Blockchain startup Kirobo is based in Israel and has developed a way to retrieve crypto funds sent to a wrong addresses. The startup has developed a new technology that could prevent the loss of funds caused by human error when sending Bitcoins or other cryptocurrencies. The mistake is common as wallet addresses are represented by a unique and random string of alphanumeric characters that can easily be entered incorrectly.
Kirobo’s Retrievable Transfer feature functions by developing a new layer solution onto existing blockchain protocols. This gives crypto service providers and customers new capabilities. Users are now able to cancel a transaction if they sent funds to the wrong addresses. Asaf Naim Kirobo CEO quoted: “Our aim is to make blockchain transactions as simple and as secure as online banking.”
The company’s logic layer provides a unique transaction code that the recipient must enter in order to receive funds from the sender. If the recipient has not entered the required code the sender may retrieve the money at any time.
Loss of funds normally happens when a sender includes an error in the long string of alphabetic characters that make up the crypto addresses and a way to increase efficiencies and make transactions less risky could assist in encouraging new users of cryptocurrencies.
Kirobo stated that it does not store or hold a user’s private keys. The unique code simply governs whether or not the transaction would be finalized. The feature also can operate offline in case Kiboro’s servers go down.
Adam Levi adviser to Kirobo stated that by removing the fear from cryptocurrency transactions, Kirobo would boost the increasing adoption of cryptocurrencies.
The company’s platform has obtained support from the Israel Innovation Authority which is the arm of the Israeli government whose responsibility is to foster industrial research and development. Kirobo also has been audited by the Scorpiones Group cybersecurity firm.
Now Kirobo’s Retrievable Transfer feature is available for Bitcoin transfers on crypto wallets from France based company Ledger. The firm expects to roll out the support in other crypto wallets over the coming months.
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