Kirobo, a blockchain company with a mission to simplify cryptocurrency management, has launched its new ‘Atomic Safe Swap’ service; enabling peer-to-peer (P2P) 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 the Ethereum blockchain, the solution facilitates simultaneous token swaps with a smart contract; while securing transactions with a proprietary authentication mechanism.
How Does It Work?
‘Atomic Safe Swap’ guarantees that swap transactions are simultaneous and secure with a unique 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.
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’ solution 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.
Solution
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.
Before, users had no choice but to use an exchange, where fees and market fluctuations affect the trade, or an OTC 3rd party, where the swappers must briefly surrender custody of assets. Kirobo Atomic Safe Swap is a solution to this problem; enabling users to transact directly while setting their own token prices.
“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.”
– Asaf Naim, CEO of Kirobo