CONTENT:
An international consortium of news organizations that develops transparency standards.
Blockchain startup Kirobo has developed technology to protect users' coins if they accidentally send them to the wrong wallet. Previously, such transactions were irreversible and one 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 are able to "cancel" a transaction sent to the wrong wallet address, an Israeli fintech company said in a press release.
The add-on offered by the company assigns a unique code to the transaction, which must be entered by the recipient in order to receive funds from the sender. As long as the recipient does not use this code, the sender has the option to cancel the transaction.
Very often people lose coins due to a mistake in the wallet address, which is a long string of alphanumeric characters.
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 company stressed that they do not store the private keys of users, and the unique code simply determines the final completion of the transaction. It is worth noting that this feature does not work offline, and it will also be unavailable in the event of a technical problem on the Kirobo servers.
The Kirobo platform received support from the Israel Innovation Authority, the government arm responsible for promoting industrial research and development. According to the press release, the company has also passed a cyber security audit by the Scorpiones Group.
The Retrievable Transfer feature is available for Bitcoin transactions to wallets from the French firm Ledger. It is planned to add support for other wallets in the near future.
- Israeli startup has created an add-on that will allow the return of erroneously sent funds
- The sender can cancel the transaction as long as the recipient has not entered a special code
- The add-on works with Ledger bitcoin wallets
An international consortium of news organizations that develops transparency standards.
Blockchain startup Kirobo has developed technology to protect users' coins if they accidentally send them to the wrong wallet. Previously, such transactions were irreversible and one 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 are able to "cancel" a transaction sent to the wrong wallet address, an Israeli fintech company said in a press release.
The add-on offered by the company assigns a unique code to the transaction, which must be entered by the recipient in order to receive funds from the sender. As long as the recipient does not use this code, the sender has the option to cancel the transaction.
Very often people lose coins due to a mistake in the wallet address, which is a long string of alphanumeric characters.
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 company stressed that they do not store the private keys of users, and the unique code simply determines the final completion of the transaction. It is worth noting that this feature does not work offline, and it will also be unavailable in the event of a technical problem on the Kirobo servers.
The Kirobo platform received support from the Israel Innovation Authority, the government arm responsible for promoting industrial research and development. According to the press release, the company has also passed a cyber security audit by the Scorpiones Group.
The Retrievable Transfer feature is available for Bitcoin transactions to wallets from the French firm Ledger. It is planned to add support for other wallets in the near future.
