Kirobo Finds A Way To Tackle Problems Related To Human Error In Bitcoin Transactions
Kirobo Finds A Way To Tackle Problems Related To Human Error In Bitcoin Transactions
July 1, 2020
Kirobo Finds A Way To Tackle Problems Related To Human Error In Bitcoin Transactions
Kirobo Finds A Way To Tackle Problems Related To Human Error In Bitcoin Transactions
July 1, 2020

Kirobo, an Israel-based blockchain startup, has announced that it has found a way to tackle problems related to human error in Bitcoin transactions.

It has been reported by the Fio Foundation that 55% of respondents reported experiencing stressful human errors when sending cryptocurrency and 18% reported loss of funds due to such errors.

However, Kirobo has invented “Retrievable Transfer,” a way for senders to cancel a transaction that is sent to the wrong address, as the startup provides a unique code to the sender and the receiver has to enter the matching password in order to receive the transfer.

Kirobo stated:

“Until the right code has been provided by the recipient, the sender can retrieve the funds at any time. […] Kirobo does not 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 finalized or not.”

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

ALSO READ :  Fundstrat Says Bitcoin Can Gain 100% In 2020

Asaf Naim, the CEO of Kirobo, said that the aim of its invention is to make blockchain transactions as easy and as secure as online banking.

Retrievable Transfer is the first product released by Kirobo, which is looking to add a logic layer into blockchains that protects users from human error.

Thus, Kirobo said that the Retrievable Transfer feature is now available on the Ledger crypto wallet for Bitcoin (BTC) transactions, and will remain free for transaction amounts up to $1,000.

Source: Cointelegraph | Image: Oracle Blogs


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a content creator at Digital Notice Media Labs. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. She is an archetypal writer, who loves to create her own little world with words and locutions. Apart from this, her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
Share This

Share This

Share this post with your friends!