On Thursday, November 12, 2020, the blockchain firm Kirobo launched a tool that allows users to reverse ethereum transactions. Similarly to the replace-by-fee (RBF) protocol leveraged by bitcoin users, ethereum transactions can be reversed as well with Kirobo’s “Undo Button” supported by Metamask or any wallet that supports walletconnect.
The two top blockchain assets, in terms of market capitalization, have features that allow users to reverse transactions they sent if the fee was too low or for other reasons. For years now crypto proponents using the Bitcoin (BTC) network have been able to use the replace-by-fee (RBF) protocol, which essentially allows them to double-spend bitcoin transactions with a higher fee. For instance with the new Electrum wallet release 4.0.4, “users can cancel (double-spend) unconfirmed transactions using RBF,” developers note.
Ever since the inception of Bitcoin and the following introduction of RBF a few years later, replace-by-fee or double-spends have always been controversial. For example, the transaction replacement concept has allowed for massive theft in certain instances and many crypto supporters consider RBF a glaring vulnerability.
Despite the concerns, RBF remains and on November 12, the startup Kirobo has just introduced a mechanism that allows people to reverse ETH transactions.
“Retrievable Transfer will be available to Ethereum users from Thursday, November 12,” Kirobo detailed in the announcement. “Initially, the service will be available for ETH and later on all ERC20 tokens, as well as offering protection against sending funds to smart contracts that don’t support deposits. Available to all Metamask and walletconnect owners, Kirobo’s unique undo feature means that individuals can reclaim funds mistakenly sent to the wrong address.”
Kirobo’s announcement adds:
The process for Ethereum is identical to that used in Bitcoin transactions. When dispatching digital assets, a password is entered by the sender. Funds are then released only when the recipient enters this same password. If the password is not entered, the sender can retrieve their assets at their convenience.
“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,” Kirobo CEO Asaf Naim explained.
Naim also detailed that the company’s Bitcoin version of the “Undo Button” has been “hugely popular in recent months.” Bitcoin and Ethereum transaction fees have skyrocketed during the last few months as well. Additionally, Naim said that Kirobo’s tool will also be supported by Trezor and Ledger in the near future.
The Ethereum version also includes protection against Man-in-the-middle attacks Kirobo revealed as well. The Tel Aviv-based startup says that both bitcoin and ethereum transactions have increased a great deal in recent times. Kirobo thinks that human error will be inevitable and the Undo Buttons will be beneficial to bitcoin and ethereum users.
What do you think about the Undo Button that allows someone to reverse an Ethereum transaction? Let us know what you think about this subject in the comments section below.
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