Israeli blockchain startup Kirobo introduced a technology that prevents the loss of cryptos due to user errors when sending transactions.
According to a recent Fio Foundation survey, 55% of respondents are worried about the possibility of making a mistake when sending cryptocurrencies, and 18% lost money due to errors.
Kirobo introduced a solution called Retrievable Transfer, which allows the sender to cancel a transaction that was sent to the wrong address.
With Retrievable Transfer, the sender makes a unique transaction request, and the recipient must enter the appropriate password to receive the transfer. “Until the recipient provides the correct code, the sender can cancel the transfer at any time. Kirobo does not have access to the user's private keys; the code easily confirms the completion of the transaction,” the company says.
Kirobo claims the technology has been verified by the cybersecurity company Scorpiones Group and is supported by the Israel Innovation Authority.
According to Kirobo CEO Asaf Naim, the goal of Retrievable Transfer is to make cryptocurrency transactions as simple and secure as online banking.
The Retrievable Transfer function will be available in the Ledger crypto wallet for bitcoin transactions and, according to Kirobo, it will remain free for transactions up to $ 1000. In the coming months, the startup plans to integrate this feature into other wallets.