So, after poking around on their support pages for a bit (https://kirobo.io/support/), it seems that it works like this:
I first sign and broadcast a transaction sending coins from an address to I own to another address I own, called the "safe address".
I then sign a second transaction sending the coins from the "safe address" to the recipient.
This second transaction is encrypted with a password I choose, and Kirobo store the encrypted transaction on their servers.
I send the password to the recipient, who logs on to Kirobo's site and enters the password, which then decrypts and broadcasts the signed transaction.
At any point before that happens, I can reclaim my coins from the "safe address", rendering the encrypted transaction invalid.
All-in-all, it seems like a massively over-engineered solution for the problem of not double checking the address you enter. Why would I go through all this effort when I could instead just spend 10 seconds to make sure the address is correct? Not to mention that your transaction is now entirely dependent on a third party.
Topic: Undo button for transactions - page 4. (Read 769 times)
Most wallets have this feature, It's inform of a password or fingerprint authentication from the sender's wallet software. All the major wallets i have used be it electrum, Jaxx, Trust Wallet all ask for password or confirmation shortly before sending funds. This is the time someone can avoid sending money to a different address by mistake.
An Israeli Firm Claims that they have recently developed an undo button for all Bitcoins transactions. Apparently their main goal was to tackle problems related to human errors , but then again what am scared about is , how people will use it , it can very easily be used for scamming people .
https://cointelegraph.com/news/israeli-blockchain-startup-offers-undo-button-for-bitcoin-transactions
Apparently 18% people reported loss of Funds due to human errors , thus this might serve great for them . Retrievable Transfer , as they are calling it would give the sender the power to retrieve the amount until the right code is provided by the receiver. My take on this : they are somehow using a password which needs to be provided by the receiving party and this might be super helpful in places which involves transactions of very high Amounts .
The person Aims at making these transactions as safe and secure as online banking source claims , but they are already more secure , they are just gonna add one more feature now .
It's going to be free till a transaction of 1000$ , so before you strike a deal , be careful :3 Ask about everything someone might use it in not so good way .
Amazing innovation by the way , lets see if it works ..
https://cointelegraph.com/news/israeli-blockchain-startup-offers-undo-button-for-bitcoin-transactions
Apparently 18% people reported loss of Funds due to human errors , thus this might serve great for them . Retrievable Transfer , as they are calling it would give the sender the power to retrieve the amount until the right code is provided by the receiver. My take on this : they are somehow using a password which needs to be provided by the receiving party and this might be super helpful in places which involves transactions of very high Amounts .
The person Aims at making these transactions as safe and secure as online banking source claims , but they are already more secure , they are just gonna add one more feature now .
It's going to be free till a transaction of 1000$ , so before you strike a deal , be careful :3 Ask about everything someone might use it in not so good way .
Amazing innovation by the way , lets see if it works ..
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