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Incorrect memos on exchanges are a thing of the past with EOS

Rohan AbrahamAug 16th 2018

The problem: Missing memos & incorrect memos

At some point we are all likely to move some of our EOS tokens to exchanges. When we do this, the exchanges require us enter a memo. A memo is used to match your EOS account with the actual account on the exchange. The big problem is missing memos or incorrect memos. A quick google search will show people having incorrect or missing memos to be very common problem. There are a lot of people that make this mistake. They then have to deal with support queries and it can take a long time to resolve.

This does not have to be the case with EOS!

The solution to missing memos & validating memos

EOS has a clever ontransfer function. If the receiving account sets up a smart contract with this function, it can define the rules for incoming transfers on the account. So we can set rules on the smart contract.
1. Memo has to be present.
2. Memo has to be all digits.
These rules can also be changed to customise the requirements at an exchange.

We published the full source code, this is now available for any exchange to use.

Adoption

Binance has now implemented this feature to its account binancecleos. All incoming transfers now enforce the rules of the Binance account. The engineering team at Binance was very quick to test and roll out the feature we at EOS Authority rolled out. We published our Smart Contract template and within 24 hours this feature was rolled out to users after completing their tests. If any exchange would like us to help them or modify the rules, please get in touch with me on Telegram, I am on the @EOSAuthority Telegram group. We hope these improvements will help EOS holders and exchanges to safeguard their tokens.