Kirobo Launches a “P2P Swap Button” Smart Contract-Powered Tool
August 04 2021 - 8:25AM
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Kirobo–a blockchain technology company that aims to be the enabler
of DeFi, granting people control over their cryptocurrencies–has
launched a smart contracts-powered ‘P2P Swap Button’, per a press
release on July 27. The P2P Swap Button The button allows for
direct peer-to-peer swapping of tokens without the need for a
middleman. Typically, the intermediary is an exchange or an
external asset custodian. Furthermore, Kirobo has said that the P2P
Swap Button allows users to set their preferred token prices
avoiding slippage. Usually, cryptocurrency exchanges adjust token
prices depending on several factors, like existing liquidity and
traders’ order sizes. Large order sizes in an exchange with thin
liquidity leads to high slippage, unfavorable to the trader. The
P2P Swap Button provides a means of linking parties in a
decentralized manner. Using the tool, transactors will swap tokens
at better rates, without having to exchange at a discount. Traders
also have the liberty to choose when to trade for the best prices
and swap with relatively low gas fees. Disrupting the Token
Swapping Market Besides eliminating price risks, security is
enhanced since all swaps are non-custodial. Funds won’t leave the
custody of either party until there is confirmation and approval of
the transfer effected using a verifying password. Asaf Naim, the
co-founder and CEO of Kirobo, said the tool could disrupt the token
swapping market. “Our P2P Swap Button is exactly the tool needed to
disrupt the token swap market. Until now, people had to use an
exchange if they wanted to swap, but they’ll never get the best
deal there because venues adjust prices according to how much
you’re selling. We’re allowing people to trade directly with their
peers for pre-agreed prices and complete safety,” he said. To level
the field, the CTO of Kirobo, Tal Asa, said the tool would also be
freely available to its users. This way, Asa explains, traders will
make more lucrative swaps with confidence that the operation is
completely secure. The P2P Swap Button secures transactions using
an authentication key whose component parts are split three ways –
between the smart contract, the transaction initiator, and the
Kirobo server. By employing a multi-signature, multi-transaction
mechanism, Kirobo, as per the press release, removes the risk of
fraud and errors. A Tool to Eliminate Human Error in Immutable
Crypto Transfers Kirobo has also launched an ‘Undo Button’,
allowing users to reverse Ethereum, UNI, LINK, SUSHI, USDT, and
KIRO transactions sent in error. The tool obligates the sender to
create a passcode which is then sent to the recipient. If the funds
fail to reach the recipient, the transaction can be canceled and
reversed using the passcode. The tool shields users against human
errors, which have resulted in millions of dollars of lost funds.
Unlike in legacy finance systems, cryptocurrency transactions are
immutable. All transactions sent to the wrong address are
permanently lost because a blockchain cannot be rolled back. A New
York Times report indicates that over 20 percent of all Bitcoin in
circulation are inaccessible, trapped behind complex encryptions,
and declared lost due to forgotten passwords. Undo Button Has
Retrieved over $6 Million of Crypto Assets Kirobon has been audited
by several blockchain security firms and the Israel Innovation
Authority. The agency also extended Kirobo two grants, helping the
firm launch its solutions. With the increasing popularity of
cryptocurrencies and DeFi, the Undo Button has processed $1.5
billion of cryptocurrencies, retrieving over $6 million of
transfers through canceled transactions.
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