To err is human and to forgive is divine. The crypto market, however, is nowhere close to being divine, because it is rather unforgiving in nature. In this space, hundreds of people have lost their hard-earned assets to human error, and more often than not, they were unable to retrieve them. A recent study conducted by Chainanalysis showed that about 20% of Bitcoin is lost forever simply because people lost their private keys.
As if this was not enough, there’s also the case of people losing their assets because they sent it to the wrong wallet address, again, by human error. The security and transparency features of blockchain networks, though quite useful, leave no scope for human error. You simply cannot undo wrong transactions or can you?
Kirobo — DeFi’s Undo Button
Until quite recently, there was no way to undo a blockchain transaction. If you made a transaction to the wrong wallet address, your best bet would be to hope that person returns your money. But, the pseudonymity of blockchains again makes it quite difficult to track down the person behind the address. Besides, if you enter the wrong address, by mistake or as a result of a scam, the chances are that your funds will be gone, with little chance of return.
Enter Kirobo, which offers a decentralized protocol that will make sure you never lose your funds again. At least not to human error. Kirobo’s solution is quite simple: it creates a layer of protection for crypto transactions. This layer ensures that your crypto is always delivered to the right address.
Kirobo has two main functionalities or “buttons”, the first of which is the much-needed ‘Undo Button’. The Undo Button compels you to create a password and share it with the recipient. Now, for the transaction to go through, the recipient is prompted to enter the shared password. If the password is wrong or not entered, the transaction can be canceled and your assets retrieved. Then there’s the ‘P2P Swap Button’, allowing users to directly swap ETH and ERC-20 tokens without the need for an exchange or custodial OTC third-party.
Kirobo does not charge transaction fees for using the P2P Swap Button - it actually rewards users. In addition, the service allows users to avoid high gas prices by choosing when they execute the swap.
A Security Compromise?
All this sounds good, yet do reversible transactions mean a security compromise? Actually not. Kirobo uses an additional layer to enable reversible transactions. This means that in no way is the protocol tampering with the original security of the blockchain. The non-custodial nature of Kirobo ensures that users never lose control of their assets at any point in the transaction.
It also ensures that users are fully able to retrieve their funds if the Kirobo systems were hacked or compromised for any reason. The worst thing that could happen during a hack is that a transaction wouldn’t be completed, and the money returned to sender.
What Does This Mean for the DeFi Ecosystem?
The promise of complete financial control has brought millions of users into the DeFi space, with most of them investing a good chunk of their money. But, if there is no way to retrieve lost funds, can you call it complete control? Even traditional financial systems have a way of retrieving funds. This is why Kirobo’s services are crucial.
Kirobo reduces asset loss and brings peace of mind to its users. It provides a way for users to use their funds without the fear of losing them on the way. This peace of mind could attract more traders to the ecosystem, ultimately contributing to the growth of this space.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.