Blockchain Startup Developed Solution to Crypto's Irreversible Transaction Problem
Nicholas Otieno Jul 03, 2020 07:00
An Israeli startup has developed a new technology that could prevent the loss of funds caused by human error when sending Bitcoins or other digital assets. The mistake is common as wallet addresses are represented by a unique and random string of alphanumeric characters.
An Israel-based blockchain startup has developed a way to retrieve crypto funds sent to wrong addresses. The startup has developed a new technology that could prevent the loss of funds caused by human error when sending Bitcoins or other cryptocurrencies. The mistake is common as wallet addresses are represented by a unique and random string of alphanumeric characters that can easily be entered incorrectly.
Users at Fault of losing crypto assets
According to research, 55% of respondents said that they had experienced stressful human errors when sending crypto assets, and 18% revealed that they had lost money through such kind of sending errors. The new technology is an important solution to challenges facing most non-technical customers using cryptocurrencies.
Kirobo’s Retrievable Transfer feature functions by developing a new layer solution onto existing blockchain protocols. This gives crypto-service providers and customers new capabilities. Users are now able to cancel a transaction if they sent funds to wrong addresses. Asaf Naim, Kirobo CEO, said: “Our aim is to make blockchain transactions as simple and as secure as online banking.”
The company’s logic layer provides a unique transaction code that the recipient must enter in order to receive funds from the sender. Until the recipient has entered the appropriate code, the sender may retrieve the money at any time.
Loss of funds normally happens when a sender includes an error in the long string of alphabetic characters that make up crypto addresses. A way to increase efficiencies and make transactions less risky could assist in encouraging new users of cryptocurrencies.
Adam Levi, DAOstack CTO, and adviser to Kirobo stated that by removing the fear from cryptocurrency transactions, Kirobo would boost the increasing adoption of cryptocurrencies.
Kirobo stated that it does not store or hold a user’s private keys. The unique code simply governs whether or not the transaction would be finalized. The feature also can operate offline in case Kiboro’s servers go down.
The company’s platform has obtained support from the Israel Innovation Authority, the arm of the Israeli government, whose responsibility is to foster industrial research and development. Kirobo also has been audited by the Scorpiones Group cybersecurity firm.
Now Kirobo’s Retrievable Transfer feature is available for Bitcoin transfers on crypto wallets from France-based company Ledger. The firm expects to roll out the support in other crypto wallets over the coming months.
Avoiding Loss of Funds
Anyone using crypto assets needs to know about crypto scams and related risks to stay safe while using crypto.
Cryptocurrencies keep breathing headlines and attracting users and investors from all over the world. However, when users deal with cryptos, they are exposed to higher risks than any other internet user. It has become more vital to stay informed on how to prevent unfortunate events from happening and avoid losing hard-earned crypto coins.
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