Kirobo, a two-year-old Israeli blockchain startup, announced on June 30 that it has found a way to address human error-related issues in cryptocurrency transactions.
In a recent survey by the Fio Foundation, 55% of respondents reported experiencing stressful human errors sending cryptocurrency and 18% reported losing money due to such errors.
As such, Kirobo invented "Retrievable Transfer", a way for senders to cancel a transaction sent to the wrong address. Kirobo gives the sender a unique code and the recipient must enter the corresponding password to receive the transfer.
"Until the recipient has entered the correct code, the sender can withdraw the money at any time (…) Kirobo does not have the user's private key and has no access to the money or their destination: the password simply controls whether the transfer now completed or not, & # 39; said the startup.
The platform is reportedly controlled by the cyber information company Scorpiones Group and is supported by the Israel Innovation Authority.
According to Kirobo CEO Asaf Naim, the purpose of the invention is to make blockchain transactions as easy and secure as online banking. Retrievable Transfer is the first product released by Kirobo that seeks a logical layer in blockchains that protects users from human error.
Kirobo says the Retrievable Transfer feature is now available on the Ledger crypto wallet for Bitcoin (BTC) transactions and will reportedly remain free for transaction amounts up to $ 1,000.