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An Israeli firm has figured out how ...

Israeli firm has figured out how to get back cryptocurrency sent by mistake
CONTENT

  • Israeli startup has created an add-on that will allow the return of erroneously sent funds

  • The sender can revoke the transaction as long as the recipient has not entered a special code

  • The add-on works with Ledger bitcoin wallets

International consortium of news organizations, developing transparency standards.

Blockchain startup Kirobo has developed technology that will protect users’ coins if they accidentally send them to the wrong wallet. Previously, such transactions were irreversible and you could say goodbye to money forever.

No lost bitcoins

The Retrievable Transfer feature creates a new layer, a superstructure on top of existing blockchain protocols. Users get the option to “cancel” a transaction sent to the wrong wallet address, an Israeli fintech company said in a press release..

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

An add-on offered by the company assigns a unique code to the transaction, which must be entered by the recipient to receive funds from the sender.

An Israeli firm has figured out how ...

As long as the recipient does not use this code, the sender has the ability to cancel the transaction.

Very often people lose coins due to a mistake made in the wallet address, which is a long string of alphanumeric characters.

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The solution will increase the security of cryptocurrency transactions

Kirobo cites a study according to which 18% of respondents admitted that they lost money due to a mistake.

“The Kirobo solution helps to remove the fear of losing money, which will certainly contribute to the massive adoption of cryptocurrencies,” shook off Adam Levy, CTO at DAOstack and advisor to Kirobo.

The company stressed that they do not store users’ private keys, and a unique code simply determines the final completion of the transaction..

An Israeli firm has figured out how ...

It is worth noting that this feature does not work offline, and it will also be unavailable in case of technical problems on Kirobo servers..

The Kirobo platform received support from the Israel Innovation Authority, the government arm responsible for promoting industrial research and development.

An Israeli firm has figured out how ...

According to the press release, the company has also passed a cyber security audit by the Scorpiones Group..

Retrievable Transfer is available for Bitcoin transactions to wallets from the French firm Ledger. In the near future, it is planned to add support for other wallets.

Not sure which wallet to choose? Read our “Top 5 Best Crypto Wallets” review.

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