- Blockchain startup Kirobo has launched an Ethereum version of its "Bitcoin Undo button."
- The service allows users to revert their transactions by using a password-based system.
- At launch, the "Ethereum Undo" supports only ETH transactions, with ERC-20 tokens to come.
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The “Ethereum Undo button” works the same way as its Bitcoin counterpart. It allows users to add passwords to their outgoing transactions. And unless the receiver enters that password, the transactions can be reversed at any moment. Still, Kirobo gains no custody over the funds at any point.
“The use of our logic layer finally eliminates the need to send a test transaction, sharply reducing the level of anxiety users feel when transferring funds to a third party,” said Asaf Naim, CEO of Kirobo, adding, “It is a solution the industry badly needed.”
“Ethereum Undo” is working through in-browser wallet Metamask and is available for all wallets that support WalletConnect protocol. At launch, the feature can be used only for ETH transactions, with ERC-20 tokens planned to be added “later on.”
In the case of Ethereum, the service claims to feature additional protection against so-called “man-in-the-middle” attacks—a type of cryptographic hacks that allow malicious actors to intercept communications between other parties.
“Kirobo supports the principle of decentralization and gives users the same peace of mind that comes from sending funds between banks. Actually, it’s superior since—as we know—funds in crypto wallets cannot possibly be frozen,” Naim added.
Kirobo has added support for two major Ethereum hardware wallets—Ledger and Trezor—to the service.
Notably, the new service also strives to protect users from themselves—by guarding their funds against sending to smart contracts that don’t support deposits. A feature that could’ve really come in handy to the user who recently lost $1.1 Million in AAVE by doing exactly that.
Update: Kirobo has already added support for the two hardware wallets mentioned.