Israeli Firm Develops Tech Allowing Crypto Users to Retrieve Funds Sent in Error

Blockchain startup Kirobo says its technology can prevent the loss of cryptocurrency caused by human error when sending what are normally irreversible transactions between wallets.

The firm’s Retrievable Transfer feature works by building a new layer onto existing blockchain protocols. Users then have the ability to “cancel” a transaction sent to an incorrect cryptocurrency wallet address, the Israeli company said in a press release Tuesday.

“Our aim is to make blockchain transactions as simple and as secure as online banking,” said Kirobo CEO Asaf Naim.

See also: Maker of Coldcard Bitcoin Wallet Rolls Out an Extra-Strength ‘USB Condom’

The company’s logic layer functions by providing a unique transaction code that must be entered by the recipient in order to receive funds from the sender. Until the recipient has entered the correct code, the sender may retrieve the funds at any time.

Loss of funds can and does occur when a sender includes an error in the long string of alphanumeric characters that make up cryptocurrency addresses.

Kirobo cited a survey that found that 18% of respondents said they had lost funds through such sending errors. A way to make transactions less risky could help encourage new users of cryptocurrency..

“By removing the fear from crypto transactions, Kirobo will facilitate the adoption of cryptocurrency as a whole,” said Adam Levi, DAOstack CTO and adviser to Kirobo.

The startup said it does not hold or store a user’s private keys, with the unique code simply governing whether or not the transaction would be finalized. The feature can also operate offline should Kirobo’s servers go down.

See also: Many Bitcoin Developers Are Choosing to Use Pseudonyms – For Good Reason

Kirobo’s platform has received support from Israel’s Innovation Authority, the arm of the government charged with fostering industrial research and development. The firm has also been audited by cybersecurity firm Scorpiones Group, according to the press release.

Kirobo’s Retrievable Transfer feature is now available for bitcoin transfers on wallets from France-headquartered firm Ledger, while support in other wallets is expected to roll out over coming months.

Disclosure

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

from link:Israeli Firm Develops Tech Allowing Crypto Users to Retrieve Funds Sent in Error

本文由 Bsatoshi Finance 作者:bsatoshi 发表,其版权均为 Bsatoshi Finance 所有,文章内容系作者个人观点,不代表 Bsatoshi Finance 对观点赞同或支持。如需转载,请注明文章来源。

4

Leave a Reply