The Isreali startup Kirobo has made their Bitcoin Retrievable Transfer solution available on Bitcoin Testnet. According to the company website, Retrievable Transfer adds a third step of verification to cryptocurrency transactions protecting users from sending their coins to the wrong address. Be it through a mistake or malicious third party intervention.
In a 2018 survey run by The Foundation for Interwallet Operability, the majority of crypto holders questioned in the survey were not confident that their transactions will occur as intended. Kirobo aims to make cryptocurrency transactions “as easy and secure as online banking.
One of the main hurdles to broader adoption of cryptocurrencies as a payment method is consumer trust. If Kirobo succeeds with Retrievable Transfer, it will be a big step in making cryptocurrencies more accessible to the broader public.
The company ensures users that their platform can not influence transactions in any way. No passwords are exposed and sensitive code is developed as open source for transparency. Until a recipient does not enter the proper transaction code the sender is capable of retrieving their funds.
Kirobo has announced that for now Retrievable Transaction will be freely available for Bitcoin transactions above $1000 made on the Ledger Cryptocurrency Hardware Wallet.