Israeli blockchain tech developer Kirobo is set to launch a P2P token swap solution it claims is cheaper than using exchanges and over-the-counter parties.
Israeli blockchain tech developer Kirobo is launching a decentralized P2P token swap solution.
According to the company the protocol, dubbed “Atomic Safe Swap,” offers a decentralized peer-to-peer trading alternative to centralized marketplace exchanges or over-the-counter (OTC) desks, and is set to launch on July 27. The service is built on Ethereum and supports Ether (ETH) and ERC-20 tokens.
Atomic Safe Swap is an extension of the firm’s retrievable transfer solution,“Undo Button” which enables users to cancel and retrieve crypto transactions.
The Undo Button provides an authentication key that the receiving party must enter for the transaction to be fulfilled. The sender can cancel the trade and retrieve their funds if the receiver hasn’t yet entered the authentication key.
Users can currently connect Ledger and Trezor wallets on the firm’s website to use the service, and it is compatible with Bitcoin (BTC) along with ETH and ERC-20 tokens.
In an announcement Kirobo noted that with the Atomic Safe Swap “the process is the same, except the end transaction, is a two-way transfer executed by smart contract,” and the firm is touting that their solution will be a cheaper alternative to exchanges and OTC parties, along with being free from “risk of error and fraud.”
Asaf Naim, Kirobo co-founder and CEO of Kirobo highlighted the importance of having a secure non-custodial authentication mechanism not only to fight malware attacks but also to protect people from human error — a key issue in crypto.
A tiny mistake in entering a wallet address can result in funds being sent to the wrong address and potentially lost forever. A common method used to combat this has been to conduct a small test transaction so that a sender can verify if they have sent funds to the correct address with minimal financial risk.
Naim told Cointelegraph that the Undo Button negates the need for test transactions. According to the firm, $1.5 billion worth of crypto transactions have been conducted using the Undo button so far, with the solution helping users retrieve more than $6 million via canceled transactions. Naim said:
“The end result is that even inexperienced users can now feel comfortable engaging in activities that were previously complex, expensive, and risky. We expect this service to encourage adoption and use of cryptocurrency, giving a real boost to the ecosystem for years to come.”
Naim kept his cards close to his chest regarding future announcements but teased that the firm is looking to integrate Undo Button with other blockchain platforms and exchanges, along with expanding support to other cryptocurrencies.
Without revealing too much, Naim also noted that another key issue in crypto that the firm may be looking at providing a solution for is “losing access to wallets,” including finding a way to retrieve funds in instances where a crypto hodler of the family passes away.
“I think that if you lost access to your wallet and you’ve lost access to your money. I think this is something that has to be dealt with, ” he said.