Memo in cryptocurrency - unique user identification

The development of multiple payment solutions is now possible thanks to blockchain technology. The Bitcoin network was in first place. All users of the system are equipped with bitcoin wallets. You must specify the address to send BTCcurrency there. Some other blockchains use cryptocurrency banknotes in special circumstances. To make transactions, you will also need to specify this identifier and your address. Otherwise, there is a possibility that the delivered digital materials may be lost.

Memos in cryptocurrency.

The target tag is a unique identification of an account (identifier) on a service or digital asset exchange. It serves to identify a specific user when coins are transferred to him. Some blockchains require entering a tag when sending coins (Binance Coin, Stellar, Ripple, Cosmos and others).

Notes can be named differently in different networks. This is a 6-digit target tag consisting of digits in Ripple. The name of the note entry field in the blockchain is a Message. Because they are puzzled, some users either leave it blank or enter a note to the recipient. In some networks, the target tag consists only of numbers, while in others letters are also included. A comment on a transaction in most blockchains allows you to identify it on the network.

Whenever a payment ID is required.

Two situations require adding a cryptographic code number to work with certain blockchain networks (Ripple, NEM and Stellar).:

1) If you use depository services. They have a shared wallet where users’ digital money is stored. Thus, each user of such a service or application is assigned a unique identification. Assets will not be credited to the intended recipient if you do not specify a message when sending money to a crypto account. 2) Using the exchange to trade cryptocurrencies. In such circumstances, the coins must be transferred to the trading platform. All exchange clients use one wallet (the cold method of storing private keys is most often used). As a result, users are assigned a special identifier that is used to replenish their accounts.

If a cryptocosm is used that is not connected to the repository, there is no need to add it. It is enough to specify the address to identify payments, since this service does not store users’ private keys.

Negative consequences of inaccurate field filling.

If an error occurs in the identifier specification, two outcomes are possible:

1) The transaction may not be completed as a result of a system error. 2) The transaction will go smoothly and the money will be transferred to an unidentified user. Digital assets cannot be returned in this situation.

The coins will be transferred to the general account of the business or cryptocurrency exchange if you do not provide a note (ID) during the transaction. However, they are not visible in the user’s wallet. The money sent can be refunded minus the commission.

Transaction recovery.

All services and trading platforms follow the same process of recovering lost digital assets. This requires the following:

1) Prepare a refund request. You can do this on the wallet page or by contacting technical support. 2) Fill out the refund form or email us with your problems. Here you must specify the transaction identification number, amount and storage address (Ts id). 3) Send a letter of complaint for consideration. Recovery after surgery can last up to five days.

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