What is the Kirobo blockchain?
What is the Kirobo blockchain?
Blockchain

What is the Kirobo blockchain?

By Marco Cavicchioli - 1 Jul 2020

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Kirobo is an Israeli blockchain project that wants to create a logical level above every single blockchain, to protect users from human error. 

The ultimate goal is to make the blockchain as simple and secure as online banking.

Kirobo has obtained the support of the Israel Innovation Authority, the government agency of the Israeli Ministry of Economy which is responsible for promoting the development of scientific and industrial research in the country. 

They have already announced that they have created logical levels on the Bitcoin and Ethereum networks, but they are also working at logical levels on other blockchains. 

The founders and directors of the project are:

  • Asaf Naim, CEO and international tax expert, 
  • Tal Asa, CTO and software development leader, 
  • Yonatan Kagansky, CMO and marketing professional,
  • Nati Mark Schlesinger, CRO and expert in OTC and blockchain encryption. 

One of the things made possible by their solutions is decentralized inheritance

The traditional inheritance allocation process requires that the deceased’s assets are distributed by a manager according to guidelines dictated by the deceased while he or she was alive. If the deceased did not leave a will, his or her assets are automatically distributed in accordance with the laws of the country of residence. 

There is no such thing in the crypto space, i.e. in the absence of a will, the transfer of the inheritance is likely to be particularly complicated. In fact, many cryptocurrency holders do not want to share their wallet with their relatives while they are still alive, even going so far as to hide its existence. In the event of death without a will, this can mean the definitive loss of access to those wallets.

With the solution developed by Kirobo, it is possible to arrange the inheritance of the wallets’ backup, so that they become available to the heirs after the death of the owner. All this happens automatically, and without intermediaries, since it is possible to set up, for example, that funds held in an inactive wallet for more than one month are transferred to a backup wallet, and from there they can be automatically distributed to the heirs’ wallets if the backup wallet remains inactive for more than 12 months, for example. 

Another thing made possible by Kirobo’s solutions is the retrievable transfer of cryptocurrencies

In fact, a new level of protection is added to cryptocurrency transfers, which protects users from potential errors thanks to a transaction code, which must be entered by the recipient to receive the transfer, and the possibility for the sender to retrieve the funds at any time, in case the recipient does not provide the correct code. 

This solution can be integrated into existing transfer processes with the sole addition of the confirmation code that the recipient must enter in order to receive the funds sent. 

The company has existed since 2018 and has collected the necessary funds through a private placement. It has not issued its own token. 

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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