Israeli blockchain which is a two year old, startup announces it has organize a path to abolish crypto agreement if they are delivered to the false wallet address.
Kirobo, a two-year-old Israeli blockchain startup, proclaimed openly on Tuesday that it has build a way to attack problems related to human blunder in cryptocurrency transactions.
In a current survey by the Fio Foundation, 55% of respondents reported suffering aggravating human errors when delivering cryptocurrency, and 18% noted loss of funds due to such errors.
As such, Kirobo has developed “Retrievable Transfer,” a way for senders to cancel an agreement that is sent to the false address. Kirobo provides a unique code to the sender and the receiver has to enter the matching password in order to earn the transfer.
“Until the right code has been provided by the recipient, the sender can retrieve the funds at any time. […] Kirobo does not hold the user’s private key and has no access whatsoever to the funds or their destination: the password simply governs whether the transfer is finalized or not,” the startup said.
The platform has reportedly been audited by cyber intelligence company Scorpiones Group and is supported by the Israel Innovation Authority.
The aim of its creation, according to Kirobo CEO Asaf Naim, is to make blockchain agreements as easy and comfortable as online banking. Retrievable Transfer is the first product published by Kirobo, which is looking to add a logic layer into blockchains that conserves users from human error.
Kirobo said the Retrievable Transfer detail is now available on the Ledger crypto wallet for Bitcoin (BTC) agreements, and will purportedly remain free for agreement amounts up to $1,000.