- Kirobo, a service allowing Bitcoin transactions to be reversed (undo button), has launched the Ethereum version
- The Ethereum version includes protection against Man-in-the-middle attack
- The connection to the service is made with Metamask and any wallet that supports walletconnect
TEL-AVIV, ISRAEL / ACCESSWIRE / November 12, 2020 / Kirobo, the Tel Aviv-based startup known for creating an "undo button" for previously irreversible Bitcoin transactions, has made the feature available on Ethereum. Retrievable Transfer will be available to Ethereum users from Thursday, November 12. Initially, the service will be available for ETH and later on all ERC20 tokens, as well as offering protection against sending funds to smart contracts that don't support deposits.
Available to all MetaMask and WalletConnect owners, (https://eth.kirobo.me/) Kirobo's unique undo feature means that individuals can reclaim funds mistakenly sent to the wrong address.
The process for Ethereum is identical to that used in Bitcoin transactions. When dispatching digital assets, a password is entered by the sender. Funds are then released only when the recipient enters this same password. If the password is not entered, the sender can retrieve their assets at their convenience.
By adding an additional layer of security, Kirobo not only eliminates the risk of losing crypto due to human error but provides comprehensive protection against man-in-the-middle attacks. Kirobo does not function as a custodian or hold funds at any stage.
"The use of our logic layer finally eliminates the need to send a test transaction, sharply reducing the level of anxiety users feel when transferring funds to a third party," said Kirobo CEO Asaf Naim.
"Our Bitcoin version has proven hugely popular in recent months: it is a solution the industry badly needed, and we were pleased to add support for two of the major hardware wallets, Ledger and Trezor, soon after launch.
"Kirobo supports the principle of decentralization and gives users the same peace of mind that comes from sending funds between banks. Actually, it's superior since - as we know - funds in crypto wallets cannot possibly be frozen."
In the last three months, over a million transactions per day have occurred on Ethereum, largely driven by the rising popularity of defi protocols. The volume on Ethereum dwarfs that of Bitcoin, which processed around 25% of that figure.
Given such large numbers, human error inevitably causes funds to be sent to the wrong address on occasions. A moment of inattention or a single piece of malware that hijacks a user's clipboard to change the crypto address can wipe out their wealth with no recourse available until now.
Kirobo is an Israeli startup with a single mission: to create a logic layer that sits on top of each individual blockchain and protects users from human error. Its final goal is to make blockchain as simple and secure as online banking. With support from the Israel Innovation Authority, Kirobo has created logic layers over the Bitcoin and Ethereum networks.
Kim Bazak, MarketAcross