Solution for canceling erroneous bitcoin transactions

The Israeli company Kirobo has developed a technology that will protect user coins if they accidentallysend them to the wrong bitcoin wallet. Previously, such transactions were irreversible and money could be said goodbye forever.

No lost bitcoins

The Retrievable Transfer function creates a newlayer, an add-on over existing blockchain protocols. Users are given the option to “undo” a transaction sent to an incorrect wallet address, the Israeli fintech company said in a press release.

“Our goal is to make blockchain transactions as simple and secure as online banking.”,” said Kirobo CEO Asaf Naeem.

The add-on proposed by the company assignsTransaction is a unique code that must be entered by the recipient in order to receive funds from the sender. As long as the recipient does not use this code, the sender has the opportunity to revoke the bitcoin transaction.

It is very common for people to lose coins due to a mistake made in the wallet address, which is a long string of alphanumeric characters.

The solution will increase the security of cryptocurrency transactions

Kirobo cites a study in which 18% of respondents admitted to losing money due to an error.

“Kirobo’s decision helps to remove the fear of losing money, which will certainly contribute to the massive spread of cryptocurrency.”, - Adam Levy, CTO of DAOstack and advisor to Kirobo.

The company emphasized that they do not store personaluser keys, and the unique code simply determines the final completion of the transaction. It is worth noting that this function does not work in offline mode, in addition, it will not be available in case of technical problems on Kirobo servers.

The Kirobo platform received support from the Officefor Israel Innovation, a government department responsible for promoting industrial research and development. According to the press release, the company also underwent a cybersecurity audit by the Scorpiones Group.

The Retrievable Transfer function is available for transactions with Bitcoin to wallets from the French company Ledger. We plan to add support for other wallets in the near future.

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