DMB Bungee - The first of it's kind
So, what is DMB Bungee and what does it offer ?
Let me ask you a few questions first:
- What if you sent the payment to a wrong person/wallet?
- What if you send the payment to an abandoned wallet address?
- What if you were dealing with someone, you sent the payment and then he/she backed off the deal?
- What if you were dealing with someone, you sent the payment and then realized that you want to back off the deal?
- What if you send someone the payment and he/she claims to have lost the access to the wallet address?
I think many of us have been in a situation like that at some point. But given the current blockchain technologies available, what would be the recourse for you? None, except for requesting the person you send the amount to but even then there’s no solution for the abandoned wallets. Then why not use a solution that overpowers the transaction and gives you the maximum power to control your resources and be your own bank/remitter – after all blockchain was meant to empower you and not turn you into a helpless being.
If it was mandatory for you to jump off a bridge, would you jump with no precautionary measures? Or would you rather use a Bungee cord? I’d prefer the second option and I am sure you would too. That’s exactly what DMB Bungee is meant for, you have the ability to cancel your transaction just in case any of the above unwanted situations arise.
So, how does it work ?
"this technology serves as your bungee cord with your transactions"
Let’s say, user A desires to send funds to user B for which confirmation of receipt is needed. Here’s how it would go;
- User A configures the payment in his DMB wallet and enables the Bungee Recall Option, inputting a claim code and sends the transaction.
- The transaction is then broadcast to the masternodes, which reaches consensus on the requirements needed to process the transaction.
- User A then contacts user B and provides him the claim code. This could be anything from a simple word to a much more complex alphanumeric string used for greater security.
- User B opens his wallet and then pending transaction tab. He select the transaction from user A, and enters the claim code.
- The claim code is broadcasted to the masternodes, which then release the funds to user B wallet.
- Just in case, the code is not entered correctly (after a set number of attempts to allow for typos), or if it is not claimed within a set time interval (Let’s say, 24 Hours), it is then re-broadcasted back to the user A wallet.
The DMB Bungee is the first of its kind in the blockchain industry and will be a difference maker for mass adoption. Sending digital currencies is often an irreversible action just as jumping off a bridge without a bungee cord, so why should you make a payment without one?