Bitcoin-Undo Kirobo anyone knows how it works?

[notblox1]

Kirobo created service that allows Bitcoin transactions to be sent with a password (transaction code).
That password needs to be entered by receiver, or transaction will be canceled.
They currently support hardware wallets like Ledger and Trezor, and they plan to support Keepkey, Coolwallet  and exchanges in future.

Some interesting things I noticed:

Kirobo adds a new layer of protection to currency transfers. This layer protects users from all of the above-mentioned scenarios, and works on two levels:

1. A transaction code that must be entered by the recipient in order to receive the transfer
2. Funds retrieval capability that allows the sender to retrieve the funds at any time, as long as the right code hasn’t been provided by the recipient

Where is my money kept?

Your money is on the blockchain and available to you through your private key; no one else can access that money. The recipient can only collect after typing the password. This will decrypt the transaction, and only at that time will the money be transferred to the recipient.

What is the price of the service?

In the first few months, the price is free regardless of the amount.
In the future, it will remain free up to $1,000.

There is also testnet for testing how Kirobo works:
https://testsafer.kirobo.me/welcome

On their website I also found comments from Bitcointalk forum, and topic with both members (Wingsbtc and Claudio99 and PerfectCircle and
OP Gunday_07) not being active in forum anymore in same time on September.
 all in same campaign, registered in similar time and maybe alts bumping idk

https://bitcointalk.org/index.php?topic=5259699.0

Video example how it works:
https://youtu.be/SozAjN2pqNY

They claim Kirobo does not hold your private key, and funds can be retrieved even if Kirobo servers are down.
https://www.kirobo.io/

Reading their FAQ documentation I see that they are using some centralized servers for this purpose, but I don't fully understand how all this works.
Did anyone tried using it or maybe can explain better?

[SquirrelJulietGarden]

A code and can be reversed. The method breaks the basic characteristic of bitcoin transaction: irreversible.

The method is described as charge back with PayPal. They are different but can be charged back or reversed.

I don't use it. If it is about altcoins or tokens, I can look to see how their technology is but I don't use reversible coins for my transactions. And they are saying about bitcoin so no, I ignore it.

I don't think it is better than Escrow service or P2P marketplaces with Escrow or Security deposit to protect sellers and buyers.