Reverse transactions will be possible within a configurable period of time while granting users access to their coins by a combination of the online and offline wallet technology. With Reversecoin users will be able to create two different kinds of accounts: Standard Accounts and Vault Accounts.
The Standard accounts behave very much like Bitcoin accounts and allow users to send and receive money for daily purposes whereas the Vault accounts act like a bank savings account, where users can deposit large amount of coins and keep them safe from hackers. Each vault account has a configurable timeout and is backed by two key pairs, one online and another offline.
Users only need the online key pair to transfer coins from the vault. When users transfer their coins using online key pair, their transactions get confirmed after they stay in the block-chain for an extended timeout period. If someone tries to steal an online key pair and transfer coins into them, the transactions will need to wait in the blockchain for the timeout period, during which, users can use their offline key pair and reverse the malicious transaction and restore his coins to his other address. Users will be also able to use their offline key pair for immediate transfer of coins in his Vault instead of waiting for the timeout period.
The Reversecoin team assures that the software is fully operational for Linux, Mac and Windows. Users’ coins are secured by the Reversecoin TimeVault technology. The Reversecoin Project final version will be based on Bitcoin code, using Proof-of-Stake (PoS) for mining. Reversecoin does not use any central or third party. For reversing transactions, the only requirement is that Reversecoin is not affected by a 51% attack.
With Reversecoin, users will be able to transact with their online wallets and also check their offline wallet (cold wallet) when their computer, mobile, online account or exchange gets hacked. It is possible to store online wallets with the users exchange or web wallet and keep their offline wallet with them. This prevents theft even if the exchange or web wallet gets hacked.
The team’s survey on Stolen Bitcoins shows that about 300,000 BTC (worth about USD 100 million) have been stolen so far.
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