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Kirobo, an Israeli blockchain technology developer, plans to launch a peer-to-peer token swap solution that it claims will be less expensive than using exchanges and over-the-counter parties.
Kirobo, an Israeli blockchain technology developer, is launching a decentralised P2P token swap solution.
According to the company, the protocol, dubbed “Atomic Safe Swap,” will launch on July 27 and will provide a decentralised peer-to-peer trading alternative to centralised marketplace exchanges or over-the-counter (OTC) desks. The service is Ethereum-based and accepts Ether (ETH) and ERC-20 tokens.
Atomic Safe Swap is an extension of the company’s retrievable transfer solution, “Undo Button,” which allows users to cancel and retrieve cryptocurrency transactions.
The Undo Button generates an authentication key, which the receiving party must enter in order for the transaction to be completed. If the receiver has not yet entered the authentication key, the sender can cancel the trade and retrieve their funds.
Users can currently connect Ledger and Trezor wallets on the firm’s website to use the service, and it is compatible with Bitcoin (BTC) along with ETH and ERC-20 tokens.
In an announcement Kirobo noted that with the Atomic Safe Swap “the process is the same, except the end transaction, is a two-way transfer executed by smart contract,” and the firm is touting that their solution will be a cheaper alternative to exchanges and OTC parties, along with being free from “risk of error and fraud.”
Kirobo co-founder and CEO Asaf Naim emphasised the importance of having a secure non-custodial authentication mechanism not only to combat malware attacks but also to protect people from human error — a critical issue in crypto.
A minor error in entering a wallet address can result in funds being sent to the incorrect address and potentially being lost forever. To combat this, a common method has been to conduct a small test transaction so that a sender can verify if they have sent funds to the correct address while putting themselves in no financial danger.
According to Naim, the Undo Button eliminates the need for test transactions. According to the company, the Undo button has been used to conduct $1.5 billion in crypto transactions so far, with the solution assisting users in reclaiming more than $6 million through cancelled transactions. Naim stated:
“The end result is that even inexperienced users can now feel comfortable engaging in activities that were previously complex, expensive, and risky. We expect this service to encourage adoption and use of cryptocurrency, giving a real boost to the ecosystem for years to come.”
Regarding future announcements, Naim kept his cards close to his chest, but teased that the company is looking to integrate Undo Button with other blockchain platforms and exchanges, as well as expand support to other cryptocurrencies.
Without revealing too much, Naim also mentioned that another key issue in crypto that the firm may be looking into solving is “losing access to wallets,” which includes finding a way to retrieve funds in cases where a crypto hodler in the family passes away.
“I think that if you lost access to your wallet and you’ve lost access to your money. I think this is something that has to be dealt with, ” he said.