Cryptocurrencies such as Bitcoin, Ethereum, and others offer a number of advantages compared with fiat currencies. However, there is a serious problem regarding the loss of cryptocurrency due to human error. Interestingly, one blockchain startup decided to minimize such errors.
Blockchain startup Kirobo developed a technology to prevent the loss of cryptocurrency as a result of a human error. Unfortunately, loss of funds can occur due to simple errors. For example, when a user makes an error in the long string of alphanumeric characters that make up cryptocurrency addresses. As a reminder, in the past, it was impossible to retrieve funds sent in error.
However, thanks to the firm’s Retrievable Transfer feature, it is possible to prevent such errors. Let’s have look at this feature.
The feature works by building a new layer onto existing blockchain protocols. Consequently, customers have the ability to cancel a transaction sent to incorrect cryptocurrency wallets.
Kirobo wants to simplify blockchain transactions and make them as secure as online banking.
Blockchain startup and new opportunities
Interestingly, the blockchain firm’s logic layer functions by providing a unique transaction code that must be entered by the recipient to receive funds. It is worth mentioning that, until the recipient enters the correct code, the sender has the ability to retrieve funds at any time.
As stated above, loss of funds is a serious challenge. Based on the information taken from a survey, 18% of respondents lost funds due to such errors.
Importantly, the blockchain startup from Israel doesn’t hold or store a user’s private keys. Furthermore, the unique code is simply governing whether or not the transaction would be finalized.
Also, the firm’s Retrievable Transfer feature can operate offline. Moreover, Kirobo’s platform received support from Israel’s Innovation Authority.
Last but not least, thanks to this blockchain startup, it is possible to make transactions less risky. The blockchain startup will facilitate the adoption of cryptocurrency.