Zucoins transfers use a 2-way transaction model rather than the typical 1-way model used by many other cryptocurrencies. This design choice has direct benefits for security and accuracy.
Understanding why this matters helps explain a key part of how Zucoins protects users from common transfer mistakes.
What Are 2-Way Transactions?
A 2-way transaction is where both the sender and receiver need to confirm the transaction before the transaction can be completed. 2-way transactions form part of the Zucoins built-in 2FA (two-factor authentication).
The Benefits
This process eliminates spamming, as seen with current blockchain 1-way transactions, since the transaction will expire if not completed within a 90-second time block. 1-way transactions can also cause loss of coins if the receiving wallet address is entered incorrectly. With 2-way transactions, coins cannot be lost, as the receiver needs to confirm the transaction by entering a transfer code into their wallet.
If a transaction is accidentally sent to the wrong person, there will be no lost funds; the transaction simply expires after 90 seconds and can be tried again.