What is Revoke? Revoke Tool User Guide
Have you ever lost your possessions after one night of waking up? I’ve had it before. After a few times participating in the airdrop rafters, my assets were lost. Therefore, keeping money is the most important thing when participating in the Crypto market, and being careful is never too much. Maybe you have a small amount of capital and think it is not necessary, but creating a security habit will help you avoid unnecessary loss of assets.
This article by Coincu News will help you learn about one of the simple tools to protect your assets, which is Revoke.
What is Revoke?
Revoke is a Token Approval tool used to track any authorization/approval of assets in a user’s wallet. This tool is used for the following 3 purposes:
- Track all the activity that the user has authorized and approved when using the assets in the wallet.
- Revoke, and delete Dapps’ access to the wallet when finished using.
- But if you don’t want to completely revoke access, you can update the limit on which Dapps are used.
In addition, Revoke has a link between the wallet address of the Dapp and the name of the Dapp. This helps users to track the link more intuitively and understandably (ie the user will be able to see Peer, Rose instead of that Dapp wallet address).
Why use the Revoke tool?
A simple example is when you do an airdrop, you will go through an optional step to allow Smart Contract of Defi applications, or in other words, authorization approval. This will give that Smart Contract the right to transfer certain assets from your wallet without consent. That option is called: “Vulnerability Unlimited Allowance”, this setting only needs to be approved once without needing to repeat the next time.
The above setup will be less risky if you have carefully researched the dApps that you use to connect to the wallet and vice versa, if you encounter applications that are not legit or have not been carefully studied, you should be careful.
Because when the system has a bug and once Unlimited Allowance has been approved, not only the assets you send have been deposited into dApps but also the remaining assets in the wallet can fly away at any time.
The importance of Revoke
From the above study case, Revoke has received more attention and is considered as a “magic needle” to patch security holes more effectively.
The way Revoke acts as a “shield” for your wallet, this tool will cancel dApps’ access to the wallet address the user has approved or will keep a close eye if any dApps want to access it. access your ERC-20 wallet. In other words, this tool will maximize its features to help you minimize the risk when you cannot control all the dApps that have been and are authorized to access your wallet.
Surely the study case above is something no one wants. If after completing the transaction with dApps, John conducted a Revoke to turn off access from UniCats to his wallet, there would be no loss of $ 1M.
Popular Revoke Tools
Here are the popular Revoke tools you can use:
- Revoke (Ethereum mainnet)
- Unrest (Multi-Blockchain Support)
- zone (Ethereum mainnet)
- Control (Multi-Blockchain Support)
- finance (BNB chain)
- Etherscan (Ethereum mainnet)
- Bscscan (BNB chain)
In this article, I will guide you Revoke on basic tools like Bscscan, Ethereumscan
Guide Revoke Token on Ethereum and Binance Smart Chain
Revoke with the BscScan tool
Step 1: Visit: https://bscscan.com/
Step 2: Go to “More” then select “Token Approvals”
Step 3: Paste your wallet address and select connect the wallet
Step 4: Choose to Revoke Token
Step 5: Click to accept Revoke Token
Revoke using the Etherscan tool
Step 1: Go to https://etherscan.io/tokenapprovalchecker
Step 2: Paste the wallet address and select “Connect to web3” to connect to your wallet
Step 3: Choose 1 of 3 standard tokens that you want to revoke (ERC-20, ERC-721, or ERC-1155)
Step 4: Select Revoke token
Step 5: Verify transactions on the Metamask wallet
Making a profit in this market is hard, and keeping assets is even harder. To survive, go with the market, you should also spend time learning about simple security ways to avoid losing money because of ignorance.
Hope the above article has helped you gain new knowledge to ensure the security of everyone’s accounts.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews