Kirobo announced that they are introducing a new service that brings cancellation capability for Ethereum (ETH) transactions. With this application, which enables the withdrawal of monetary transactions made on the Ethereum network, it has been said that users can pay with peace of mind.
Transactions on the Ethereum (ETH) network can now be canceled with the new service announced by Israel-based blockchain company Kirobo. This service, which is also applied for Bitcoin, has begun to be implemented for Ethereum users. With this service, Ethereum users will now be able to get their transactions back. This new service, called Ethereum Undo, will only support ETH transactions for now.
How does Ethereum Undo work?
It is stated on the Kirobo website that it is aimed to prevent unnecessary risks in monetary transactions. Kirobo brings a new protection system to money transfers with this service. Its operation is explained as follows:
The recipient must enter a transaction code to receive the oncoming money transfer. If the transaction code is not entered or is entered incorrectly, the person who sent the money can cancel the transfer at any time. Money transfer transactions work like other platforms, but the transaction code step has been added to the system for the confirmation of the transfer.
Said transaction code is sent to the recipient by phone, SMS or any other specified method. The recipient must enter the required code in the system in order to receive the money transferred. If the code is correct, the transfer is complete. The sender can cancel the transfer process until the correct code is entered into the system.
What did the Kirobo CEO say?
According to Decrypt’s report, Asaf Naim, CEO of Kirobo, said that they aim to reduce the anxiety of users when transferring money and that the industry needs such a solution. Asaf Naim stated that Ethereum Undo runs on Metamask and can be used in all wallets that support the WalletConnect protocol. He added that the priority of the new system is Ethereum transactions, while ERC-20 tokens are planned to be supported later.
Naim also said that Ethereum Undo specifically protects against a type of cyberattack called man-in-the-middle (MITM), which blocks communication.