Is a new cryptocurrency with SMS verification before transfer valuable?

[bobma]

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

[khendjer]

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

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

[pauline_78]

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.

[lobo13hf]

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

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.

[batang_bitcoin]

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.

[wvizmanos]

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

[1e100]

2) Phone SMS verification needed when adding trusted receiver address

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

[jalaaal]

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

[samiraetn]

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.

[opeakande]

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.

[bman01]

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.

[pranazzs]

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.

[shtako]

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/

[CryptoTamer]

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

[bartolo]

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.

[blue08]

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.

[longminh123]

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

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.

[xenomorphe1]

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.

[greenvally]

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.

[AlisaWhishie]

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.