Israeli Blockchain Startup Invents An ‘Undo’ Button for BTC Transactions The hallmark of any emerging industry is the continuous innovations taking p
Israeli Blockchain Startup Invents An ‘Undo’ Button for BTC Transactions
The hallmark of any emerging industry is the continuous innovations taking place in it. The crypto industry is no different. In fact, since it is a tech-driven space, the rate of innovation is much faster. These are not only aimed to push the industry forwards but also to solve critical problems. The more these kinds of problems are solved, the better suited the technology becomes for mass adoption.
One such challenge for cryptocurrencies has been irreversible transactions. Transferring cryptocurrencies to others or your own alternative wallet is still very stressful. This is because there is always a margin for human error. And since there are no central authorities in crypto, the transactions can’t be reversed. Many people have lost their funds this way. However, this could soon change.
An Undo Button For BTC
An Israeli blockchain startup known as Kirobo claims it has invented an undo button for bitcoin transactions. And it does exactly what it sound like. If you send your crypto to a wrong address, you can simply undo that transaction and get your funds back. If true, this is really groundbreaking stuff. This has the potential to solve one of the biggest headaches of bitcoin users and investors.
Right now, once you send your funds, that transaction is set in stone. No one can change it. Although this is a unique feature of blockchains, this also has severe side effects. This is why people are so scared sometimes to conduct large transactions. They have to double or triple check the amount of bitcoin and the addresses before transacting. Undoubtedly, it is not a smooth experience like fiat banking.
Kirobo, which is just a two-year-old startup, has thus done really great. Their solution is really simple to use. When sending bitcoin, Kirobo provides a unique code to the sender. The receiving address has to enter the same matching code in order for the transfer to take place. Until the receiver enters the same code, the sender can cancel the transaction and retrieve their funds.
A Life Saver
It’s no doubt that this is a lifesaver and should be applied to all cryptos if found to be secure. The startup, in a recent statement, said, “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.”
According to the startup, its technology can be implemented as a logic layer into blockchains. So, it shouldn’t be too difficult to do so. In fact, this feature is already available on the Ledger crypto wallet for Bitcoin transactions. Also, the service is free for transaction amounts up to $1000. Over time, if this feature works flawlessly, it could transform cryptocurrencies. And it could serve as an important piece of the puzzle to make bitcoin mainstream.