Israeli blockchain startup Kirobo is working on reversing transactions with incorrect addresses in order to exclude the loss of funds due to human error. The startup launched the Retrievable Transfer function on the mainnet; this feature protects users from sending their digital assets to the wrong addresses.
The platform uses a layer two security solution (logic layer) on the blockchain, which operates on two levels. The recipient must enter a transaction code to receive the funds. This ensures that the open channel between the address of the sender and recipient is trusted and, therefore, directs the transaction only to the selected wallet.
Fear of losing funds due to a small mistake when entering long wallet alphanumeric codes is still considered one of the most important problems affecting the adoption of crypto. Many investors lost funds as a result of malicious acts or human errors when sending digital assets.
Kirobo’s solution will ensure confidentiality and reversible transactions, starting with Bitcoin users on the Ledger hardware wallet. The function will be free for any bitcoin transactions with the equivalent of up to $1000.
Image courtesy of Kirobo