What is Revoke token? Guild To Revoke Without Connecting To A Third Party

For those who are looking for and invest in Lowcap tokens or the "memecoin" projects are probably too familiar with "Revoke". However, the number of new investors in Blockchain in general and Crypto in particular participate in the market daily and may not have enough knowledge to protect their assets. So what is the nature of Revoke and how to be able to Revoke in the safest way, let's find out with Holdstation through this article!

What is Token Approval?

Token Approval is the action "SetApprove" for decentralized applications (DApps) to access the property granted in your wallet. The Approvals token is used for coins/tokens as ERC-20 (ETH, USDC, Dai, ..) as well as NFT (ERC-721, ERC-1155).

Currently, most dApps requests are granted before they can interact with any property in non-custodial wallets.

For example, if you want to sell your NFT on OpenSea, you must grant that NFT right to the platform before you can be listed on the exchange.

What is Revoke?

Revoke is a tool inside the Token Approval, Revoke allows users to monitor contract addresses that are granted the right to interact with properties in personal wallets and can also help users cancel the rights for addresses. that contract.

In addition, users can also limit the amount of assets interacted with each contract address.

Why is Revoke important?

When you want to interact with a dApps, the prerequisite is to grant that Dapps/Contract to use the amount of assets you want, or if you buy a scam token, the risk of losing property will be extremely large. .

For example, if you want your stake token on a certain platform, you must grant this platform to use the above token.

After you have completed everything and withdraw the property on your wallet. However, Dapps/Contract you previously interacted or even a team of user fraud projects, the amount of property you granted the power can be completely lost.

Besides, there are also a few other forms of fraud by taking advantage of the user's Revoke needs. Typically as the case below:

Around April this year, there are a number of social media accounts reported that "OpenSea API" encountered an error and called on Revoke users to all the NFTs issued on OpenSea, with a fake website used for Revoke. .

If you connect to this fake website, the website will automatically search for valuable NFTS in your wallet and display with the "Revoke" button, although you have never granted the right to any NFTs. Among them.

The "Revoke" button is displayed at the fake website that is actually the command of the right to use - "Set approval for all". As long as the user has just confirmed that order, immediately the property in the granted wallet will be stolen

It is dangerous if we are avoiding risks by the "Revoke" of the property that has been granted but immediately meet the fake website, right?

For the reasons mentioned above, Revoke is the most important for blockchain users in general and DeFi in particular to be proactive to protect their property.

Revoke token instructions without third party

Step 1:

Visit your Holdstation Wallet wallet and select the "Revoke" button in the upper left corner of the screen. Here will display a list of tokens that have been granted by you.

Step 2:

Select the token you want "Revoke"

Step 3:

Delete the right to use and wait for the command to complete

DApps Disconnection Guide

As mentioned above, if you accidentally connect your personal wallet to a scam or even a team of projects who intentionally steal property from users can endanger your assets. .

Therefore, the disconnection with dApps is also very important in storing and protecting assets in the wallet.

Step 1:

Visit your Holdstation Wallet wallet and select the "Wallet Connect" button on the right corner of the screen.

Step 2:

Select "Connected to ... Dapps". Here will display the list of DAPPS you have ever connected.

Step 3:

Select "X" and "Yes" to disconnect with that DAPT. Conversely select "No" to keep the connection status.

Hopefully, through the above article, you can understand more about the Revoke tool and the safest way to protect your property!

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Disclaimer:
The information, statements and conjecture contained in this article, including opinions expressed, are based on information sources that Holdstation believes those are reliable. The opinions expressed in this article are personal opinions expressed after careful consideration and based on the best information we have at the writing's time. This article is not and should not be explained as an offer or solicitation to buy/sell any tokens/NFTs.
Holdstation is not responsible for any direct or indirect losses arising from the use of this article content.