Reversible crypto transaction is no more impossible

[Gunday_07]

I've always thought that reversible crypto payment or transactions is impossible but now not anymore, an Israel based startup project called Kirobo is looking to change the impossible to possible.

Kirobo has recently established a new method of reversing what were once considered to be “irreversible” bitcoin and cryptocurrency transactions. The method known as “receivable transfer” allows a person sending digital currency across the blockchain to another address to cancel the transaction granted they sent the money to an incorrect location.

https://www.livebitcoinnews.com/kirobo-introduces-new-reversible-crypto-transaction-technology/

Sounds awesome right? We still have more surprising use case that you can never think of, I hope developers can start using their spare time on something better

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[mocacinno]

Nope... Transactions are still irreversible, even with this platform...

There is no whitepaper available, but after reading a couple press releases (with very limited technical details), it looks like they just require the receiver to validate the transaction funding his wallet before said transaction is actually broadcasted. This way, it becomes harder for a hacker, copy/paste virus or a simple mistake to happen (since the sender does no longer just broadcast the transaction, but basically forces the receiver to validate before the transaction is broadcasted). If the validation fails, it's like nothing happens.

But nothing happening =/= reversibility
It's just a clever workaround that gives the impression of reversibility...

[Wingsbtc]

Hm, love the idea, the fund isn't really yours until you insert a key or password that can be known between the sender and the receiver, sounds good enough for me, is there any old project that have this use case feature? I don't think so

[Tipstar]

I don't think it would be a difficult task to make crypto transaction reversible but is that what we want?
Irreversible nature of crypto is considered to be a pros of cryptocurrency by many though it may have sometimes led to accidents.
It would always be better to have options as cryptocurrency are now a broad genre of blockchain based currencies.

[PerfectCircle]

I don't think it would be a difficult task to make crypto transaction reversible but is that what we want?
Irreversible nature of crypto is considered to be a pros of cryptocurrency by many though it may have sometimes led to accidents.
It would always be better to have options as cryptocurrency are now a broad genre of blockchain based currencies.

There is not big with this use case but it's a very clever idea feature that will make it insanely hard for hackers to steal funds without your involvement, just think about it, I wish many developers can come up with rare use case like this one, I will definitely put a tracker on this project to see how it goes.

[bitmover]

The best example you can think of "reversible transaction" is Ethereum fork in July 2016.

After a big hack in DAO, due to an exploit in a smartcontract, caused the losses of about 70million USD.

Vitalik and the community vote to , in practice, revert the transaction:

https://www.cryptocompare.com/coins/guides/the-dao-the-hack-the-soft-fork-and-the-hard-fork/
This hard fork had the sole function of returning all the Ether taken from the DAO to a refund smart contract. The new contract would have only one function: withdraw. The DAO token holders could request to be sent 1 ETH for every 100 DAO. The investors that had paid more than 1 ETH for 100 DAO could request the difference from the original address. This proposal generated a lot of controversy among the Ethereum community, which was split into 2 groups: hard fork supporters and non-supporters.[]/quote]

So, it would take a hard fork to really reverse something in blockchian.

[Chuky92]

This is a good idea coming to the blockchain space as it will help to curb some mistakes which might occur due to negligence and so on. But on the other hand, what if a fraudulent user, uses it to his own advantage that is, sending to another user then requesting for it back with baseless excuses. However, this is just my thoughts and I believe the team will do everything possible to ensure the interest of all parties involved in the transaction is protected. Lastly, this is also another good proof that the blockchain space will only keep expanding, improving and becoming more innovative despite all odds.

[passwordnow]

It's not awesome. Can you imagine how does PayPal's reverse transaction works? do you find it awesome? the scammers are taking advantage of it and that's why many reports are being done on their platform. Kirobo is still looking to change it, meaning that there's no complete result from that plan of theirs. And whether they make it, changing the protocol for cryptos which has been known for decade will create a lot of ruckus and implications for their users. I believe through their platform, they can make it but not wholly to the broadcasted tx on blockchain.

[Claudio99]

@bitmover After reverting the transaction the stolen 70 million USD returned back to the owner? Wow that's cool, I'm just hearing this for the first time though, I don't know that it's possible to revert transactions, I will surely wait for Kirobo project and see its outcome

[Pffrt]

It is still the same it was before. If you are using their platform (which never means crypto), you can use their service. Did they change tje codebase of bitcoin, ethereum? Not at all. They developed a centralize platform where you can get safe transactions. That's all.

[pawanjain]

I've always thought that reversible crypto payment or transactions is impossible but now not anymore, an Israel based startup project called Kirobo is looking to change the impossible to possible.

Kirobo has recently established a new method of reversing what were once considered to be “irreversible” bitcoin and cryptocurrency transactions. The method known as “receivable transfer” allows a person sending digital currency across the blockchain to another address to cancel the transaction granted they sent the money to an incorrect location.

https://www.livebitcoinnews.com/kirobo-introduces-new-reversible-crypto-transaction-technology/

Sounds awesome right? We still have more surprising use case that you can never think of, I hope developers can start using their spare time on something better

I have read about this on another thread and came to know that this startup is implementing an OTP kind of feature before making the transfers.
The sender will first initiate a transfer on the third party's interface and then send it to the receiver and once the receiver confirms the security key then the transfer will be done. The sender will be able to reverse the transaction until the receiver approves the transaction.
So the coins are basically still there in the third party's interface.

I don't recommend to use this kind of service because it involves a third party and why would we destroy the motive of bitcoin and use a third party instead ? What would be the difference between banks and this startup then ?

[Skinny48]

It is still the same it was before. If you are using their platform (which never means crypto), you can use their service. Did they change tje codebase of bitcoin, ethereum? Not at all. They developed a centralize platform where you can get safe transactions. That's all.

I'm guessing the project will work on a separate blockchain, not erc20 or other meaning the reversible transactions will work perfectly, how is this not great? Even if it's centralized it still make sense that most decentralized crypto projects

[bitmover]

@bitmover After reverting the transaction the stolen 70 million USD returned back to the owner? Wow that's cool, I'm just hearing this for the first time though, I don't know that it's possible to revert transactions, I will surely wait for Kirobo project and see its outcome

This is not cool. Irreversibly oftransactions is a strong point in blockchain technology.  Ethereum made a huge turnaround to bypass that. A blockchain with reversible transactions would simple be a total disaster. Centralization issues basically
 Who would decide which transaction to reverse and which not?

Someone could just reverse the transactions of YOUR funds.

[jacafbiz]

One of the main feature of blockchain is the irreversible transaction, if this is lost then it could be a minus to it, some people saved documents and records on it because they believe the documents are immutable so reversing it means all these benefits are lost.

[wozzek23]

Some people have the time to stress, but not me. This is a long process just because you want to be able to reverse. And moreover if this method is used you’re putting the person at the receiving end at risk. The only way to solve this problem is to stop doing business with people you don’t know and trust, just stay clear and only deal with people who you’re sure are legit. And in the case of sending to the wrong address, seriously, I just don’t understand people that make that kind of mistake, what the hell would cause you to make that kind of mistake? Were you copying that address one letter after the other?

Because, as far as I know, when I’m sending money to people, they copy and send me their address and I copy it from there and paste in my wallet (sometimes I check if it’s accurate, which is not necessary hundred percent of the times). So, what is the big deal?

[doctor877]

I think we need to see a white paper of this project let's know how they plan to run this, have they done one that was successfully cancelled? These are all what we need to know before we apportion any praise. And what benefit will this be for cryptocurency at Large. ? What we actually want is for more people to use crypto in many ways , transacy cancellation won't be a big deal.

[asafki]

I've always thought that reversible crypto payment or transactions is impossible but now not anymore, an Israel based startup project called Kirobo is looking to change the impossible to possible.

Kirobo has recently established a new method of reversing what were once considered to be “irreversible” bitcoin and cryptocurrency transactions. The method known as “receivable transfer” allows a person sending digital currency across the blockchain to another address to cancel the transaction granted they sent the money to an incorrect location.

https://www.livebitcoinnews.com/kirobo-introduces-new-reversible-crypto-transaction-technology/

Sounds awesome right? We still have more surprising use case that you can never think of, I hope developers can start using their spare time on something better

Hi guys my name is Asaf Naim and I am the CEO of the company,
Attached is some material and links

you Can send me a personal message on telegram @kiroboasi

 when you send a message please write to me that you came through this forum because I receive hundreds of inquiries a day and this way I can respond to a message from you


Kirobo’s security layer provides privacy enabled, retrievable transactions starting with Bitcoin users on Ledger’s hardware wallet. The platform is secured against a brute force attack and is also non-custodial, meaning users control their funds every step of the way.

https://kirobo.io - Company website

https://safer.kirobo.me/welcome - Kirobo Safe Transfer deployed on the Bitcoin mainnet

https://testsafer.kirobo.me/welcome - Kirobo Safe Transfer deployed on the Bitcoin testnet

https://kirobo.io/support/ - Support

https://kirobo.io/support/knowledge-base/audit-report/ - Security Audit

[mocacinno]

Well, a lot of people missed my first post (apparently), and they started a big fuss about changes in the bitcoin codebase, or even go as far as dragging erc20 tokens in the mix.

i still couldn't find any real whitepaper (not that i spent that much time looking for it tough), but like i said before: this company is just developing a workaround....

Basically, right now, when i pay someone for a good or service, it basically boils down to:

• The seller provides me with an address
• My wallet software creates a transaction, using unspent outputs funding my own addresses, creating a new unspent output funding the seller's address
• My wallet software signs said transaction
• My wallet software broadcasts said transaction
• As soon as the transaction reaches the first node, it's allmost irreversible... Sure, there are some tricks i can pull as long as it's unconfirmed... But those tricks are hard, and they work only untill the first confirmation...

What this company is doing, IF i understand this correctly:

• The seller provides me with an address
• My wallet software creates a transaction, using unspent outputs funding my own addresses, creating a new unspent output funding the seller's address
• My wallet software signs said transaction
• My wallet contacts this company's server and saves an encrypted version of my transaction onto the company's server
• The seller receives a decryption key?
• Using this key, the seller can retrieve and decrypt the UNBROADCASTED transaction and verify it
• If the transaction's value is ok, and if it's indeed funding one of the seller's addresses, the seller now broadcasts the transaction? There's probably some automation involved so the wallet actually does the checking (and potentially even retrieving and decrypting the transaction from the previous step?)
• If something goes wrong, the buyer can always delete the unbroadcasted transaction from the server, as long as the seller hasn't decrypted and broadcasted it.... This way, the illusion of an undo button is created

At least, without a some clear documentation, this is what i believe the workflow more or less looks like... No hacks, no bitcoin code changes, no craptokens,.... Just a company that has developed a reasonably clever way of having an undo button that can be used as long as the receiver didn't broadcast the transaction.
I, for one, think this is a clever trick... I have no problems with this, but i don't think i'd use the service quite that often tough... Maybe when i'm paying a newbie and i'm not 100% sure he/she gave me the correct address...

[drumamat]

I think this is not an advantage but a disadvantage of the technology that the project is building. Transactions must be irreversible or there is room for manipulation. And no one will approve of that.

[tbct_mt2]

It should be clear to discuss about crypto or bitcoin only.

With crypto, yes there are possible reversible transactions especially if the cryptocurrency you are talking about is a centralized cryptocurrency. Like ETH, Ripple, or any other same crypto projects.

With bitcoin, it is irreversible in theory and in reality it is almost irreversible. Reversibility can only be gotten if one pool has more than 51% of the total hashrates on the network, that is difficult. And the pool need to maintain such huge hashrate long enough. On bitcoin network, with long confirmed transactions, more than 30 confirmations, it is safe enough to say they are irreversible.