“Undo” For ETH Transactions Now Available on MetaMask and WalletConnect

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In Brief
  • Israeli blockchain startup Kirobo has unveiled an “undo transaction” feature for ETH transactions following the success of its BTC version.

  • Immediately available, it will eventually cover all ERC-20 transactions and protect against accidental token burns.

  • Kirobo says it aims to create layers on each popular blockchain that protect users from human error.

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Israeli startup Kirobo has announced the launch of an “undo transaction” button for Ethereum (ETH) blockchain transactions.



Previously available exclusively for Bitcoin, the feature is now open to ETH transactions as of Nov 12, to be followed later by ERC-20 token transfers.

According to the Israeli government-backed company, the feature will eventually include protection against sending funds to smart contracts that do not accept deposits. Such transactions previously resulted in an irretrievable token loss.



Disrupting the Accidental Token Burn

According to Kirobo, the feature is now available to ETH holders using MetaMask and WalletConnect using a process that closely resembles that of its popular bitcoin transaction solution.

Users must enter a unique password when sending ETH to an address. Unless the recipient’s address enters the same password, funds are not released from the sender’s wallet.

In the event that a wrong password or no password is entered, the sender is able to retrieve their funds at the touch of a button. In so doing, the solution eliminates the common problem of locking funds permanently in erroneous smart contracts.

It also protects users from inadvertently burning their ETH tokens by accidentally sending them to the infamous 0x0000000000000000000000000000000000000000 address, which now contains more than $500 million worth of lost ETH and ERC-20 tokens.

Kirobo claims that the solution provides protection against man-in-the-middle attacks because hackers cannot access the ETH funds without the corresponding password. It also says that it does not hold custody of user tokens at any time, for added trustlessness.

Ethereum (ETH) Scaling to Benefit

Speaking about the solutions’ potential to help Ethereum scale as it becomes crypto’s De-Fi hub, Kirobo CEO Asaf Naim said:

“The use of our logic layer finally eliminates the need to send a test transaction, sharply reducing the level of anxiety users feel when transferring funds to a third party. Kirobo supports the principle of decentralization and gives users the same peace of mind that comes from sending funds between banks. Actually, it’s superior since – as we know – funds in crypto wallets cannot possibly be frozen.”

The exploding popularity of De-Fi protocols has resulted in daily Ethereum transaction volumes exceeding 1 million, which is more than three times that of bitcoin.

Bitcoin Transaction Volume: YCharts
ETH Transaction Volume: YCharts

According to Kirobo, this solution will assist greatly in scaling Ethereum as the company seeks to create layers on popular blockchains that protect transactions from human error and make them as secure as anything traditional finance has to offer.

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David is a journalist, writer and broadcaster whose work has appeared on CNN, The Africa Report, The New Yorker Magazine and The Washington Post. His work as a satirist on 'The Other News,' Nigeria's answer to The Daily Show has featured in the New Yorker Magazine and in the Netflix documentary 'Larry Charles' Dangerous World of Comedy.' In 2018, he was nominated by the US State Department for the 2019 Edward Murrow program for journalists under the International Visitors Leadership Program (IVLP). He tweets at @DavidHundeyin

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