Israeli Blockchain Firm Creates Undo Button for Cryptocurrency Transactions
Posted on June 30, 2020 by Jonny
Kirobo, an Israeli Block startup that was founded in 2020, has devised a method to prevent users from losing cryptocurrency in the event of human errors. The technology works even in situations where transactions ordinarily can’t be reversed.
Kirobo’s retrievable transfer option functions by creating an additional layer on top of current blockchain protocols. Users who take advantage of Kirobo’s technology can effectively cancel transactions that are sent to the wrong wallet address. Essentially, Kirobo gives both the sender and recipient a special password that must match before the transfer is complete.
In a press release issued today, the company said, “Until the right code has been provided by the recipient, the sender can retrieve the funds at any time.” The startup went on to state, ” Kirobo does not hold the user’s private key and has no access whatsoever to the funds or their destination: the password simply governs whether the transfer is finalized or not.”
Given that sending cryptocurrencies requires the user to enter a lengthy string of numbers and letters, errors are common. According to a Fio Foundation survey referenced in Kirobo’s press release, 18% of users have lost funds as a result of human errors. 55% of the same survey’s participants had to deal with the stress of human errors.
DAOstack CTO Adam Levi, who advises Kirobo remarked, “By removing the fear from crypto transactions, Kirobo will facilitate the adoption of cryptocurrency as a whole.”
Retrievable transfers are available starting today on the Ledger crypto wallet. The service can be used on Bitcoin (BTC) transactions for free on amounts of up to $1,000. For the security of its users, Kirobo doesn’t retain the private keys of users. Rather, the unique code determines whether transactions can proceed.
More information about Kirobo’s retrievable transfer feature and other cryptocurrency technologies can be found at kirobo.io.
US cryptocurrency tax laws could force some companies offshore, asserts Coinbase
The exchange views incoming crypto tax laws as too strict and confusing During a Unitize…
Binance adds support for 15 fiat currencies
Binance announced today that its platform now supports 15 more fiat currencies. The popular global…
Telegram’s TON testnet to be unplugged by next month
After Telegram lost its fight with the SEC over the Gram token, the blockchain project…
Cryptocurrency Entrepreneur Brock Pierce Announces Presidential Bid
This weekend, Brock Pierce announced that he is running as an independent candidate for the…
Expedia, Travala partner to allow crypto payments for travel
Crypto payments advance in taking on fiat The tourism industry hasn't been able to recover…
Bank of Japan Announces Digital Yen Plans
The Bank of Japan, which is the nation's central bank, announced that they will be…