Ethereum Researchers Develop Time Machine for Flexible Transaction Management
A new system for handling Ethereum transactions has been developed, allowing users to set conditions for transaction timing and execution. The Ethereum Time Machine, created by researcher Vlad Zamfir and co-founder of Smart Transactions (STXN), enables users to reverse specific transactions on the Ethereum blockchain. This flexibility addresses situations like accidental transfers or fraudulent activities.
Reversing Transactions with Ethereum Time Machine
The STXN team explained that users can establish specific conditions for executing trades at future times. These can be absolute—where a trade occurs only if an asset reaches a certain value—or relative, permitting execution when one asset's value exceeds another's.
Anuj Das Gupta, STXN co-founder, described the solution as “like a time machine” due to its ability to guarantee outcomes in smart contracts by incorporating fresh data retroactively. He stated:
“STXN is like a time machine because it allows us to guarantee the future when it comes to smart contracts. It allows us to travel backward in time as well, in the sense that Ethereum smart contracts are no longer limited by what was known at the time they were written. We believe this is an important solution to the tension between flexibility and immutability when it comes to blockchains.”
Boris Mamlyuk, CEO of STXN, compared blockchain's unchangeable nature to early email systems, where sent messages could not be unsent. He highlighted Gmail’s “undo” feature as a model for providing users the chance to retract actions, similar to the flexibility offered by Smart Transactions in web3.
STXN's Plans for a Flexible Web3 Ecosystem
STXN plans to incorporate the time machine feature into CleanApp, founded by Mamlyuk in 2013. He mentioned that transactions could be reversed upon detecting malicious actions:
“If there’s malicious use of the app, we can go back and claw back the blockchain rewards someone gained through that malicious use. So it’s a force multiplier. It opens up utility.”
This solution emerged after STXN partnered with ConsenSys, a leading Ethereum development firm. STXN aims to integrate the time machine feature into various decentralized applications, including a version of Uber, supporting a wide range of decentralized matchmaking platforms.