Blockchain Startup Kirobo Solves Crypto's Irreversible Transaction Problem
Tuesday, June 30, 2020 2:15 PM
TEL AVIV, ISRAEL / ACCESSWIRE / June 30, 2020 / Kirobo has discovered a way to retrieve cryptocurrency that has been sent to the wrong address. The solution developed by the Israeli startup could prevent the loss of funds caused by human error when sending digital assets. This mistake is common, since wallet addresses are represented by a string of random alphanumeric characters. One survey found 55% of respondents to have experienced stressful human errors when sending cryptocurrency and 18%(!) reported loss of funds due to such errors. This serves to deter broader crypto adoption by non-technical users.
Kirobo's solution forms part of a logic layer that gives users and crypto-service providers new capabilities. This includes the ability to cancel a transaction sent to the wrong address.
Kirobo provides a unique code to every transaction that must be entered by the recipient in order to receive the transfer. Until the right code has been provided by the recipient, the sender can retrieve the funds at any time. The functionality to retrieve transactions made by mistake might sound trivial to people using the traditional banking system, but crypto transactions have lacked this ability until now
Kirobo's Retrievable Transfer feature is now available on Ledger for Bitcoin transactions, and integrations with additional wallets are set to roll out over the coming months. The startup is actively seeking to cooperate with wallet providers and exchanges who wish to provide this built-in function to their customers.
"Our aim is to make blockchain transactions as simple and as secure as online banking," said Asaf Naim, CEO of Kirobo. "By removing the fear from crypto transactions, Kirobo will facilitate the adoption of cryptocurrency as a whole," added Adam Levi Ph.D, CTO at DAOstack and an advisor to Kirobo.
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. Senders can retrieve funds even if Kirobo's servers are down. The platform has been successfully audited by elite cyber intelligence company Scorpiones Group and is supported by the Israel Innovation Authority.
Retrievable Transfer is free for all transactions for a limited time, whereafter it will remain free for amounts up to $1,000 USD.
With millions of cryptocurrency transactions conducted per day, the potential for loss of funds is huge. Kirobo can eliminate this risk and help participating wallets and exchanges gain a significant competitive advantage. Interested parties can email [email protected] for more information. To try out Kirobo's web wallet for safe digital asset transfer visit https://safer.kirobo.me/welcome
Kirobo is a two-year-old Israeli startup supported by the Israel Innovation Authority and funded by several prominent Israeli blockchain figures. Retrievable Transfer is the first product released by Kirobo and is a part of a larger mission: to add a logic layer into blockchains that protects users from human error.