Cryptocurrencies

The Israeli start-up that manages to cancel Bitcoin Transactions (BTC) – Cryptocurrencies

Israeli company Kirobo has just announced the implementation of a major innovation that could very well allow Bitcoin to become infinitely more “Normal person friendly”. Indeed, Kirobo has just unveiled a device that will allow nothing less than to cancel a transaction sent to the BTC blockchain in case of need or error. Thus enacted the thing seems harmless. It could, however, mark a tipping point for the adoption of Bitcoin by a wider audience.

Bitcoin and the Right to Error

“We have the faults of its qualities” is it customary to falsely philosophize with if possible the thoughtful gaze lost towards the horizon. And this popular maxim applies to people as well as the most diverse concepts.

Blockchain is no exception to this lesson in wisdom for dummies: immutability, which is perhaps the greatest virtue of Bitcoin’s blockchain, also embodies its greatest flaw. Indeed, this architecture is so unalterable and impossible to undo as soon as an operation is executed there that it does not allow little or no right of error or second chance for its users.

Who hasn’t feverishly waited for the validation of a bit high Bitcoin transaction by crossing his fingers for not having made a mistake when filling out a public address, – not to mention the fear of tangling the addresses between Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Satoshi Vision (BSV) –… Throws me the first Ledger!

And very often, these fears turn out to be founded. According to a recent Fioprotocol survey, 55% of respondents said they had made or suffered stressful human errors when sending Bitcoin and cryptocurrencies. For 18% of those surveyed, funds were lost due to manipulation or attention errors, a huge and truly unimaginable ratio in view of mass adoption.

However, we live in an era which established the Right to error or to vagueness to the rank of consumption standards. If you confuse yourself by filling in the details of a bank transfer, the only thing you will lose is time on the phone. If you send 10 Bitcoin (BTC) to a Bitcoin Cash (BCH) address, it is your good mood for an indefinite period that you risk losing (the example is not the most relevant, I let you update yourself on the duality of BTC / BCH addresses on this thread of always excellent CryptoFR forum).

In short, an error on the blockchain – particularly Bitcoin, the most robust – tends to be unattainable. And very quickly you learn the lesson: a sent transaction is impossible to remember, slow down and even less cancel.

Finally that was valid until yesterday an Israeli start-up unveiled a solution that could change everything.

Is Blockchain as safe and ergonomic as Online Banking?

On June 30, the start-up Kirobo announced that it had finalized a device that can cancel a transaction on the Bitcoin blockchain.

The young Israeli shoot says it has configured a “Retrievable Transfer“, a way for senders to cancel a transaction which would be sent to the wrong address.

Kirobo provides a unique code to the sender and the recipient must enter the corresponding password in order to receive the transfer. A security overlay which therefore cancels the risk of incorrect addressing, just as much as it makes it possible to ensure that only a legitimate recipient will have the unlocking code. A variation of the 2FA system in blockchain sauce in short.

According to Adam Levi, advisor to Kirobo “Until the correct code has been provided by the recipient, the sender can recover the funds at any time. […] Kirobo does not have the user’s private key and has no access to the funds or their destination: the password simply governs whether the transfer is finalized or not. “

For Asaf Naim, boss of Kirobo, the goal is to “Make blockchain transactions as easy and secure as online banking.”

So that things are clear: Kirobo’s solution does not violate the Laws of Thermodynamics of the Bitcoin blockchain which remains in itself just as unalterable as it has always been.

The start-up’s solution simply offers a new option, a security overlay, solving the problem of transaction cancellation, just like the overlay. Lightning Network solved the problem of the number of transactions per second. Additional evidence of flexibility and of adaptability of the Bitcoin blockchain, as well as the dynamism of the ecosystem revolving around it.

Demonstration that things are getting serious, the solution to Retrievable Transfer is already being integrated into the Ledger portfolio. The option is also presented as free below $ 1000 of transactions.

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