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Crypto-Orphan Transactions: Onchainpay Shows the Way

by BSC News

September 17, 2023

chain

Onchainpay is a crypto payment platform known for its recurrent crypto payments solution. With its other innovative product, the Crypto-Orphan Transactions, a new chapter in crypto acquiring is being written.

Understanding Orphan Transactions

Before focusing on Onchainpay's solution, let’s get the basics: What is an orphan transaction in crypto acquiring? 

In blockchain, orphan blocks are mined simultaneously. An orphan is born when a transaction was picked up in a block but does not enter the blockchain because two miners created a fork in the network. Only one of these blocks will become part of the blockchain. All the others become alienated or orphaned. Such a situation happens so rarely it can be disregarded.

Crypto acquiring is a different story; an orphan transaction has its own definition in this field. In crypto payments, the term ‘orphan’ refers to a case when a payer sends the wrong token/coin or sends it to the wrong network. The problem is that the address expects the transaction to happen. For instance, a bill was issued in USDT (TRC20), but USDC was sent in the same TRON network. Or, as is common in the TRON payment network, the payer sends TRX.

Such a situation, for instance, is a characteristic of TRON network payment mistakes when users send TRX instead of USDT. These mistakes are on top of errors observed among TronLink wallet users.

How Onchainpay Can Fix Crypto-Orphan Transactions?

You have probably experienced a situation when the wrong coin is sent to a merchant. The problem-solving process may take months, and customer support wouldn’t guarantee a successful outcome. 

Let’s check out a couple of common mistakes that may happen in crypto acquiring. 

#1 Wrong token/coin or network

The token/coin or network is chosen incorrectly, but the address is correct. The transaction is implemented. However, everything else is different from what the recipient expects. As a result, the sender’s transaction becomes an orphan. 

#2 Using USDT instead of USDC

The USDT/USDC sound similar, but these are different coins. Interestingly, the user manually selects the USDC token and then… USDT is sent!

How to Rectify Matters

Things seem simple at first glance. The address is in the possession of a non-custodial service. It can send the token wherever the merchant requests it. The service holds the private key, so all of this can be automated. Yet, plenty of services don't provide straightforward functionality to retrieve tokens. Everything goes through correspondence with customer support.

The process of returning coins/tokens from a merchant can be painful. Users sometimes must undergo a tough KYC procedure, which may take months with an unclear outcome. Such mistakes provide a flood of emails requesting refunds, putting pressure on customer support or payment providers. 

Onchainpay has conducted a survey of competitors and partners regarding orphan transactions. Some rely on customer support, with five to seven days lag. However, there are unlucky ones who can’t fix it at all.

Based on comprehensive research, Onchainpay has developed its innovative product, the Crypto-Orphan Transactions solution. Compared to existing solutions on the market, it beats the competition.

The key is that the whole process of tokens/coins refund is automated. 

With the Crypto-Orphan Transactions solution, users across the global cryptocurrency community will eliminate their concerns over orphan transactions. The solution lets users rescue transactions involving the wrong coin or token. The entire procedure is automated, so no more customer support or manual efforts are needed.

One Click Solution and Instant Withdrawal

With Onchainpay’s Crypto-Orphan Transactions solution, users are just a click away from solving the problem. It automatically connects erroneous transactions, letting users immediately withdraw their funds after securing the transactions.

Technically, it is a feature in the seller's account with a list of all orphans and a button to withdraw them wherever the seller desires. For each orphan, a webhook containing information about the transaction and the presumed transaction’s destination is sent. 

As the payer realizes they've sent something different, they promptly reach out to the seller. On average, the funds are returned to the sender or credited as payment for services or goods within an hour.

Onchainpay encourages interested parties to familiarize themselves with its Crypto-Orphan Transaction solution. Check out our special presentation to better understand its benefits and functionality on our official website, onchainpay.io. Using this solution, users can save time - and money.

Disclaimer: This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.

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