Blockchain startup from Israel developed made an important announcement on Tuesday. According to the press release, Kirobo developed a technology to prevent the loss of cryptocurrency caused by human error. It is worth mentioning that, loss of funds can happen when a sender includes an error in the long string of alphanumeric characters that make up cryptocurrency addresses.
In the past, it was impossible to retrieve funds sent in error. However, thanks to Kirobo it is possible to prevent such errors. Importantly, the firm’s Retrievable Transfer feature works by building a new layer onto existing blockchain protocols. Users have the ability to cancel a transaction sent to incorrect cryptocurrency wallets.
According to the company, it wants to make blockchain transactions quite simple and as secure as online banking.
Blockchain startup and crypto owners
It is important to know how the technology developed by this blockchain startup can prevent such errors. Notably, the company’s logic layer functions by providing a unique transaction code that must be entered by the recipient to receive funds. However, until the recipient enters the correct code, the sender has the ability to retrieve funds at any time.
Loss of funds can and does occur as it is possible to lose funds due to some error. For example, based on the information taken from a survey, 18% of respondents lost funds due to such errors.
Thanks to this blockchain startup, it is possible, to make transactions less risky. Thus, Kirobo will facilitate the adoption of cryptocurrency.
Moreover, the company doesn’t hold or store a user’s private keys. The unique code is simply governing whether or not the transaction would be finalized. Moreover, the firm’s Retrievable Transfer feature can also operate offline. Importantly, Kirobo’s platform received support from Israel’s Innovation Authority. The purpose of the Innovation Authority is to support industrial research and development.