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MetaMask and WalletConnect can now “undo” ETH transactions
CONTENT

  • Inspired by the successful launch of the BTC version, Israeli blockchain startup Kirobo has implemented a “transaction cancellation” feature for ETH

  • It includes protection against accidental burning and is available for transactions with all ERC-20 tokens.

  • Kirobo claims new functionality should be deployed on all popular blockchains

International consortium of news organizations developing transparency standards.

Israeli blockchain startup Kirobo has made a “cancel” button for blockchain transactions with Ethereum (ETH).

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Previously, this function was available exclusively for Bitcoin, but now it can be used for ETH transactions, later there will be support for ERC-20 tokens.

According to an Israeli government-funded company, this feature will protect users from accidentally sending funds to smart contracts that do not support deposits. Such transactions previously resulted in an irrecoverable loss of tokens.

It happened again, one small mistake and over $ 1million was lost in one moment of inattention?
Do you really think this is how a normal financial system should look like? Stay tuned # bitcoin #ETH #crypto #kirobo
Someone just lost $ 1,134,905 28,050.04 AAVE https://t.co/ITHGJPBvy7

– KIROBO (@ KIROBO5) October 28, 2020

No accidental burning

The feature is now available to ETH holders using MetaMask and WalletConnect, Kirobo says, and the whole process resembles the popular Bitcoin transaction solution..

When sending ETH to any address, the user must provide a unique password. If the recipient’s address does not enter the same password, the funds leave the sender’s wallet.

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If the password turns out to be incorrect, or does not exist at all, the sender will be able to recover funds with one click of a button. Thus, the solution eliminates the common problem of blocking funds sent to an erroneous smart contract.

It also protects users from sending ETH to the infamous 0x0000000000000000000000000000000000000000 address which currently contains over $ 500 million in lost ETH and ERC-20 tokens..

Kirobo claims the solution provides protection against unscrupulous intermediaries, as hackers cannot access ETH without the appropriate password. The company also emphasized that they do not retain user tokens, providing additional protection.

Ethereum will benefit from scaling

Commenting on solutions that will help Ethereum scale as De-Fi grows in popularity, Kirobo CEO Asaf Naim noted:

“Our logical layer finally removes the need to send a test transaction,” reducing user anxiety when sending funds to a third party. Kirobo supports the principle of decentralization, but at the same time gives users the same protection as when dealing with banks. In fact, of course, it is better than banks, because funds in cryptocurrency wallets – unlike bank accounts – cannot be frozen. “.

Daily transaction volumes on the Ethereum network have exceeded 1 million, which is more than three times higher than Bitcoin transactions.

Bitcoin Transaction Volume: YCharts

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ETH Transaction Volume: YCharts

According to Kirobo, this solution will go a long way towards scaling Ethereum as the company seeks to create layers on popular blockchains that protect transactions from human error and make them as secure as they are in the world of traditional finance..

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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