On Thursday, Israeli blockchain startup Kirobo announced the launch of a tool that will enable users to undo erroneous Ethereum transactions. The tool uses an “Undo Button” that will work like the RBF protocol and will be based on Metamask or any wallet that offers support for WalletConnect.
Kirobo was set up two years ago and has since championed innovations in the Bitcoin and cryptocurrency industry in Israel.
The new tool will prevent transaction errors
Recently, Fio Foundation carried out a survey that revealed that 55% of the respondents experienced errors when sending crypto funds. 18% reported a loss of funds as a result of such errors.
To prevent such errors, Kirobo launched the “Retrievable Transfer” tech tool so that crypto senders can cancel transactions when they are delivered to the wrong address. For the receiver to receive the funds, the firm provides a unique code to enter a matching password for both parties (sender and receiver). This makes sure the funds are transferred to the right person.
The tech tool works in a simple way. When a sender transfers funds to a receiver, they won’t be able to claim the funds until they enter the code and the matching password given for that transaction. If the receiver is unable to enter the details, the fund is reverted to the sender. That way, any funds sent to an unintended receiver will be returned to the sender.
According to Kirobo, apart from safeguarding against sending to the wrong address, the service will also prevent sending funds to smart contracts that do not support deposits. Kirobo also plans to offer support for Ethereum (ETH, +1.77%) standard ERC-20 in the future.
“Retrievable Transfer” is an upgrade on RBF
For many years, the replace-by-fee protocol (RBF) has dominated the cryptocurrency industry. It enabled users to double-spend transactions in case their previous sent fund was not enough. Also, users can cancel unconfirmed transactions using RBF on the new Electrum wallet release 4.0.4.
However, ever since it was introduced, double-spends or RBF has always been controversial, as it has some issues. For instance, there has been some reported theft as a result of the transaction replacement concept.
But the introduction of the “Retrievable Transfer” tool is meant to make things easier and safer.
The firm said users could start enjoying the retrievable transfer tool from Thursday, November 12. However, while ETH users will start using the service immediately, it will be available on all ERC20 tokens later.