Blockchain startup Kirobo's to allow crypto users retrieve funds sent in error

Wednesday 1 July 2020 09:56 CET | News

Kirobo, an Israel-based blockchain startup, has announced that its technology can prevent the loss of cryptocurrency caused by human error when sending transactions between wallets.

Loss of funds can and does occur when a sender includes an error in the long string of alphanumeric characters that make up cryptocurrency addresses. Kirobo cited a survey that found that 18% of respondents said they had lost funds through such sending errors.

The company has developed a functionality called Retrievable Transfer that works by building a new layer onto existing blockchain protocols. Users then can ‘cancel’ a transaction sent to an incorrect cryptocurrency wallet address, the Israeli company said in a press release Tuesday.

The company’s logic layer functions by providing a unique transaction code that must be entered by the recipient to receive funds from the sender. Until the recipient has entered the correct code, the sender may retrieve the funds at any time, according to CoinDesk.

The company’s platform has received support from Israel’s Innovation Authority, the arm of the government charged with fostering industrial research and development. The Retrievable Transfer functionality is now available for Bitcoin transfers on wallets from France-headquartered company Ledger, while support in other wallets is expected to roll out over coming months.

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Keywords: Kirobo, blockchain, cryptocurrency, crypto funds, wallets, Israel, transactions
Categories: DeFi & Crypto & Web3
Countries: Israel
This article is part of category

DeFi & Crypto & Web3