Israeli Firm Unveils Tech Allowing Users to ‘Undo’ Erroneous Ether Transactions
Kirobo, a Tel Aviv-based startup known for developing a product that reverses erroneous bitcoin transactions, has repurposed its invention to work on Ethereum.
- Announced Thursday, the Retrievable Transfer service is now available to users transacting in the network’s native ether token.
- “The use of our logic layer finally eliminates the need to send a test transaction, sharply reducing the level of anxiety users feel when transferring funds to a third party,” said Asaf Naim, CEO at Kirobo.
- Available to users of MetaMask and any wallet that uses the WalletConnect protocol, Retrievable Transfer allows users to reclaim funds sent to the wrong address by generating a password that is entered by the sender.
- The receiver of the funds must also enter the matching password – failing to do so allows the sender to claim back the funds, reversing the transaction.
- In addition, the service is also designed to safeguard against sending funds to smart contracts that don’t support deposits, as well as man-in-the-middle attacks, according to Kirobo.
- Ethereum standard ERC-20 tokens will also be supported by the service at a later date, the startup said.