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.
Blockchain
Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users
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Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
The post Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity) appeared first on News, Events, Advertising Options.
Blockchain
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