Way To Tackle Problems Associated With Sending Incorrect Crypto Transactions.

Way To Tackle Problems Associated With Sending Incorrect Crypto Transactions.

2020-07-07 | Mike Hallen

Way To Tackle Problems Associated With Sending Incorrect Crypto Transactions.

A two-year-earlier launched Israeli blockchain startup, Kirobo, recently on 30th June announced that it's found way to tackle problems associated with human error in cryptocurrency transactions.

Within a recent survey by the Fio Foundation, 55% of respondents reported experiencing stressful human errors while transferring cryptocurrency and 18% reported loss of funds due to such errors.

As such, Kirobo has invented ‘Retrievable Transfer,’ a method for senders to cancel a transaction that's sent to some incorrect address. Kirobo offers a singular code to the sender as well as the receiver has to enter the matching password so as to receive the transfer.

“Until the proper code has been provided by the recipient, the sender can retrieve the funds at any time [...] Kirobo doesn't 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 finalised or not,” the startup added.

The platform has reportedly been audited by cyber intelligence company Scorpiones Group and is supported by the Israel Innovation Authority.

The aim of its invention, consistent with Kirobo CEO Asaf Naim, is to form blockchain transactions as easy and as secure as online banking. Retrievable Transfer is the first release by Kirobo, that is looking to feature a logic layer into blockchains that protects users from human error.

Kirobo adds that the Retrievable Transfer feature is now available on the Ledger cryptocurrency wallet for Bitcoin [BTC] transactions, and can purportedly remain free for transaction amounts up to $1,000 USD.

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