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Transaction irreversibility is one of the prominent loopholes in the crypto ecosystem as such users are always encouraged to be certain of their interactions before signing any transaction.
Even though, there are proposed ERC standards that are in development to reverse transactions in case there are mistakes (legit ones) or in cases of hack, in the quest to return assets to the rightful owner.
That being said, you deserve to know more about the ecosystem to limit your chances of making extreme mistakes. Today, I'm initiating a project, Crypto Expert - Beginner to Pro, to guide you on the necessary things to know about this ecosystem and stay safe.
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The years spent in the crypto ecosystem are not enough to determine how vast a user is and the title they carry isn't also a guarantee of their vastness about the cryptography world. Silently, people are making costly mistakes, so I don't want you to be one.
Let me tell you a short story, I've been working as an Ambassador for a Web3 project for some time and there is a user on the team who carries these titles on her social profile- Brand ambassador, Blockchain and Crypto Expert, Ambassadors for several projects (added to her profile)…
Literally, you'd say "we have a guru here*. So last month ambassadorial stipend came in and I got a text from her, complaining about a delayed deposit. So, what really happened?
Case 1, this user was trying to deposit USDT (Polygon chain) on KuCoin, the Polygon chain for USDT was not supported for deposit at that time.
Case 2, she messaged another guy who is an ambassador for the same project and she was advised to copy the MATIC address instead and send the asset to it.
Case 3, the USDT (Polygon chain) was not available and she was advised to send the USDT to the MATIC (Polygon chain) address because they have an identical address.
When the user presented the case, I told her the deposits would not appear because she had sent the wrong asset (she could have swapped to MATIC before sending). Addresses for EVM chains on an exchange wallet and a decentralized wallet are unique all through per account but that does not validate deposits (if an intended network is not supported). I guided the user to submit a complaint to KuCoin support if they could come in to help.
Many users have made mistakes like this because they have assumed what is not valid. In the quest to enlighten you more about the ecosystem, I'm starting this project and this is how it will work:
Creating weekly content about crypto generally, that spans through Tokens, Protocols DeFi, NFTs, and so on.
Review products.
Dos and Don'ts of the ecosystem…
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In conclusion, you should move beyond being a normal writer especially when you have enjoyed the privilege to write on a social platform that is built on the blockchain, Steemit. Use the avenue to equip yourself with necessary cryptography knowledge.
I'm your host, @fredquantum and I will be taking you on a long ride about the world of blockchain and cryptography. It's a journey to the PRO status. See you there!