Fraud, Theft, and Loss Protection

The inability of other cryptocurrencies to allow transactions to be reversed has both positive and negative effects. While blockchains are innately immutable, there are times in which the ability to reverse a transaction has value, such as chargebacks for online internet purchases. Devv handles this by giving senders the optional ability to send their Devv with a protection called DevvProtect. Transactions which are DevvProtected, can effectively be reversed (technically, reversals are inverse transactions) by Devvio over a defined period of time, similar to reversals by credit card companies. The DevvProtect mechanisms are also a significant competitive advantage in our Blockchain-as-a-Service approach.

Another of the drawbacks of other cryptocurrencies is the high risk of theft. If a private key to a wallet is stolen, for example, then the cryptocurrency in that wallet can be transferred and cannot be recovered. Similarly, if a private key to a wallet is lost, the cryptocurrency in that wallet can never be accessed. Devv provides optional DevvProtect Wallets that protect against theft and loss. Devv held in a DevvProtected wallet can also be recovered by beneficiaries upon a holder’s death.

A description of DevvProtect and Devvio's fraud, theft, and loss protections can be found in the Devv Bluepaper, which can be downloaded here.