The Kirobo Startup has developed technology to return erroneously sent BTC
Israeli startup Kirobo has developed a technology that allows you to return bitcoins mistakenly sent to the wrong addresses.
The Retrievable Transfer function developed by Kirobo works by creating a new level on the existing blockchain protocol. When using it, users have the opportunity to "roll back" a transaction sent to the wrong wallet address, as the company says in a press release. This method is currently only available using Ledger wallets.
“Our goal is to make blockchain transactions as simple and secure as online banking,” said Kirobo CEO Asaf Naim.
According to the company, the transaction recipient must enter a unique transaction code to receive coins. Until the recipient enters the correct code, the sender can return them at any time.
The sender can lose coins (and often actually loses) when he sends them to an incorrectly entered address. Kirobo cites as an example the result of a survey that showed that 18% of respondents lost crypto assets due to such errors. According to the company, if making transactions less risky, it will attract new users to the cryptocurrency industry.
The company claims that it does not store user private keys, and the unique code simply determines whether the transaction will be completed. This feature can work offline if Kirobo servers are unavailable.
The Kirobo platform has received support from the Israel Innovation Authority, the government unit responsible for promoting research and development. According to a press release, the company also passed an audit of the cybersecurity company Scorpiones Group.
Kirobo's Retrievable Transfer feature is available for transferring BTC to Ledger wallets. Kirobo claims that it will work in other wallets in the coming months.
The problem of returning cryptocurrencies sent by mistake has existed in the industry since its inception. In February, it was reported that an unknown miner was able to recover almost 9,000 BCH, erroneously sent by users to SegWit addresses, and assigned these coins. In addition, in May of this year, the Ethereum community discussed the possibility of creating a decentralized autonomous organization (DAO) to return ETH sent to incorrect addresses.