Blockchain
New App That Enable Crypto Users to Retrieve Funds Sent By Mistake Unveiled
Have you ever sent cryptocurrency to another wallet by mistake? You know such a transaction is irreversible, right? Not anymore!
An Israeli firm has developed an application that might end years of tribulations for cryptocurrency users, prone to sending their valuable assets to the wrong wallets.
The Blockchain Startup, known as Kirobo, has said that its innovation will go a long way in preventing loss of cryptocurrency that has been prevalent for years on end.
How the technology works?
Kirobo’s Retrievable Transfer Feature works by developing a novel layer on current blockchain protocols, thus allowing users to cancel any transaction sent to the wrong crypto wallet.
For quite some time, the security of crypto wallets is a hot topic that has erupted a heated debate on all corners of the world. Many people have reported having lost millions of bucks in cryptocurrency through wrong or unintended transactions.
However, Kirobo’s CEO, Asaf Naim, says that the new application aims not just to help users cancel transactions, but also to make blockchain transactions as secure and as simple as online banking.
In terms of security, this new application’s logic layer generates a unique code in every transaction which is sent to the recipient. The recipient must enter this unique code to receive funds from the other end.
As long as the receiver has not entered the unique code, the sender can retrieve the money at any time without undergoing a rigorous process.
This means that the loss of funds resulting from the sender making an error when entering the cryptocurrency address will no longer happen.
Encouraging new users
The fear of crypto transactions is what keeps many people from trying this revolution ally technology. In a statement, Kirobo cited a survey which found that 18% of respondents had lost funds during a transaction.
According to this statement, finding a way to make crypto transactions less risky will motivate existing users and encourage new users to embrace the blockchain technology. Just like if you know how do BetAmerica.com work, you would be more encouraged to bet on basketball, right?
“By eliminating the fear of crypto transactions, Kirobo aims to facilitate full adoption of cryptocurrency.” Says Adam Levi, the adviser, and DAO stack CTO at Kirobo.
Does this new application store users’ private keys?
The reason why you might be afraid to use this new application is the fear of having a third-party holding your private keys, right?
Kirobo has, however, clarified that it doesn’t hold or store any private data, including the private keys of its users. What determines whether the transaction will be completed or not is the unique code generated by the app.
Additionally, Kirobo has clarified that this new application can also be used offline in case their servers go down.
Tech Support
According to the statement sent by Kirobo, this new platform has received immense support from the Israeli Innovation Authority. This is the arm of government that fosters industrial development and research.
Kirobo also says that it has been audited by Scorpiones Group, a respected cybersecurity firm in Israel. This is in a bid to assure its users of optimum data security when using this new platform.
Kirobo’s Retrievable feature is currently available for Bitcoin transfers on those wallets from Ledger, a firm headquartered in France. It is expected that Kirobo will roll out support for other wallets in the coming few months.
With this kind of innovation in the crypto industry, will crypto users now, more than ever, have more control over their transactions? Will crypto transactions be more secure? Well, these are questions that only time can answer.
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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