Bitcoin, News & Updates

Token Rewards launched by ‘Bitcoin-Undo’ Project

The Israel blockchain Kirobo made a splash in the first months of this year, introducing a groundbreaking service that allows Bitcoin transactions that need to be reversed. Since then, it has been running a successful beta, had a soft launch of its token KIRO, and now introduces staking for the token.

The startup is now known for its ability to offer reversible Bitcoin transactions – which are self-custodial. Users are now being incentivized to use the nascent token to access the service faster; it can also stake to support the network.

CEO Asaf Naim said, “Kirobo creates the user trust that is so desperately needed in this field.”

Since the service has launched in April, the team has found that the quantities that are being transferred were, on average, 7.2 times greater than the average amount that has been transferred through a standard Bitcoin transaction. More than 4% of the transactions, the retrievable transfer function employed, and the sums have been successfully recalled.

The launch has seen the KIRO trade volume hit $580,000 within 24 hours, as it quadruples the price before it falls back to double the price, stated Naim.

KIRO’s Liquidity Staking

The focus has now turned to the liquidity staking, to lower transaction costs and make the platform more accessible. Liquidity staking gives investors the chance to earn extra rewards by subsidizing the currency’s liquidity.

However, KIRO’s staking program has been made “whale-proof,” with an initial limit of 7 ETH per wallet.

“Limiting the staking in this way effectively neutralizes any efforts to influence the price by a limited number of holders,” Naim elaborated.

Kirobo’s broader objective is to remove the barriers preventing the daily use of the cryptocurrencies. It also plans to introduce the reversibility feature that came across more cryptocurrencies shortly, adding more wallets over time.

There are also plans for blockchain-based backup and inheritance services in the future.

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