Kirobo Launches ‘P2P Swap Button’, Making Slippage-Proof, Direct Token Swaps Possible for First Time
- Token prices set by users independent of exchange algorithm-based slippage
- The service is zero-fee, and allows traders to avoid peak gas prices
- The innovative authentication mechanism removes risk of error and fraud from token swaps
Kirobo, a blockchain technology developer, has announced the release of the ‘P2P Swap Button’. The platform enables cryptocurrency holders to execute direct token swaps without the need to use an exchange or custodial OTC party.
Asaf Naim, Kirobo co-founder and CEO, said: “The P2P Swap Button is the first decentralized, non-custodial solution allowing people to swap tokens without losing money. Exchanges will lower the price of your token according to how much you’re selling, raise it according to how much you’re buying, and charge you a fee for the privilege. Our new button lets users trade directly with each other, with their own prices, and with complete safety.”
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The P2P Swap Button uses a mechanism that executes simultaneous two-way transfers 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 means that a breach is practically impossible.
The token swap market helps power the blockchain ecosystem by bringing investment to new projects and letting people diversify their portfolios. However, until now, the only way to protect against wrongdoing in a two-way cryptocurrency transfer was to use an exchange or custodial OTC party. One of the problems with an exchange is that the act of selling cryptocurrency causes the value of that cryptocurrency to go down. As a result, sellers are forced to sell at a “discount”.
The P2P Swap Button is an extension of Kirobo’s innovative Undo Button, the world’s first retrievable transfer service. It protects the first party with an authentication key that the second party must enter in order to complete the transfer of funds. With the P2P Swap Button, the process is similar, except that the second party must also sign the transaction, and the final stage is a two-way transfer executed by smart contract.
Both parties have full custody of their funds until the transfer is finally executed, and the first party can cancel the trade and retrieve their funds until the correct passcode is received.
The two parties have to agree upon a price before the swap is finalized, so they both avoid the exchange-dictated slippage that ultimately makes trades less lucrative.
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In addition, the platform allows the traders to agree upon a time to execute the swap, so they can avoid high gas fees by selecting off-peak trading hours.
Built on top of the Ethereum blockchain, the service is compatible with Ethereum and ERC-20 tokens. Kirobo does not charge for use of the P2P Swap Button.
Tal Asa, Kirobo co-founder and CTO, said: “The P2P Swap Button allows users to benefit from better prices when swapping, while also enjoying the security of a bulletproof, non-custodial authentication mechanism. We expect the mechanism to give a real boost to the token swap market worldwide.”
Tel Aviv-based Kirobo has received two grants from the Israel Innovation Authority, something that no other blockchain company has achieved. Its retrievable transfer mechanism has already processed more than $1.5 billion worth of cryptocurrency transfers, and helped users retrieve more than $6 million via hundreds of cancelled transactions.
Kirobo’s mission is to make cryptocurrency an everyday tool that everyone can use with confidence. We achieve this with user-friendly products that remove the risk of human error and fraud from cryptocurrency transactions, making crypto management as safe as can be. Kirobo is the proud recipient of two grants from the Israeli Innovation Authority — the only blockchain technology company to achieve this.
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