An Israeli Startup Kirobo Claims It’s Invented an ‘Undo’ Button for BTC Transactions

A two-year-old Israeli blockchain startup states it has actually found a method to cancel crypto transactions if they are sent out to the incorrect wallet address. Kirobo, a two-year-old Israeli blockchain startup, revealed yesterday that it has actually found a method to take on problems associated with human mistake in cryptocurrency transactions.

ORIGINAL SOURCE: https://www.doubleurbitcoin.com/2020/an-israeli-startup-claims-its-invented-an-undo-button-for-bitcoin-transactions/

In a current study by the Fio Structure, 55% of respondents reported experiencing difficult human errors when sending out cryptocurrency, and 18% reported a loss of funds due to such errors.

As such, Kirobo has actually invented "Retrievable Transfer," a way for senders to cancel a transaction that is sent out to the incorrect address. Kirobo supplies a distinct code to the sender and the receiver needs to enter the matching password in order to receive the transfer.

"Till the right code has actually been offered by the recipient, the sender can retrieve the funds at any time. Kirobo does not hold the user's private key and has no gain access to whatsoever to the funds or their location: the password simply governs whether the transfer is completed or not," the start-up stated.

The platform has actually reportedly been investigated by cyber intelligence company Scorpiones Group and is supported by the Israel Development Authority.

The aim of its invention, according to Kirobo CEO Asaf Naim, is to make blockchain transactions as simple and safe as online banking. Retrievable Transfer is the first product released by Kirobo, which is aiming to include a logic layer into blockchains that secures users from human error.

Kirobo stated the Retrievable Transfer feature is now offered on the Ledger crypto wallet for Bitcoin (BTC) transactions, and will purportedly stay free for transaction amounts as much as $1,000.

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