PRESS RELEASE. Tel Aviv – July 27, 2021 – Kirobo, a blockchain know-how firm, has launched its ‘P2P Swap Button’, a decentralized software permitting cryptocurrency customers to execute token swaps with out having to make use of an alternate or custodial third social gathering.
By taking the swap off-exchange, the software permits customers to resolve their very own costs for his or her tokens and transact straight with friends. In consequence, slippage is prevented fully.
Asaf Naim, co-founder and CEO of Kirobo, stated: “Till now, it wasn’t attainable to execute a swap with out shedding cash, as a result of alternate algorithms regulate token costs based on the quantities put up on the market. We’re permitting folks to commerce with out an alternate and to set their very own costs, with full safety, for the primary time ever.”
Kirobo’s secure switch platform secures transactions with an authentication key, the part components of that are divided between the primary social gathering, the sensible contract, and the Kirobo server. There’s no single level of failure, and Kirobo doesn’t maintain customers’ funds at any level.
Token swaps are a key function of the cryptocurrency ecosystem, permitting folks to diversify their portfolios and help new DeFi initiatives. Beforehand, customers had no selection however to undergo an alternate or custodial OTC social gathering to keep away from the inevitable issues brought on by two-way cryptocurrency transfers. Nonetheless, exchanges will increase and decrease costs based on market demand, finally forcing sellers to promote at a “low cost”.
The P2P Swap Button is designed to unravel this challenge. An extension of Kirobo’s groundbreaking Undo Button, it protects the initiator of the transaction with a passcode created by that particular person. The second social gathering has to enter the right passcode on their finish with a purpose to execute the switch. With the P2P Swap Button, the second social gathering should additionally log out on the transaction, and the switch itself is executed concurrently by sensible contract.
In different phrases, the 2 swappers should agree on a worth earlier than the swap is accomplished. In consequence, neither lose cash on the commerce, and so they also can select an off-peak time to execute the deal, avoiding excessive gasoline charges.
The P2P Swap Button is appropriate with ETH and ERC-20 tokens. Kirobo shouldn’t be charging a charge to be used of the service, stating that its intention is to stage the taking part in area of buying and selling.
Tal Asa, Kirobo co-founder and CTO, stated: “The P2P Swap Button permits customers to profit from fairer swaps trades from the security of our non-custodial authentication mechanism. We envisage the software encouraging adoption and use of cryptocurrency, and giving an actual increase to the ecosystem for years to come back.”
Tel Aviv-based Kirobo has obtained two grants from the Israel Innovation Authority, one thing that no different blockchain firm has achieved. Its retrievable switch mechanism has already processed greater than $1.5 billion price of cryptocurrency transfers, and helped customers retrieve greater than $6 million through tons of of cancelled transactions.
Kirobo’s mission is to make cryptocurrency an on a regular basis software that everybody can use with confidence. We obtain this with user-friendly merchandise that take away the danger of human error and fraud from cryptocurrency transactions, making crypto administration as secure as might be. Kirobo is the proud recipient of two grants from the Israeli Innovation Authority — the one blockchain know-how firm to attain this.
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