Kirobo Launches a “P2P Swap Button” Smart Contract-Powered Tool

News BTC

Kirobo–a blockchain technology company that aims to be the enabler of DeFi, granting people control over their cryptocurrencies–has launched a smart contracts-powered ‘P2P Swap Button’, per a press release on July 27.

The P2P Swap Button

The button allows for direct peer-to-peer swapping of tokens without the need for a middleman. Typically, the intermediary is an exchange or an external asset custodian.

How To Get Free Crypto  

Furthermore, Kirobo has said that the P2P Swap Button allows users to set their preferred token prices avoiding slippage. Usually, cryptocurrency exchanges adjust token prices depending on several factors, like existing liquidity and traders’ order sizes. Large order sizes in an exchange with thin liquidity leads to high slippage, unfavorable to the trader.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The P2P Swap Button provides a means of linking parties in a decentralized manner. Using the tool, transactors will swap tokens at better rates, without having to exchange at a discount. Traders also have the liberty to choose when to trade for the best prices and swap with relatively low gas fees.

Disrupting the Token Swapping Market

Besides eliminating price risks, security is enhanced since all swaps are non-custodial. Funds won’t leave the custody of either party until there is confirmation and approval of the transfer effected using a verifying password.

Asaf Naim, the co-founder and CEO of Kirobo, said the tool could disrupt the token swapping market.

Get 110 USDT Futures Bonus for FREE!

“Our P2P Swap Button is exactly the tool needed to disrupt the token swap market. Until now, people had to use an exchange if they wanted to swap, but they’ll never get the best deal there because venues adjust prices according to how much you’re selling. We’re allowing people to trade directly with their peers for pre-agreed prices and complete safety,” he said.

Coinbase Banner  

To level the field, the CTO of Kirobo, Tal Asa, said the tool would also be freely available to its users. This way, Asa explains, traders will make more lucrative swaps with confidence that the operation is completely secure.

The P2P Swap Button secures transactions using an authentication key whose component parts are split three ways – between the smart contract, the transaction initiator, and the Kirobo server. By employing a multi-signature, multi-transaction mechanism, Kirobo, as per the press release, removes the risk of fraud and errors.

A Tool to Eliminate Human Error in Immutable Crypto Transfers

Kirobo has also launched an ‘Undo Button’, allowing users to reverse Ethereum, UNI, LINK, SUSHI, USDT, and KIRO transactions sent in error. The tool obligates the sender to create a passcode which is then sent to the recipient. If the funds fail to reach the recipient, the transaction can be canceled and reversed using the passcode.

The tool shields users against human errors, which have resulted in millions of dollars of lost funds. Unlike in legacy finance systems, cryptocurrency transactions are immutable. All transactions sent to the wrong address are permanently lost because a blockchain cannot be rolled back.

FreeBitcoin Banner  

A New York Times report indicates that over 20 percent of all Bitcoin in circulation are inaccessible, trapped behind complex encryptions, and declared lost due to forgotten passwords.

Undo Button Has Retrieved over $6 Million of Crypto Assets

Kirobon has been audited by several blockchain security firms and the Israel Innovation Authority. The agency also extended Kirobo two grants, helping the firm launch its solutions.

With the increasing popularity of cryptocurrencies and DeFi, the Undo Button has processed $1.5 billion of cryptocurrencies, retrieving over $6 million of transfers through canceled transactions.

Go to Source
Author: NewsBTC

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.