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Perhaps the costliest possible blunder a cryptocurrency owner can make is to send some tokens to a wrong crypto wallet address. But an Israel-based startup claims that it has developed a technology that will allow senders to retrieve crypto funds erroneously send to the wrong address.
Human errors, such as keying in the wrong crypto wallet, are problematic since cryptocurrency transactions between wallets are normally irreversible. But blockchain startup Kirobo devised of a way to prevent cryptocurrency loss due to human errors, Coindesk reported.
Kirobo introduced a feature called “Retrievable Transfer” as a way for senders to cancel transactions that were sent to the wrong address. The feature adds another layer into existing blockchain protocols which gives users the ability to cancel cryptocurrency transfers sent to the wrong address.
With the “Retrievable Transfer” feature in place, both the sender and the receiver will receive a unique code. The receiver will need to enter the correct code to finalize the transaction.
On the other hand, the sending will need the code for retrieval purposes in case the cryptocurrency transfer was sent to the wrong address. However, the “Retrievable Transfer” feature only works if the recipient has not yet finalized the transaction by keying in the code.
“Until the right code has been provided by the recipient, the sender can retrieve the funds at any time,” the company said, Cointelegraph reported. “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.”
Cryptocurrency users have been complaining about various transfer issues due to human errors. A survey by the Fio Foundation revealed that 18 percent of the respondents lost funds because they sent their crypto transfers to the wrong crypto wallet address.
The introduction of the Retrievable Transfer feature might have a positive impact on cryptocurrency adoption. “By removing the fear from crypto transactions, Kirobo will facilitate the adoption of cryptocurrency as a whole,” DAOstack CTO Adam Levi, who is also an adviser to Kirobo, said.
The feature is now available on the Ledger crypto wallet for Bitcoin (BTC) transactions. The feature is free of charge for transactions amounting to $1,000 and below.
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