The immutability of blockchains and other forms of distributed ledgers is one of the main characteristics of emerging technologies.
It has also made cryptocurrency transactions become irreversible once they have been sent for execution. That, however, is set to change as Kirobo has been able to create a new paradigm for reversible cryptocurrency transactions.
We reached out to Asaf Naim, CEO of Kirobo for more details.
Here is what he had to say.
Asaf Naim, CEO of Kirobo
E-Crypto News:
How does Kirobo’s “undo” technology work?
The Undo Button is our first market release.
It’s a response to the problem of millions of dollars’ worth of cryptocurrency being sent to the wrong address every year, both by mistake and by fraud – until now, there’s been little to no recourse.
Our solution eliminates this risk by passcode-protecting transactions and allowing the sender to cancel the transfer and retrieve their funds.
It’s also completely decentralized and non-custodial.
At no point do we hold anyone’s funds – even if our systems were to go down, you’ll still be able to retrieve your money.
E-Crypto News:
Is the reversal of any transaction within the Kirobo ecosystem permanent? Why is this so?
When a transaction is initiated, the funds are held in a smart contract, so the transfer is visible to the sender and recipient but not broadcast to the main blockchain until completion.
Thus, cryptocurrency can be permanently retrieved without any risk of a double-spend.
E-Crypto News:
What are the advantages of having reversible cryptocurrency transactions?
On an individual level, the advantage is clear – no more fear when sending cryptocurrency.
We’ve all heard stories of people losing enormous amounts of money for various reasons, with nobody to complain to or help, and these stories discourage new users and make even experienced hodlers nervous.
The Undo Button prevents mistakes from happening – it’s not possible to send money to the wrong place because the smart contract won’t action the transfer until the correct recipient has given the correct passcode.
To the wider ecosystem, the Undo Button will provide a significant impetus.
We’re offering a neutral safety net that is sure to encourage people to make more transfers, knowing that there’s a reduced chance of something going wrong.
E-Crypto News:
How has the year been so far for Kirobo?
Busy! Our launch of the Undo Button has been even more successful than even we envisaged, with more than $1.6 billion in cryptocurrency processed so far and millions saved with the Undo Button.
As a result, we’re attracting more attention from the community – for example, we’ve received strategic investment from DigiMax, added Brock Turner to our advisory board, and featured on Fox Business.
At the moment, we’re gearing up for some new product launches which are no less innovative than the Undo Button, so watch this space!
E-Crypto News:
Going by the numbers, where do you see Kirobo in the next decade?
I believe that we’re going to see our Undo Button become an industry staple.
In addition, we’re soon releasing additional crypto management services that will further bridge the gap between legacy systems and the blockchain economy. Suffice to say, we’re pretty excited about the future.
E-Crypto News:
What was the general idea, concept, or situation that led you to found Kirobo?
We believe that blockchain technology is the future because it gives people control of their own money, something that traditional finance isn’t providing.
However, the ease with which they can lose that money is holding adoption back. So, we set out to find a way to combine the benefits of decentralized currency with the security of traditional finance – and we found it.
I couldn’t be prouder of the work we’re doing to promote the growth of the free digital economy.
E-Crypto News:
How did you get started with cryptocurrencies and their underlying technologies?
I’m an accountant by trade but I’ve always been a big fan of technology and its applications for business.
It was inevitable that I’d eventually arrive at blockchain technology – it’s the future of commerce and finance.
It gives people unprecedented financial freedom which can only make for a more dynamic and vibrant world economy.
E-Crypto News:
What are your thoughts on the regulation of the cryptocurrency space?
Regulation has its place. Financial crime is financial crime and should be punished, and that’s as true for small-time scammers as it is for unscrupulous businesses, crypto or otherwise.
However, I don’t believe that there’s any need to compromise on true decentralization, as some regulatory bodies would like.
Blockchain technology has within it the tools to remove trust from the equation and enforce fairness – that’s one of its biggest innovations.
And now with the boom of DeFi applications providing financial management tools for cryptocurrency, we’re going to see that the free economy is, at least to some extent, capable of regulating itself.
E-Crypto News:
Currently, how many cryptocurrency transactions have been reversed so far within the Kirobo ecosystem?
Currently, we have processed more than $1.6 billion in crypto transactions and saved users millions with the undo button.
E-Crypto News:
What do you think the year holds for Kirobo as we enter into crypto summer?
I believe that we’re going to see our Undo Button become an industry staple.
In addition, we’re soon releasing additional crypto management services that will further bridge the gap between legacy systems and the blockchain economy. Suffice to say, we’re pretty excited about the future.
E-Crypto News:
What are your thoughts on the explosion of the decentralized finance DeFi space?
I think it’s pretty simple – people want to use cryptocurrency, but the ecosystem lacked the applications and services offered by legacy finance.
DeFi applications are filling that gap as a response to market needs, and we at Kirobo are happy to be a part of this movement.
E-Crypto News:
As distributed ledgers are irreversible. What kinds of possibilities do services such as Kirobo offer the cryptocurrency space?
The Undo Button prevents mistakes from happening – it’s not possible to send money to the wrong place because the smart contract won’t action the transfer until the correct recipient has given the correct passcode.
To the wider ecosystem, the Undo Button will provide a significant impetus.
We’re offering a neutral safety net that is sure to encourage people to make more transfers, knowing that there’s a reduced chance of something going wrong.
E-Crypto News:
Will the emergence of reversal technology within the cryptocurrency space provide a basis for the mass adoption of cryptocurrencies? What are your thoughts on this?
Absolutely, blockchain technology gives people control of their own money, something that traditional finance isn’t providing.
However, the ease with which they can lose that money is holding adoption back.
Reversal technology will provide the same security of traditional finance which will provide comfort to crypto users.
E-Crypto News:
Please, can you tell us more about server-less retrievable transactions?
The undo button mechanism actually has a server involved.
E-Crypto News:
Where do you see Kirobo in the next decade?
We believe the undo button will soon become an industry staple.
Additionally, we’ll be developing other crypto management tools that will further bridge the gap between legacy systems and blockchain technology.
E-Crypto News:
What are your plans for expansion of the Kirobo ecosystem?
We’re planning some great launches that are no less innovative than the undo button, we’re very excited for these upcoming launches.
E-Crypto News:
As several world governments continue to ban cryptocurrencies and their underlying technologies, what is your message to these governments?
Firstly, I would note that the resistance to cryptocurrency is diminishing as the years go by.
A few years ago, you couldn’t open the news without seeing a politician and/or financial leader warning against what they saw as a dangerous bubble, but they tend to change their minds as time goes on.
Frankly, I don’t think it’s necessary to send any message to the authorities that persist on clamping down on this movement – they’ll come round too.
At the end of the day, change comes from the people, and it’s not something that can be resisted in the long term.
E-Crypto News:
Do you have any secrets that you want to tell us? Care to spill the beans?
No big secrets right now.
