Blockchain, Crypto Mining News, News & Updates

Ethereum Transactions can now be reversed!

Blockchain firm Kirobo launched a tool that will allow users to reverse ethereum transactions.

Like the replace-by-fee (RBF) protocol leveraged by bitcoin users, ethereum transactions can also be changed with Kirobo’s “Undo Button” supported by Metamask or any wallet that maintains walletconnect.

The greatest blockchain assets have features that will allow users to reverse a transaction that they have sent if the fee was low or other reasons. In a matter of years from now, crypto proponents that use the Bitcoin (BTC) network have been able to use the replace-by-fee (RBF) protocol, which allowed them to double-spend bitcoin transactions with a larger fee. For example, with the new Electrum wallet release 4.04, “users can cancel (double-spend) unconfirmed transactions using RBF.”

Since the inception of Bitcoin and the following introduction of RBF, it had always been controversial. For instance, the transaction replacement concept had allowed massive theft in some instances, and a lot of crypto supporters consider RBF vulnerability.

Regardless of the concerns, RBF remains, and on November 12, Kirobo just introduced a mechanism that allowed people to reverse ETH transactions.

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

Kirobo’s announcement adds:

“The process for Ethereum is identical to that used in Bitcoin transactions. When dispatching digital assets, a password is entered by the sender. Funds are then released only when the recipient enters this same password. If the password is not entered, the sender can retrieve their assets at their convenience.”

“The use of our logic layer finally eliminates the need to send a test transaction, sharply reducing the level of anxiety users feel when transferring funds to a third party,” Kirobo CEO Asaf Naim enlightened.

Naim also mentioned that the company’s Bitcoin version of the “Undo Button” has been “hugely popular in recent months.” Bitcoin and ethereum transaction fees have skyrocketed in the last few months as well. Furthermore, Naim noted that Kirobo’s tool would also be supported by Trezor and Ledger shortly.

The ethereum version also included protection against man-in-the-middle attacks that Kirobo also revealed. The Tel Aviv-based startup states that both bitcoin and ethereum transactions have increased a great deal recently. Kirobo speculates that human error will be inevitable and that the Undo buttons will be beneficial to bitcoin and ethereum.

  1. william

    August 7, 2021

    will this fix be retroactive for past transactions and if so will it work for transfers sent using the coinbase wallet?

    • Zak McKracken

      August 26, 2021

      hi william. Not sure yet as I haven’t heard of any successful transactions yet. Will keep you posted if I hear anything.

Leave a Comment

Leave a Reply