Ethereum is the second-largest cryptocurrency after bitcoin. It is said to be the rising star of the crypto world. It launched in the year 2015. The value of Ethereum has increased to over 6,800 %. Any cryptocurrency which has gained popularity after Bitcoin is Ethereum. The technology is known as the Ethereum blockchain. This decentralized payment network has gained popularity in a brief span.
The currency works on an updated software that is fast and has more availability of coins. The platform works on smart contracts that are revolutionary in cryptocurrency. Visit IBTimes the page to know more about the latest news.
One of the issues with cryptocurrency trades is the irreversible nature of their transactions. They considered this vulnerability. The blockchain firm Kirobo launched an undo tool for Ethereum dealings. Now, before diving into how the undo button works? , How can traders benefit? Let us know more about this blockchain firm, kirobo.
The launching of Undo Button
The undo button is becoming very popular soon after its launch. Now, kirobo is a decentralized technology that removes the risk of doing Ethereum contracts. It enables the use of the technology of cryptocurrency to the fullest.
The mission of kirobo is to close the gap between the vulnerabilities of the cryptocurrency and its success. They thrive to promote a safe environment for traders of Ethereum.
The firm is an Israeli startup that has launched the undo transaction button for the users of Ethereum. They designed the tool for blockchain users to protect them from human errors and malpractices.
Humans are prone to make mistakes. It can sometimes cost a lot. A transaction, once accepted in the blockchain, is irreversible. But after the launch of the undo button for ETH transactions, it allows the retrieval of any transaction entered.
Limitations addressed by the Undo Tool
The major setback for cryptocurrency users is that the transaction is not reversible. When a user enters a transaction to deliver Ethereum coins to another, he enters the recipient’s address.
They may type the address wrong. It is a typical human error that takes place with many Ethereum traders. Various scams also persuade the users to send the coins. Once issued, the coins have no chance to return. The anonymity features of cryptocurrency make it impossible for the sender to track down the receiver.
Now, the blockchain may accept the wrong address. There is no way the user can receive his coins back unless the blockchain has not recognized the transaction yet. The user has to check whether the transaction has got any conformations. If yes, then the coins are as good as lost. This rigidity in blockchain transactions has made several users lose their money.
We can use various methods when the transaction is not accepted, but it takes lots of time and effort. This undo feature of Kirobo has solved the problems of such users.
Many users had to test the transaction before sending the original coin to confirm whether the coins reached the desired address. With this tool, traders get control over their mistakes. They can reverse the transaction if not sent to the person they intended to.
How does Kirobo Work?
Kirobo has recently launched a tool that enables you to recover the funds wrongly transferred to another address. The feature is like the RBF (Replace by fee) of bitcoin.
Bitcoin users reverse the transaction by paying extra fees and entering double transactions. This feature has resulted in occurrences of many theft and loss to users.
For overcoming the outcomes of the RBF feature of bitcoin, kirobo has created a protection layer for the safety of Ethereum users.
- First of all, when a user enters into a transaction, a code is generated. They then send this code to the receiver. The code may reach the recipient by phone or message. The receiver enters the code to complete the transfer. He receives the fund only when the code entered by him is correct.
- The sender creates the password and sends it to the receiver. He wanted to send the coins.
- The undo button allows the sender to cancel the undergone transaction. This tool allows the user to receive back the funds transferred.
- This feature, however, only works when the receiver has not entered the code sent to him.
- If the receiver does not enter the passcode, the transaction remains in the mem pool. It can be retrieved by the sender then.
- The kirobo team explains its tool by mentioning that it recognizes the feature of an escrow account where the sender gets the decentralized form while the receiver experiences the centralized.
Benefits of Using the tool
Kirobo provides utmost security and privacy to the users of Ethereum. The use of undoing tools has various benefits for the users.
- It allows the fund’s retrieval even if the blockchain system is down.
- The platform that allows the undo tool is subject to audit. It has various certifications from cybersecurity firms.
- The platform provides online transactions to be flexible and reduces the stress of Ethereum traders.
- The tool enables the users to rectify their human errors, and they then send the fund back to the non-deposit smart contract.
- Another feature of using the undo tool of Kirobo is that there will be no danger to the finds of the users in case the kirobo system gets hacked. When there is any compromised situation with the system, the transaction stands canceled, and the sender receives the coins back.
This feature allows users to cancel the transactions when sent to the wrong address. This feature is available to all meta mask and wallet connect users.
The reversibility of Ethereum transactions has given people the financial control they wanted. It has attracted many traders to invest lots of money without fear of any security breach. The service reduces the loss of coins and brings satisfaction to the mind of users.
It ensures that they added a protection layer to the coins. This custodial feature enables users to never lose control over the transaction, even after the transfer.