Giving Users The Ability To Reverse Ethereum Transactions Is The 'Undo Button' Wallet Tool

Introducing Kirobo And The Undo Button

Lately, it was observed that blockchain firm Kirobo has thereby launched a tool that now allows users to reverse Ethereum transactions on Thursday, November 12, 2020. Ethereum transactions can be reversed as well with Kirobo’s “Undo Button” supported by Metamask or any wallet that supports walletconnenct similarly to the replace-by-free (RBF) protocol leveraged by bitcoin users. 

Having features that allow users to reverse transactions they sent if the fee was too low or for other reasons, is the two top blockchain assets in terms of market capitalisation. Having being able to use the replace-by-free protocol which essentially allows them to double-spend bitcoin transactions with a higher fee was for years now as crypto proponents were using the bitcoin network. Users can cancel double-spend unconfirmed transactions using RBF as developers note for instance with the new Electrum wallet release 4.0.4. 

Replace-by-free or double-spends have always been controversial ever since the inception of Bitcoin and the following introduction of RBF a few years later. Many crypto supporters consider RBF a glaring vulnerability for example the transaction replacement concept has allowed for massive theft in certain instances. 

The startup Kirobo has just introduced a mechanism that allows people to reverse ETH transactions despite the concerns as RBF remains and on November 12. 

Kirobo detailed in the announcement that the Retrievable Transfer will be available to Ethereum users from Thursday, November 12. As well as offering protection against sending funds to smart contracts that don’t support deposits, initially, the service will be available for ETH and later on all ERC20 tokens. Kirobo’s unique undo features mean that individuals can reclaim funds mistakenly sent to the wrong address available to all Metamask and walletconnect owners.  

Adding to this, Kirobo’s announcement says:  

Identical to that used in Bitcoin was the process for Ethereum. A password is entered by the sender when dispatching digital assets. Only when the recipient enters this same password are the funds released.

The sender can retrieve their assets at their convenience if the password is not entered.   

Expert Advice From Kirobo CEO

According to Kirobo CEO Asaf Naim explains, sharply reducing the level of anxiety users feel when transferring funds to a third party, is the use of their logic layer finally eliminating the need to send a test transaction. 

Being hugely popular in recent months is as Naim also detailed that the company’s bitcoin version of the Undo Button. During the last few months as well, bitcoin and Ethereum transaction fees have skyrocketed. Therefore it was found that in the near future, additionally as Naim said that Kirobo’s tool will then be supported by Trezor as also Ledger. 

Furthermore, it then revealed as well that when the Ethereum version is also including protection against Man-in-the-middle attacks. Both bitcoin and Ethereum transactions have increased a great deal in recent times as the Tel Aviv based start-ups says. Further on being beneficial to bitcoin and Ethereum users, Kirobo thinks that human error will be inevitable and the Undo Buttons. 

To Censor Blockchain Transactions Here Is A New Bitcoin Mining Pool Claiming It Has Tools 

In the current scenario, the new bitcoin mining pool is found to be embedded with those tools enabling the pool to censure transactions in the blocks they mine is a blockchain and technology company. This ability allows the latter to exceed the compliance requirements of the US Government’s Office of Foreign Assets Control (OFAC), according to a statement issued by the DMG the parent company to the Blockseer mining pool. 

Meaning high-risk wallets will not be included in Blockseer’s posted blocks is the mining pool’s ability to filter or censor transactions. All users of Blockseer’s pool are required to pass Know Your Customer protocols detailing the company’s breakthrough as DMG said in a statement. 

 Adding on the statement says:  

Along with verified sources such as the United States OFAC blacklist for crypto, blocks posted to the Bitcoin blockchain by Blockseer’s pool will only contain filtered transactions using Blockseer and Walletscore’s labelling data. 

Readjusting the balance of hash rate to North America, where more Bitcoin nodes operate, furthermore, DMG claims that Blockseer’s pool may further decentralise the bitcoin blockchain. 

The Conclusion 

This is the culmination of a two-year effort by DMG, as a threat to bitcoin, however, others see Blockseer’s new mining pool. While its blockchain network is decentralised, bitcoin transactions are censorship-resistant. This does not bode very for bitcoin’s future therefore when centralised entities retain the right to reject certain transactions. 

Most miners will be forced to enable the same transaction filtering in the future as others fear that if Blockseer’s new mining pool proves to be successful. Blockseer’s pool is not represented among the 15 mining pools pointing hash at the Bitcoin chain at the time of publication.