Developers of the technology for returning mistakenly sent BTC will launch a solution for a P2P token swap on Ethereum. Direct swaps on the blockchain will be cheaper than through exchanges and over-the-counter platforms.
According to Kirobo, the Atomic Safe Swap protocol offers a decentralized peer-to-peer alternative to centralized trading platforms or over-the-counter platforms. The tool runs on Ethereum and supports ETH and ERC-20 tokens. The launch is scheduled for July 27.
Atomic Safe Swap allows owners of crypto assets to perform token swaps directly with other users without the need for a third party. The developers claim that their solution will become a cheaper alternative to exchange and over-the-counter transactions, and also eliminates the “risk of errors and fraud”.
Last year, the startup Kirobo developed a technology that allows you to return bitcoins that were mistakenly sent to the wrong addresses. The Undo Button solution includes an authentication key that the receiving party must enter to complete the transaction. The sender can cancel the transaction and get their money back until the recipient has entered the authentication key. Users can connect Ledger and Trezor wallets to use the service, which currently supports BTC, ETH and ERC-20 tokens.
Asaf Naim, co-founder and CEO of Kirobo, notes that the Undo Bottom solution eliminates the need for test transactions. According to the company, cryptocurrency transactions worth $1.5 billion were carried out using this function. Users were able to recall erroneous transactions with crypto assets worth $6 million.
Naim noted that one more key problem in the industry that the company may want to solve is the loss of access to wallets, including gaining access to assets by the family of the deceased wallet owner.