(Source: DoubleUrBitcoin.com)
A 2-year-old Israeli startup says it has found a way to cancel cryptocurrency transactions if they are sent to the wrong wallet address. Kirobo, a two-year-old Israeli blockchain startup, announced on Tuesday that it has found a way to tackle problems related to human error in crypto transactions.
As such, Kirobo has made a “Retrievable Transfer,” a way for
senders to cancel a transaction that is sent to the wrong address.
They provides a unique code to the sender and the receiver has to
enter the matching password in order to receive the transfer.
“Until the right code has been provided by the recipient, the sender
can retrieve the funds at any time. Kirobo does not hold the user’s
private key and has no access whatsoever to the funds or their
destination: the password simply governs whether the transfer is
finalized or not,” the startup said.
The platform has reportedly been audited by cyber intelligence
company Scorpiones Group and is supported by the Israel Innovation
Authority.
READ MORE: An Israeli Startup Claims It’s Invented an ‘Undo’ Button for Bitcoin Transactions
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