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On Thursday 12 November 2020, blockchain company Kirobo launched a tool that allows users to reverse ethereum transactions. Similar to the commission replacement protocol (RBF) exploited by bitcoin users, ethereum transactions can also be canceled with the Kirobo “Cancel button” supported by Metamask or any wallet that supports walletconnect.
The two main blockchain assets, in terms of market capitalization, have features that allow users to cancel submitted transactions if the fee was too low or for other reasons. For years now, proponents of cryptocurrencies using the Bitcoin (BTC) network have been able to use the substitution-for-fee (RBF) protocol, which essentially allows them to spend twice as much on bitcoin transactions for a higher fee. For example, with the new version 4.0.4 of the Electrum wallet, “users can cancel (double spend) unconfirmed transactions using RBF,” the developers note.
Since the inception of Bitcoin and the subsequent introduction of RBF a few years later, paid replacement or double spending has always been controversial. For example, the concept of transaction substitution has allowed massive thefts in some cases, and many crypto advocates view RBF as an obvious vulnerability.
Despite the concerns, RBF remains and on November 12, startup Kirobo just introduced a mechanism that allows people to reverse ETH transactions.
“The recoverable transfer will be available to Ethereum users from Thursday 12 November,” Kirobo explained in the announcement. “Initially, the service will be available for ETH and subsequently for all ERC20 tokens, as well as offering protection against sending funds to smart contracts that do not support deposits. Available to all owners of Metamask and walletconnect, the unique feature Kirobo’s cancellation policy means that people can claim funds that were sent to the wrong address by mistake. “
Kirobo’s announcement adds:
The process for Ethereum is identical to that used in Bitcoin transactions. When sending digital assets, the sender enters a password. Funds are then released only when the recipient enters the same password. If the password is not entered, the sender can retrieve their resources at will.
“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,” Kirobo CEO Asaf Naim explained.
Naim also explained that the company’s Bitcoin version of the “Cancel button” has been “extremely popular in recent months.” Bitcoin and Ethereum transaction fees have also skyrocketed in recent months. Additionally, Naim said Kirobo’s tool will also be supported by Trezor and Ledger in the near future.
The Ethereum version also includes protection against the Man-in-the-middle attacks revealed by Kirobo. The Tel Aviv-based startup says both bitcoin and ethereum transactions have increased a lot in recent times. Kirobo thinks that human error will be inevitable and that the Cancel buttons will be beneficial for bitcoin and ethereum users.
What do you think of the Cancel button that allows someone to reverse an Ethereum transaction? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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