Description
Last updated
Last updated
xfer noun, verb Abbreviation of transfer.
(source: wiktionary)
Xfer is a revolutionary service that puts the power of secure asset transfers directly into the hands of Hive users. It works by using transfer routes that are meticulously validated before finalizing a transfer operation. This means that the risk of irreversible errors or loss of funds is significantly mitigated.
The process of utilizing Xfer is straightforward. Users define and manage their own transfer rules, ensuring that only authorized transfers are executed.
By associating a simple routing code with the desired asset type (HIVE or HBD), recipient, and memo, users can initiate a transfer with confidence. The funds are sent to the @xfer account, with the routing code provided in the memo. Then, the Xfer service verifies the routing code, and if correct, promptly forwards the funds to the intended recipient with the predefined memo.
Gone are the days of double-checking every character and fearing the irreversible consequences of a simple mistake. Xfer provides a reliable safety net, offering peace of mind during transfers. With this service, Hive users can rest assured that, in the event of an error, their funds will be promptly returned, eliminating the anxiety associated with the loss of assets.
Using Xfer to securely transfer your assets is a simple two-step process:
1. Define Your Transfer Rules:
Begin by defining your transfer rules. This involves creating a routing code associated with the asset type (HIVE or HBD), recipient, and memo. Take your time to ensure accuracy and double-check the details to avoid any potential errors.
This configuration step is done by sending commands to Xfer using micro-transfers. This guarantees total traceability and transparency since all operations are recorded in the blockchain.
If an error occurs during the creation of your rules, @xfer will inform you confidentially by sending back encrypted memos.
2. Initiate Transfers:
Once your transfer rules are set, it's time to initiate transfers. Simply send your funds to the @xfer account on the Hive blockchain. In the memo field, include the routing code you created earlier. This code acts as the key to validate and execute the transfer.
Upon receiving the funds and the routing code in the memo, Xfer verifies the code's accuracy. If the route code is correct, Xfer proceeds to execute the transfer and forwards the funds to the intended recipient using the predefined memo. This validation step ensures that the transfer adheres to your authorized rules, adding an extra layer of security and peace of mind.
In the event of an error, Xfer acts as your safety net. If the validation process detects an issue with the routing code or any discrepancies, the transfer is immediately interrupted. The funds are swiftly returned to you, safeguarding your assets from potential loss. This error protection mechanism ensures that even the slightest mistake won't result in irreversible consequences.
By following these simple steps, you can seamlessly transfer your assets on the Hive blockchain with the added assurance of Xfer's protection against errors. Say goodbye to the fear of mistyped names or memos and embrace a worry-free transfer process.
Xfer offers a range of compelling benefits that make it an invaluable service for Hive users, ensuring secure and error-free asset transfers. Here are some key advantages to consider:
User-Defined Rules: Users have full control over their transfer rules. You can define the specific routing code associated with the asset type, recipient, and memo. This allows you to customize and manage your transfers with ease, eliminating the risk of errors caused by manual input or external factors.
Error Prevention: By utilizing the predefined routing code and verifying it before executing the transfer, the risk of using mistyped recipient names or memos or sending the wrong asset is significantly reduced. This eliminates the need to constantly double-check details, minimizing the chance of mistakes slipping through. Additionally, Xfer is also able to validate the routes you create against a list of over 600 misspelled accounts that were created on purpose by malicious actors.
Streamlined Process: The process of using Xfer is designed to be seamless and user-friendly. Users can initiate transfers effortlessly by sending the funds to the @xfer account with the routing code in the memo. The service then validates the code and forwards the funds to the intended recipient using the predefined memo, ensuring a smooth and hassle-free experience.
Peace of Mind: The major benefit of Xfer is the peace of mind it brings during asset transfers. By leveraging the service, users can be confident that their funds will reach the intended recipient without any hiccups. In the event of an error, the transfer is promptly interrupted, and the funds are immediately returned to the sender, preventing any potential loss.
Xfer emerges as a game-changing service that secures asset transfers on the Hive blockchain. By providing users with the ability to define and manage their own transfer rules, Xfer ensures secure and error-free transactions. The perils of transfer errors, such as mistyped recipient names or memos, no longer pose a threat to Hive users.
With Xfer, users can experience peace of mind during their asset transfers. The validation process and error protection mechanisms act as a safety net, swiftly returning funds in the event of an error, preventing potential loss, and eliminating unnecessary stress.
By using Xfer, Hive users can say goodbye to the anxieties associated with transfer mistakes.
