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 trade or custodial third get together.
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 singular authentication key; the part elements of that are divided between the initiator of the transaction, the Kirobo server, and the sensible contract. This nullifies the chance of any type of breach.
Funds don’t depart the custody of both get together till each have approved the transaction and the passcode has been entered, and Kirobo’s ‘Undo Button’ resolution can be utilized by the primary get together to cancel the commerce, up till the secondary get together inputs the right passcode. Thus, Kirobo Atomic Protected Swap combines the advantages of decentralization with the safety offered by a impartial physique.
The swap market is an important part of the cryptocurrency ecosystem, facilitating altcoin adoption and strategic funding. Nevertheless, the method will be advanced, unsafe, and costly.
Earlier than, customers had no alternative however to make use of an trade, the place charges and market fluctuations have an effect on the commerce, or an OTC third get together, the place the swappers should briefly give up custody of belongings. Kirobo Atomic Protected Swap is an answer to this drawback; enabling customers to transact straight whereas setting their very own token costs.
“Korobo’s mission is to make cryptocurrency secure to make use of for everybody, regardless of how skilled they’re with these belongings. Atomic Protected Swap will assist us transfer in the direction of that aim. The device takes the complexity and suspicion out of the buying and selling course of whereas providing decrease transaction charges. We totally count on 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 device 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 secure as will be. Kirobo is the recipient of two grants from the Israeli Innovation Authority — the one blockchain expertise firm to attain this.