In an apparent bid to assist those struggling with understanding the workings of blockchain while thinking of sending CDAI coins to Ethereum wallets, last year Coinbase launched an asset recovery tool.
Owing to the growing popularity of cryptocurrencies, mainstream interests have been aroused in blockchain technologies and their possibilities.
However, the concepts that drive and power cryptos and blockchain technologies are no mean feats for the lazy-minded.
We have seen an increasing trend in the use of blockchain as a generic term for Bitcoin, the cryptocurrency created based on blockchain technology.
The concept of decentralized protocols has become so appealing that the potential and scope of the application got much broader with the advent of blockchain.
At this elementary level of discourse, we will describe the Bitcoin blockchain as a global distributed ledger consisting of data blocks that are sequentially linked in a chain-like pattern.
In this arrangement, every block contains information about the block before it. When data of blocks is copied and stored on different Bitcoin mining nodes without being bound to one specific server, it makes the substitution of records impossible.
This is the primary reason for blockchain's unbelievable security.
Moreover, the technology makes provision for a permanently locked set of rules or “Protocols” to govern the flow of data through the distributed network of nodes.
Following Coinbase's release of the Asset Recovery Tool, attempts to pick the brains of an anonymous but enthusiastic blockchain and crypto greenhorn revealed their thoughts as follows:
"I know that sounds like a pretty specific example, and I am able to make it because I am the numpty that made that mistake, several years ago.
"I make no secret of being incredibly bearish on crypto in general, and losing a few hundred dollars of a currency I didn’t understand by sending it to the wrong wallet, to me, felt like an appropriate punishment for not knowing what the hell I am doing.
"And for a long time, I thought that would be the end of the story.
"Until today, when I received an email from Coinbase, reminding me (I’m lightly paraphrasing) ‘hey, dumbass, we noticed you screwed up, here’s the info you need to reclaim your coins’.
"I had gone several rounds with support over the years to see if the coins could be recovered, but so far, there’d been no luck at all.
"This time, however, it seemed like I was in luck; the tool worked easily, and for a small finder’s fee, I was able to reclaim my coins, by sending the CDAI coins to a wallet, converting them into ETH, and sending them back to my Coinbase account.
"Look, it doesn’t make me feel all that much smarter, but it was a tiny twinkle of optimism in my otherwise tumultuous day, and I’m definitely one for celebrating the little wins where I can get them.
"So, I wish to extend a very public thank you to Coinbase for helping those of us who feel brave enough to experiment, but not smart enough to get things right on the first try — and a moment of gratitude for companies that are willing to do (presumably) hard things in order to make crypto just a tiny little bit more lenient to users who want to learn."
From the experience of this newbie, intending crypto users and investors may be spared longer learning curves before embracing and profiting from cryptocurrencies.
This is all thanks to the Asset Recovery Tool.