Blockchain Startup Invents Undo Button for Bitcoin Transactions

Hey ninja’s, how’s the trading going? On the day, the crypto market is in the green zone with the majority of the top cryptocurrencies reporting moderate daily gains. The largest cryptocurrency Bitcoin is trading at $9,172 and is reporting gains of 1.32% at press time. 

Kirobo is a two-year-old blockchain startup claiming to have invented a way to undo cryptocurrency transactions. The firm announced on the 30th of June that it has found a way to tackle problems in the crypto sector caused by human error. In a recent survey by the Fio Foundation, it was discovered that 55% of crypto users who took the survey have faced problems caused by human error when sending cryptocurrency and 18% reported a loss of funds because of such human errors. 

These numbers inspired Kirobo to create its “Retrievable Transfer”, this enables a sender to cancel a transaction and retrieve funds that are sent to the wrong crypto address. Kirobo’s new money fund retrieval system makes use of a unique code which has to be inputted by both the sender and the receiver for the funds to be transferred. Kirobo explained that until the right code is inputted by the receiver the sender can retrieve funds at any time, Kirobo also noted that the firm does not hold the user's private keys and has no access to the funds or its destination account.

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