but it will still remain vulnerable.

Here is a good article with an explanation why SMS message is not a good way of verification - https://www.theverge.com/2017/9/18/16328172/sms-two-factor-authentication-hack-password-bitcoin

Title: Re: Is a new cryptocurrency with SMS verification before transfer valuable?
Post by: pauline_78 on June 05, 2018, 10:47:41 PM

Thanks for such concept. This will help people mainly the investors to get free from hackers. A lot of people got stolen coin from their wallet. Using the procedure the changes of being stolen will get minimized.

Title: Re: Is a new cryptocurrency with SMS verification before transfer valuable?
Post by: lobo13hf on June 05, 2018, 10:54:22 PM

Quote from: bobma on June 03, 2018, 01:54:07 PM

Code:

function transfer(address _to, uint _value) returns (bool) {
        if(_to not in TRUSTED_ADDRSSES) {   #Check _to is in trusted addresses or not
             return false
        }
        if (balances[msg.sender] >= _value && balances[_to] + _value >= balances[_to]) {
            balances[msg.sender] -= _value;
            balances[_to] += _value;
            Transfer(msg.sender, _to, _value);
            return true;
        } else { return false; }
    }

Look forward to your opinions or advise. Thank you

I have so many problems with phone sms verification to be used as the main layer of security. Sometimes i was using sms verification and I don't receive any code, That becomes another problem. You need to add the second way as the substitution for that. but sounds good to me.

Title: Re: Is a new cryptocurrency with SMS verification before transfer valuable?
Post by: batang_bitcoin on June 05, 2018, 11:04:07 PM

So as the developer or user you have to add the trusted receiver address? good idea.

Enlighten me with this, what if the hackers managed to add the address and the SMS verification comes to your phone. Is that the only way to verify it? don't you have an email as an alternative. This can also be a problem if the real owner lost his phone.
But the idea itself looks promising.

Title: Re: Is a new cryptocurrency with SMS verification before transfer valuable?
Post by: wvizmanos on June 05, 2018, 11:08:23 PM

This is a good thing to add layer to the transaction security. But knowing how high tech criminals can be, they might still be able hack the sms and eventually steal your coins. One piece of advice that u can add is the thing that can surely protect you from theft - due diligence. Like you said, this incident happened knowing that you did it carelessly. And by being diligent next time you'll learn the chance of this from happening again. Good luck

Title: Re: Is a new cryptocurrency with SMS verification before transfer valuable?
Post by: 1e100 on June 05, 2018, 11:15:25 PM

Quote from: bobma on June 03, 2018, 01:54:07 PM

2) Phone SMS verification needed when adding trusted receiver address

I won't use such a crypto because it is not anonymized.

Title: Re: Is a new cryptocurrency with SMS verification before transfer valuable?
Post by: jalaaal on June 05, 2018, 11:22:37 PM

Quote from: 1e100 on June 05, 2018, 11:15:25 PM

Quote from: bobma on June 03, 2018, 01:54:07 PM

2) Phone SMS verification needed when adding trusted receiver address

I won't use such a crypto because it is not anonymized.

what do you mean by it is not anonymized? you will only use sms verification, the only thing you need for that is your mobile number.
but sms verification is a good idea for me, but still. there is a lot of problems that may occur

Title: Re: Is a new cryptocurrency with SMS verification before transfer valuable?
Post by: samiraetn on June 06, 2018, 12:15:48 PM

As we know tthat cryptocurrency is a virtual asset to us, obviously it is very much valuable. In that case, only sms verification cannot be a preferable secure way of authorization. Although it can improve the safety of the currency but still remains vulnerable.

Title: Re: Is a new cryptocurrency with SMS verification before transfer valuable?
Post by: opeakande on June 06, 2018, 04:12:45 PM

To my understanding of your message, your wallet was hacked through an airdrop that required your private keys or keystore for verification.
I'm sure you must have learn that any campaign that requires your private keys is just a means of scamming you of your tokens.

Title: Re: Is a new cryptocurrency with SMS verification before transfer valuable?
Post by: bman01 on June 07, 2018, 06:15:32 AM

It’s a good news that you are using this but you can apply many security system based on wallet also mobile verification is primary safety concern so you can search in website and you may found better result also this will help you to secure you account because its important for you.

Title: Re: Is a new cryptocurrency with SMS verification before transfer valuable?
Post by: pranazzs on June 07, 2018, 06:32:25 AM

More secure using sms verification or using 2fa google authenticator?
I prefer google authenticator more simple and fast.
if using sms, sometimes we long receive verification code.

Title: Re: Is a new cryptocurrency with SMS verification before transfer valuable?
Post by: shtako on June 07, 2018, 06:35:26 AM

SMS two-factor authentication is not secure and should not be used.

https://www.howtogeek.com/310418/why-you-shouldnt-use-sms-for-two-factor-authentication/

Title: Re: Is a new cryptocurrency with SMS verification before transfer valuable?
Post by: CryptoTamer on June 07, 2018, 06:50:43 AM

CryptoCurrency with SMS verification it's not innovative and I think it will not be valuable because we already have an exchange service or wallet with security systems such as; SMS verification and Google Authenticator, so it's not needed

Title: Re: Is a new cryptocurrency with SMS verification before transfer valuable?
Post by: bartolo on June 07, 2018, 10:50:02 PM

And would not a normal password be enough? You could set the password when creating the wallet and enter it every time you add an address.

Title: Re: Is a new cryptocurrency with SMS verification before transfer valuable?
Post by: blue08 on June 08, 2018, 09:50:11 AM

SMS verification could add some security but not a hundred percent and one of the problem that we might encounter is that sometimes we have to wait for too long before we received the verification code. So for me, 2fa is enough to secure our wallet.

Title: Re: Is a new cryptocurrency with SMS verification before transfer valuable?
Post by: longminh123 on June 08, 2018, 09:54:49 AM

Quote from: bobma on June 03, 2018, 01:54:07 PM

Code:

function transfer(address _to, uint _value) returns (bool) {
        if(_to not in TRUSTED_ADDRSSES) {   #Check _to is in trusted addresses or not
             return false
        }
        if (balances[msg.sender] >= _value && balances[_to] + _value >= balances[_to]) {
            balances[msg.sender] -= _value;
            balances[_to] += _value;
            Transfer(msg.sender, _to, _value);
            return true;
        } else { return false; }
    }

Look forward to your opinions or advise. Thank you

That could add another layer of security, but hackers will not break into the normal way. They will attack your account in another way and do not need to go through the confirmation steps. So I think you should not install that extra step, it will only cost you time.

Title: Re: Is a new cryptocurrency with SMS verification before transfer valuable?
Post by: xenomorphe1 on June 08, 2018, 09:57:32 AM

If there is an SMS verification, then i think there should be a server which stock the phone number. Also it should not be in the blockchain as a phone number could change.
It is going to be centralized and also not anonymous as their is a link between the wallet address and the phone number. You are looking for something like the Electroneum android app.

Title: Re: Is a new cryptocurrency with SMS verification before transfer valuable?
Post by: greenvally on June 09, 2018, 07:55:11 PM

This is really a nice initiative. Such types of initiatives prove that the investors are now more concern about the market of crypto currency. This is really great news. But I do not think that sms verification will be able to completely secure the process. But it will add some value in the security issue. It will tight the security system.

Title: Re: Is a new cryptocurrency with SMS verification before transfer valuable?
Post by: AlisaWhishie on June 09, 2018, 08:09:42 PM

I'm sorry to hear about your loss, but... Come one, we came here to enjoy our freedom, anonymity, desentralization, un-regulation... No one wants to get back to this system with any kind of 2FA, especially if it's SMS. Just think about it, it means that you have to provide your phone number, and in my country it's necessary to register a phone number with your passport, so it kills all the idea of anonymity, it would be so easy to find you in this case.

Title: Re: Is a new cryptocurrency with SMS verification before transfer valuable?
Post by: disconnectme on June 09, 2018, 08:16:19 PM

It is a good idea, even this was what i was thinking about today on how to make account more secured, but I don't think SMS verification is that secured, anything on internet is hackable, it is just a matter of when. I think for now 2FA is doing fine but soon hackers may find their ways around it

Title: Re: Is a new cryptocurrency with SMS verification before transfer valuable?
Post by: voltagecrypto on June 10, 2018, 09:42:11 PM

The first features which you said it's possible but the other one might not possible yet. Sms verification is not a secure way and its not able to stop scammer to transfer coin in his adress. After doing some more research about this you might get why sms verification is not secure.

Title: Re: Is a new cryptocurrency with SMS verification before transfer valuable?
Post by: N-gen on June 10, 2018, 09:46:43 PM

verification sms I think less good, if our mobile phone lost or the number we use is broken then we will not be able to move our tokens, another case if the feature also uses other security such as google autentic and email verification

Title: Re: Is a new cryptocurrency with SMS verification before transfer valuable?
Post by: jasonhart on June 10, 2018, 11:09:04 PM

I think SMS verification is still available and not so secured to break by the hackers. You should better use offline wallet for ensuring better security.