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Kirobo Launches New Feature to Allow Reversible Bitcoin Transactions

Last updated on November 30, 2020

From the past few years, a huge eye is upon Bitcoin. Due to the method of transaction used in Bitcoin, it is among a lot of words criticizing it. One of the most criticized things about Bitcoin is that it can’t be used by the users to make the reverse of any transaction. Once the processing begins, it is not possible to undo or reverse it. The transaction processing mechanism is one of the points which is making Bitcoin stand in the criticism.

Another key caution which the entire beginners in the Bitcoin trading must remember is keeping an eye upon the Bitcoin wallet address.

Invention to reduce the chances of human mistakes:

Kirobo, a startup from 2 years that came into emergence from the Middle Eastern country, announced the new thing founded by it. It revealed that a means had been found, which can help reduce the chances of human errors in the transactions involving cryptocurrency. As a solution, it reveals that inverting a feature known as “retrievable crypto transfers” can enable a sender of Bitcoin to vanish the ongoing transaction status by canceling it, which is by mistake sent to another address.  

The company also came up with a cite reference to the Fio Foundation’s study, wherein it is revealed that about 55% of investors engaged in cryptocurrency dealings face human errors while using the digital currency. In the survey report, it was found that about 18% of the users lost their funds because of human errors.  

Using the new crypto feature, Kirobo is planning to help the crypto users enjoy the convenient use of transactions without facing any loss due to human errors. Asaf Naim (Chief executive officer of Kirobo) came up with an explanation that the company aims at ensuring cryptocurrency transactions to be conducted ad safely securely in comparison to the conventional crypto transactions. With the emergence of the logic layer by the company, it will release a unique code that will be sent with the transaction, and the recipient requires to use the code for availing the funds. 

Such a platform is already interesting, which has made it get support from the Authorities of Israeli Innovation. It is the arm of government that fosters all the arriving development linked with industrial purposes. Also, it is claimed by the platform that it has gone through the auditing process conducted by the “Scorpiones Group.” This group comes in the list of most-famed Israel’s cybersecurity groups.

Crypto transactions becoming convenient and easily accessible:

The feature of “WKirobo’s Retrievable Transfer” is applicable over all the wallets, including crypto ledger. Using this feature, one can easily get a smooth and safe Bitcoin transaction experience. And this feature can only be used over Bitcoin transactions, and it doesn’t cost any charges for transactions amounting to $1,000. It is an interesting initiative that can make it a better experience for crypto users.

All the crypto users will develop a feeling of trust to use cryptocurrencies and become frequent in using such transactions. The products list is the latest feature that came into arrival and aims at improving the crypto experience of users to make it convenient and safe for them. Also, another announcement was made regarding the Freewallet application that it will enter into a partnership with the Changelly for coming up with a new feature that speeds-up the process of crypto transactions. 

Not only will the feature ensure saving a lot of time, but Freewallet also revealed that such a technology could turn down the expense over crypto transactions. All the transfers with the feature will be conducted in an “off-chain” medium. This means that the crypto users can freely use the “optimal anonymity” related features while making crypto transactions.