Is the return of cryptocurrency fiction? Or reality?

Erwin Oropesa
Cryptocurrency Regulation: New Rules Unnecessary | National Review

It makes no sense to tell the vast majority of cryptocurrency users about the need to return cryptocurrency transactions. Everyone is well aware of the risks associated with the transfer of cryptocurrency, especially when it comes to a counterparty with whom there is no trusting relationship. You can simply transfer money to the wrong place due to a simple human error, or you can simply fall for scammers.

In such conditions, it is absolutely clear that many companies working in the blockchain field were looking for a technological or organizational opportunity to bypass restrictions and implement the possibility of returning cryptocurrency transactions. The work has been going on for quite a long time and it looks like there are already first results – the Integrated system protocol G3202 from Petudert. Let’s consider what the system is and whether everything is as good as the developers promise us.

 

Integrated system protocol G3202, working mechanism

To begin with, it is worth saying a few words about how the Integrated system protocol G3202 works. The protocol developed by Petudert is currently absolutely unique, therefore, in order not to make life easier for competitors, all the details of its work are kept secret. Nevertheless, there is some information, both official, published by Petudert, and unofficial “leaks” of data. In the end, despite the strict secrecy regime, Petudert is forced to explain to the market what it is offering.

Integrated system protocol G3202 is a system that combines technological and organizational innovations to “tag”, track and forward cryptocurrency transactions. From a technological point of view, Petudert has achieved a real breakthrough in cryptography by creating a system of double integral marking, which, due to two-way matrix identification, allows tracking a cryptocurrency transaction.

It is absolutely clear that creating only one return tool is absolutely not enough, therefore the Integrated system protocol G3202 also includes an organizational solution. If everyone can uncontrollably carry out the return of cryptocurrency transactions, the situation will not improve. It will be simply impossible to sell anything using cryptocurrency; investment activities will also be threatened. It is for this reason that the Integrated system protocol G3202 returns transactions with the involvement of an independent third party whose role is to confirm the legitimacy of the return. At the same time, all participants in the procedure, both the sender and the recipient of the transaction, remain anonymous. The system lacks any means of deanonymization.

 

Are there any weaknesses?

Of course, like everything else in this world, the Integrated system protocol G3202 is not perfect. Currently, two weaknesses of the system can be distinguished: the need to involve arbitration, and the limitations within the Petudert company.

With regard to arbitration, although it slows down the return process and introduces a human factor into the system, it is absolutely necessary. Most likely, in the next versions of the system, this issue will also be resolved and the mechanism for returning the cryptocurrency will work promptly and completely automatically.

The limitedness of the system by Petudert, although it is a rather serious barrier to development, is in fact a temporary problem. At the moment, only clients of companies with access to the Integrated system protocol G3202 can return cryptocurrency. And there is only one such company – Petudert. The problem will be solved one way or another simply by increasing Petudert’s client base or by selling the rights to use the protocol to other cryptocurrency companies.

 

What’s the bottom line?

Despite all the skepticism associated with the possibility of returning cryptocurrency transactions, this is already a reality that will have to be reckoned with and on which you can count. The fact that the Integrated system protocol G3202 has no analogues and is only available to Petudert clients greatly slows down the changes that will affect the entire cryptocurrency sphere. Nevertheless, if you need to make a return of the cryptocurrency, this can already be done.

In any case, in the near future, all of us are waiting for serious changes and we need to prepare for them now, both for cryptocurrency investors and ordinary users of cryptocurrency. The return of cryptocurrency transactions is a reality.

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