Blockchain-based address Alias system

Abstract

In recent years, blockchains systems have seen massive adoption in retail and enterprise environments. Cryptocurrencies become more widely adopted, and many online businesses have decided to add the most popular ones, like Bitcoin or Ethereum, next to Visa or Mastercard payments. Due to the decentralized nature of blockchain-based systems, there is no possible way to revert confirmed transactions. It may result in losses caused by human error or poor design of the user interface. We created a cryptocurrency wallet with a full on-chain solution for aliasing accounts and tokens to improve user experience and avoid unnecessary errors. The aliasing system consists of a number of smart contracts deployed on top of the blockchain network that give the ability to register aliases to accounts and tokens and use them instead of opaque addresses. Our solution shows how performant modern blockchains are and presents a way of building fully decentralized applications that can compete with centralized ones in terms of performance.