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In the letter
- Blockchain startup Kirobo has launched an Ethereum version of its “Bitcoin Undo button”.
- The service allows users to recover their transactions using a password-based system.
- At launch, “Ethereum Undo” only supports ETH transactions, with ERC-20 tokens on the way.
According to an announcement, Israeli startup Kirobo, known for its “Cancel Bitcoin button” that allows users to cancel transactions, has launched the same service for Ethereum (ETH).
The “Cancel Ethereum button” works the same way as its Bitcoin counterpart. Allows users to add passwords to outgoing transactions. And unless the recipient enters that password, transactions can be canceled at any time. However, Kirobo does not get custody of the funds at any time.
“Using our logic level finally eliminates the need to send a test transaction, dramatically reducing the level of anxiety users feel when transferring funds to third parties,” said Asaf Naim, CEO of Kirobo, adding: “It’s a absolutely necessary industry solution. “
“Ethereum Undo” works via the wallet in the Metamask browser and is available for all wallets that support the WalletConnect protocol. At launch, the feature can only be used for ETH transactions, with ERC-20 tokens scheduled to be added “later”.
In the case of Ethereum, the service claims to offer additional protection against so-called “man-in-the-middle” attacks, a type of cryptographic hack that allows malicious actors to intercept communications between other parties.
“Kirobo supports the principle of decentralization and offers users the same peace of mind that comes from sending funds between banks. In fact, it is superior since, as we know, the funds in crypto wallets cannot be frozen, “added Naim.
He noted that immediately after launch, Kirobo will add support for two major hardware wallets Ethereum, Ledger and Trezor to the service.
Notably, the new service also strives to protect users from themselves by protecting their funds from being sent to smart contracts that don’t support deposits. A feature that could be really useful for that user recently lost $ 1.1 million in AAVE doing exactly that.
