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.
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.