While DeFi continues to grow at a monstrous pace, the problem of a breach in the transaction process naturally gets encountered along the way. From fraud to fund slippage, the crypto is now considered one of the most crime-intense spheres of economic activity – not least due to the sheer inability to track down the culprit behind violations. Before the day comes when tougher financial restrictions come into force, the lion’s share of investors have to get accustomed to the thought that they are the sole people responsible for the security of their investments. This is especially evident on P2P platforms, where there is no formal intermediary providing customer support to the individuals. Fortunately, the door to a more responsible decentralized space is already open – with the help of Kirobo, the pioneer in the responsible token exchange.
Kirobo: one click away from independent crypto exchange
It is broadly known that blockchain technology is not deprived of its imperfections yet. From high energy consumption to the lack of user-friendly services, this technology has plenty of small nuances that still need to be worked on. Needless to mention, the chance of sending crypto to the wrong address still remains high – as it may frequently happen, a wrongly-typed private key entails loss of the funds. So far, this problem has been big in scale and has caused a lot of headache to the crypto community. But there is good news: the solution in the form of an ‘Undo Button’ has already been diligently worked out by Kirobo.
Kirobo, a blockchain technology developer, builds its proposition around the promise to make cryptocurrency as easily controlled and safe to transact as any standard bank asset. The Undo Button enables a simple retrieval process of a crypto asset back on the owner’s account if cryptocurrency was sent to the wrong place. The transaction initiator can safely recoup the funds due to a unique authentication mechanism, which uses a private key divided between the sender, the smart contract and the Kirobo server itself. The platform does not hold user funds or private keys and thus does not infringe on crypto users’ rights.
The P2P Swap Button has a similar mechanism, but takes it one step further. In an exchange, where asset prices get adjusted by the venue’s algorithm, users oftentimes find themselves losing money on trades. Kirobo’s P2P Swap Button eliminates this flaw – both parties pre-agree on a desired price, thus staying independent from the price fluctuations dictated by the exchange platforms.
About the project
Kirobo's mission is to make cryptocurrency an everyday tool that everyone can use with confidence. We achieve this with user-friendly DeFi products that remove the risk of human error and fraud from cryptocurrency transactions, making crypto management as safe as can be. Kirobo is the proud recipient of two grants from the Israeli Innovation Authority — the only blockchain technology company to achieve this.
