It is everyone’s worst nightmare when dealing with crypto – losing your transaction because you typed in an incorrect wallet address. Well, it seems the dreaded ‘lost transaction’ scenario is about to change thanks to new software created by a rising crypto startup named Kirobo which is based out of Israel.
Removing the fear from crypto transactions
By creating a feature called ‘Retrievable Transfer’, the firm has solved the dreaded ‘irreversible cryptocurrency transaction’ nightmare that has haunted thousands of crypto users!
This revolutionary solution places an additional layer of code on top of existing blockchain protocols. When the sender hits the send button, a ‘transaction confirmation code’ is generated and sent to the recipient. Now here is the clever part. The recipient will not be able to receive the funds until he/she has entered the said ‘transaction confirmation code’ into the wallet receiving the transaction.
How does prevent the loss of crypto?
To explain further, imagine the recipient tells the receiver that the ‘transaction confirmation code’ was not received. The sender then double-checks the transaction and soon realizes that the alphanumeric characters used for the destination crypto wallet have a typo!
Under normal circumstances, there would be no way to reverse the transaction. It would be time to find the closest and hardest object nearby and start banging your head on it. However, with Kirobo’s new ‘Retrievable Transfer’ system, the sender will be able to cancel the transaction and restart it with the correct wallet address the second time around.
It is also worth noting that as long as the recipient has not entered the ‘transaction confirmation code’ the sender can cancel the transaction at any time.
Could This Mean More People Will Adopt Cryptocurrencies?
There are certainly a large number of individuals out there that would like to invest in and begin using virtual currencies. On top of this, there is no shortage of businesses that would also like to adopt cryptos due to low fees, instant transaction times, and borderless transfer capabilities.
Yet, many of these people and businesses are hesitant from making the jump into the crypto sphere because of the risks involved with losing their transactions due to human error.
In a survey by Kirobo’, 18% of respondents said that they had lost crypto in the past as a direct result of inputting the wrong alphanumeric characters when sending their virtual currency to another wallet. It is a common occurrence and there are plenty of horror stories out there where people have lost several BTC equating to tens of thousands of dollars due to a simple typo – it’s a big price to pay for such a small mistake and too risky for some businesses.
However, If you could tell someone that there is now a system in place that prevents the loss of crypto due to human error, would you be more inclined to adopt crypto?
The answer is likely to be a resounding ‘yes’. Thanks to Kirobo, the undeniable benefits of crypto can now be taken advantage of while eliminating the risk of losing crypto due to human error. In short, Kirobo has created a world where making financial transactions using cryptocurrencies is practically risk-free.
Ledger Has Already Implemented Kirobo’s Retrievable Transfer Feature
If you are looking for a crypto wallet that is already using Kirobo’s exiting and brand-new ‘Retrievable Transfer Feature’ then check out the French-based firm Ledger.
Ledger took on Kirobo’s new concept after it gained support from Israel’s Innovation Authority (IIA). On top of this, Kirobo has been fully audited by Scorpiones Group which is a reputable cybersecurity company well-known in the crypto space. We can also confirm that Kirobo does not have access to or store your private key as its only function is to create a unique ‘transaction confirmation code’.
For those of you that are already happy with your current wallet, you may not have to wait long because ‘Kirobo’s Retrievable Transfer Feature’ is expected to be rolled out to other major wallets over the next few months.