- Atomic Safe Swap removes risk of error and fraud from token swaps
- Solution uses smart contract with innovative authentication mechanism and simultaneous two-way transfer
- Enables peer-to-peer token swaps without need to use exchange or OTC party
Kirobo, an innovative developer of cryptocurrency solutions, has launched ‘Atomic Safe Swap’, a service enabling peer-to-peer token swaps without the risk of human error and without the need for an exchange or custodial third party.
Comprising a logic layer built on top of the Ethereum blockchain, the groundbreaking solution facilitates simultaneous token swaps with a smart contract, while securing transactions with an innovative authentication mechanism.
It guarantees that swaps are simultaneous while securing transactions with an innovative authentication key, the component parts of which are divided between the initiator of the transaction, the Kirobo server, and the smart contract. This nullifies the risk of any kind of breach.
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Funds do not leave the custody of either party until both have authorized the transaction and the passcode has been entered, and Kirobo’s Undo Button can be used by the first party to cancel the trade up until the secondary party inputs the correct passcode. Thus, Kirobo Atomic Safe Swap combines the benefits of decentralization with the security provided by a neutral body.
The swap market is a vital component of the cryptocurrency ecosystem, facilitating altcoin adoption and strategic investment. However, the process can be complex, unsafe and expensive. Previously, users had no choice but to use an exchange, where fees and market fluctuations affect the trade and the wider market, or an OTC third party, where the swappers must briefly surrender custody of their assets. Kirobo Atomic Safe Swap is an innovative solution to this problem, allowing people to transact directly as well as set their own token prices.
Asaf Naim, CEO of Kirobo, said: “Korobo’s mission is to make cryptocurrency safe to use for everyone, no matter how experienced they are with these assets. Atomic Safe Swap will help us move towards that goal. The tool takes the complexity and suspicion out of the trading process while offering lower transaction fees. We fully expect to dramatically stimulate the cryptocurrency ecosystem for years to come.”
Kirobo’s Undo Button has processed more than $1.5 billion in cryptocurrency transactions to date, and the retrieve feature has been used hundreds of times, rescuing more than $6 million for users.
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