The new web portal and wallet add-on allows BTC transaction senders to set passwords for recipients.
An Israel-base Blockchain security firm known as ‘Kirobo’ has introduced a new web-based service that piles a ‘logic layer’ onto the Bitcoin network to “[protect] users from human error”: it allows Bitcoin transactions to be retrievable.
Asaf Naim, Kirobo’s chief executive, told Finance Magnates that the Kirobo's service is the first-ever attempt to create something that resembles MyEtherWallet, but for Bitcoin: specifically, the service enables “the option of canceling [a BTC] transfer if sent to a wrong address” by “requesting a password from the [transaction’s] receiver.”
Naim also explained that there is no software download required to use the service--it can either be accessed through Kirobo's website, or as an add-on for Ledger wallets; add-ons for other wallets will be developed over time.
Transactions senders set a passcode that recipients must use to collect their coins
Here’s how it works (according to a Youtube explainer video): the sender of the transaction enters the recipient address and the amount of BTC into Kirobo’s service, and then adds a passcode. The option to ‘retrieve’ the coins sent in the transaction is then enabled.
However, the coins can only be retrieved before the recipient officially ‘collects’ the coins.
To do this, the recipient must enter the correct passcode--which has been set by the transaction sender--in order to collect the coins. If an incorrect passcode is entered, the coins will not be deposited to the recipient’s wallet.
These passcodes, which are chosen by the transaction sender, can be entered via Kirobo’s wallet add-on (if the recipient also has it); they can also be entered through a portal on Kirobo’s website.
If the passcode is correct, however, the coins will be deposited, and the balance of both wallets will be updated accordingly; the sender’s ability to retrieve the coins is rescinded once they have been deposited.
Naim explained that the basic principle of the service operates on a partially-centralized escrow server model: “it is central[ized] from the recipient side and not central[ized] from the sender side, he explained. This means that even “if Kirobo disappears, the sender can always cancel the transaction, (as long as the recipient does not type the password [beforehand]).”
Naim also explained that all transaction information is stored only on the user's browser in encrypted form, and that access to the information is possible only with the ledger itself. Therefore, "you can use it even on a random computer without fear," he said.
Naim also said that while the add-on is “it is already on the main network,” it won’t be released to the public for another month or so.
Transactional reversibility could make crypto more adoptable
Transaction reversibility has long been one of the major obstacles standing in the way of large-scale cryptocurrency adoption.
“Like most people in Europe, I have a card in my wallet that contains pounds; that card is hooked to an account at my bank, and I just wave my card, and I can make small purchases,” Gerard explained. “But that’s actually got complete reversibility–if I don’t like any transaction that I see, at the end of the day I can contact my bank…and they’ll reverse it. They’ll eat it.”
However, as it currently stands, “if I pick your pocket from the other side of the world, those are my Bitcoins now.”
Kirobo’s platform wouldn’t offer transactional reversibility in the same way that a bank or a centralized Payments company might--however, it seems that the retrievable transactions option could be a step towards making Bitcoin and other cryptocurrencies more user-friendly.
An Israel-base Blockchain security firm known as ‘Kirobo’ has introduced a new web-based service that piles a ‘logic layer’ onto the Bitcoin network to “[protect] users from human error”: it allows Bitcoin transactions to be retrievable.
Asaf Naim, Kirobo’s chief executive, told Finance Magnates that the Kirobo's service is the first-ever attempt to create something that resembles MyEtherWallet, but for Bitcoin: specifically, the service enables “the option of canceling [a BTC] transfer if sent to a wrong address” by “requesting a password from the [transaction’s] receiver.”
Naim also explained that there is no software download required to use the service--it can either be accessed through Kirobo's website, or as an add-on for Ledger wallets; add-ons for other wallets will be developed over time.
Transactions senders set a passcode that recipients must use to collect their coins
Here’s how it works (according to a Youtube explainer video): the sender of the transaction enters the recipient address and the amount of BTC into Kirobo’s service, and then adds a passcode. The option to ‘retrieve’ the coins sent in the transaction is then enabled.
However, the coins can only be retrieved before the recipient officially ‘collects’ the coins.
To do this, the recipient must enter the correct passcode--which has been set by the transaction sender--in order to collect the coins. If an incorrect passcode is entered, the coins will not be deposited to the recipient’s wallet.
These passcodes, which are chosen by the transaction sender, can be entered via Kirobo’s wallet add-on (if the recipient also has it); they can also be entered through a portal on Kirobo’s website.
If the passcode is correct, however, the coins will be deposited, and the balance of both wallets will be updated accordingly; the sender’s ability to retrieve the coins is rescinded once they have been deposited.
Naim explained that the basic principle of the service operates on a partially-centralized escrow server model: “it is central[ized] from the recipient side and not central[ized] from the sender side, he explained. This means that even “if Kirobo disappears, the sender can always cancel the transaction, (as long as the recipient does not type the password [beforehand]).”
Naim also explained that all transaction information is stored only on the user's browser in encrypted form, and that access to the information is possible only with the ledger itself. Therefore, "you can use it even on a random computer without fear," he said.
Naim also said that while the add-on is “it is already on the main network,” it won’t be released to the public for another month or so.
Transactional reversibility could make crypto more adoptable
Transaction reversibility has long been one of the major obstacles standing in the way of large-scale cryptocurrency adoption.
“Like most people in Europe, I have a card in my wallet that contains pounds; that card is hooked to an account at my bank, and I just wave my card, and I can make small purchases,” Gerard explained. “But that’s actually got complete reversibility–if I don’t like any transaction that I see, at the end of the day I can contact my bank…and they’ll reverse it. They’ll eat it.”
However, as it currently stands, “if I pick your pocket from the other side of the world, those are my Bitcoins now.”
Kirobo’s platform wouldn’t offer transactional reversibility in the same way that a bank or a centralized Payments company might--however, it seems that the retrievable transactions option could be a step towards making Bitcoin and other cryptocurrencies more user-friendly.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Bitget's Bitcoin Reserve Ratio Soars Over 300% Following Halving
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔