Israeli Company Introduces Method Allowing Users To Get Back Funds Sent in Error
The company’s Retrievable Transfer feature works by building a new layer onto existing blockchain protocols. Users then can “cancel” a transaction sent to an incorrect cryptocurrency wallet address, the Israeli company said in a press release from June 30.
“Our aim is to make blockchain transactions as simple and as secure as online banking,” said Kirobo CEO Asaf Naim.
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 get back 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 referred to a survey that found that 18% of respondents had lost their funds due to such sending errors. A way to make transactions less risky could help attract new users to 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 stated it does not hold or store a user’s private keys, with the unique code simply ensuring whether or not the transaction would be completed. The feature can also operate offline in case Kirobo’s servers go down.
Kirobo’s platform has received support from Israeli’s Innovation Authority, the arm of the government responsible for encouraging industrial research and development. The company has also been audited by cybersecurity firm Scorpiones Group, according to the press release.
Kirobo’s Retrievable Transfer feature is now available for Bitcoin (BTC) transfers on wallets from France-based company Ledger, while support in other wallets is expected to launch over coming months.