Kirobo, a blockchain firm with a mission to simplify cryptocurrency administration, has launched its new ‘Atomic Protected Swap’ service; enabling peer-to-peer (P2P) token swaps with out the chance of human error and with out the necessity for an alternate or custodial third occasion.
Comprising a logic layer constructed on the Ethereum blockchain, the answer facilitates simultaneous token swaps with a sensible contract; whereas securing transactions with a proprietary authentication mechanism.
How Does It Work?
‘Atomic Protected Swap’ ensures that swap transactions are simultaneous and safe with a novel authentication key; the part components of that are divided between the initiator of the transaction, the Kirobo server, and the good contract. This nullifies the chance of any sort of breach.
Funds don’t go away the custody of both occasion till each have licensed the transaction and the passcode has been entered, and Kirobo’s ‘Undo Button’ answer can be utilized by the primary occasion to cancel the commerce, up till the secondary occasion inputs the proper passcode. Thus, Kirobo Atomic Protected Swap combines the advantages of decentralization with the safety supplied by a impartial physique.
The swap market is an important part of the cryptocurrency ecosystem, facilitating altcoin adoption and strategic funding. Nonetheless, the method will be complicated, unsafe, and costly.
Earlier than, customers had no alternative however to make use of an alternate, the place charges and market fluctuations have an effect on the commerce, or an OTC third occasion, the place the swappers should briefly give up custody of property. Kirobo Atomic Protected Swap is an answer to this downside; enabling customers to transact straight whereas setting their very own token costs.
“Korobo’s mission is to make cryptocurrency protected to make use of for everybody, irrespective of how skilled they’re with these property. Atomic Protected Swap will assist us transfer in the direction of that aim. The software takes the complexity and suspicion out of the buying and selling course of whereas providing decrease transaction charges. We totally anticipate to dramatically stimulate the cryptocurrency ecosystem for years to come back.”
– Asaf Naim, CEO of Kirobo
Aiming to make cryptocurrency an on a regular basis software that everybody can use with confidence. Kirobo develops user-friendly merchandise that take away the chance of human error and fraud from crypto transactions; making crypto administration as protected as will be. Kirobo is the recipient of two grants from the Israeli Innovation Authority — the one blockchain know-how firm to realize this.