Kirobo Concludes Beta Phase and Readies for KIRO’s Whale-Proof Staking Program

TEL-AVIV, ISRAEL / ACCESSWIRE / September 25, 2020 / Israeli blockchain startup Kirobo has announced the conclusion of its beta phase as it prepares to launch its native transaction token.

Kirobo, which protects users from human error by introducing Retrievable Transfer for bitcoin transactions, launched its technology two months ago. Known as Retrievable Transfer, the service allows senders to add a passcode to any digital transfer. The receiver must then enter the matching passcode in order for the funds to be released.

The beta phase turned out to be more successful than expected, and our team made a number of fascinating discoveries," said Kirobo CEO Asaf Naim. "For example, we learned that out of all transactions sent through the platform more than 4% were saved due to the recalling feature. and the median transfer sums 7.2 times higher than the median amount in standard bitcoin transactions. The ability to undo transactions and ostensibly recall funds is something our early adopters greatly appreciated."

"One of the main obstacles to wider adoption of blockchain technology in everyday transactions has always been the high probability of losing funds due to human error," added Tal Asa, CTO. "Removing such an obstacle gives bitcoin a fighting chance of entering the mainstream for monetary transactions, and our initial usage data highlighted the utility of doing just that."

Kirobo's Retrievable Transfer feature is now available on Ledger for Bitcoin transactions, and can be accessed for free and without registration onhttps://safer.kirobo.me/welcome. The initial promotion will conclude in two weeks, whereupon transfers over $1,000 will be charged through KIRO tokens and transactions below $1,000 will remain free. Users can dramatically lower the commission they pay by using KIRO instead of USD. A standard fee of 100 KIRO is charged, even for high value BTC transactions of $1M or more.

With the beta phase coming to an end, Kirobo's focus will turn to Liquidity Staking, a process intended to lower transaction costs and make the platform more accessible. The earlier users stake, the higher rewards will be, with the staking limit decreasing as the liquidity pool expands. The program is scheduled to last 12 months.

"It is important for us to avoid the currency being controlled by large holders," said Asaf Naim. "To that end, we have created a system for whale-proof staking. This limits the maximum staking to 7 ETH per wallet, to incentivize anyone who wants to participate and thus achieve a broad distribution of KIRO tokens.

"Limiting the staking in this way effectively neutralizes any efforts to influence the price by a limited number of holders. It's all a part of our larger vision to create a safety net for crypto transactions that removes barriers preventing daily use of cryptocurrency in business. Kirobo creates the user trust that is so desperately needed in this field."

About Kirobo

Kirobo is an Israeli startup with a single mission: to create a logic layer that sits on top of each individual blockchain and protects users from human error. Its final goal is to make blockchain as simple and secure as online banking. With support from the Israel Innovation Authority, Kirobo has already created logic layers over the Bitcoin and Ethereum networks.

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SOURCE: Kirobo

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