Kirobo, a new blockchain start-up organization has announced that it has successfully concluded its beta phase and will be soon looking at the launch of its KIRO token and the much-talked-about the whale-proof staking program. The project has taken upon it, to protect the users from any form of human error which roughly converts into 18% of the users who end up losing funds through sending errors.
Kirobo’s strategic advantage springs up with its plant to build an additional logic layer into blockchain protocols called ‘Retrievable Transfer’ With the necessary backing from the Israel Innovation authority, it was to build this layer which will suit the needs of individuals, custodians, exchanges, and wallet providers who are looking to add new security features.
The layer will also posit as an additional layer acting as the third verification step. This way, the users will be able to avoid the losses that are facing transaction errors because the sender will have to add a passcode to their transfer. The passcode which matches the correct one will be entered by the recipient, and once the matching duel diligence is done, the funds get released. Kirobo will not hold any private keys, and will also not have any access to the funds at any point during the display of the transaction.
Its beta phase was meant to fortify the wonders of the new logic layer. The CEO of the start-up Asaf Naim claimed:
“Out of all transactions sent through the platform, more than 4% were saved due to the recalling feature.”
The CTO Tal Asa further added
“Removing such an obstacle [to wider adoption] gives bitcoin a fighting chance of entering the mainstream for monetary transactions, and our initial usage data highlighted the utility of doing just that.”
As of now, the Retrievable transfer feature stands live with ledger hardware wallet support for Bitcoin transactions. Very soon it will be featured with Trezor and KeepKey. Kirobo is also preparing a logic layer for the Ethereum network after which it will develop for EOS, Tron, Litecoin, Cardano, NEO, and Libra.
KIRO token is the native token of the network which will be used to reduce network fees by initiating a payment channel between user and pool contract. This will facilitate the aggregation of payment by offline transactions.
During its initial promotion period which will end in two weeks, it will charge transactions over $1000 through its native tokens. Transactions below $1000 will remain free. Users will see a marked decrease in fees by using KIRO instead of transfer currency. The standard fee for even premium value BTC transactions will be 100 KIRO.
Post successful beta testing, it has now tilted towards liquidity staking to provide wider platform accessibility. Those who stake early will take home higher rewards with the staking pool decreasing as the liquidity pool increases. The CEO noted:
“It is important for us to avoid the currency being controlled by large holders. 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.”