What is the technology behind Kirobo Protocol? How does it work?
Michael Pearl: I don’t want to go too deep into the technical details, but I’ll give the basic structure of how it works. First of all, the undo button is very straightforward. We have a solution for Bitcoin, but I’m going to talk about Ethereum and EMV based solutions. Essentially, once you initiate the transaction and send it with metamask, it goes into, let’s pretend, a safe. It’s encapsulated in a passcode-protected safe. When the person sees the interface, they add the wallet address like with metamask. The only different thing is that a person adds a passcode as well. Once the transaction is locked, it awaits the person from the other side, the recipient, to enter the passcode. When the person on the other side enters the passcode, the transaction comes through, and that’s it — your money moved to the recipient’s wallet just the way you want it to be. Up until the point when the recipient has submitted the passcode, you can still retrieve the transaction. You can still basically cancel the activity of sending the transaction to the recipient. Nothing happens if you sent it to the wrong address and this incorrect address doesn’t have the passcode. You can still retrieve the money, and it goes back to you.
With respect to the backup and inheritance — we will disclose all the details about the product once we release it in mid-December. However, to put it in simple terms, we’re creating something called the vault, which will basically hold your funds. We’re not the custodian; the blockchain is the custodian. You put your money in an on-chain wallet, a smart wallet that allows you to do much more than you were able to do with your metamask, your ledger, and so on. Оne of the most remarkable features there is the ability to backup your assets. For instance, you can buy a ledger, put it under your mattress, give it to your lawyer or your friend, or whomever you trust. And you can define that this wallet will be your backup wallet. If something happens to your original wallet, this backup wallet seizes the ownership of your assets.
With respect to inheritance — it’s very straightforward. You decide that, for example, 50% goes to your wife, 20% goes to your kids, 10% goes to a charity, and so on. You can program, the system is fully customizable, and you can change it at any time.
Kirobo, who are your main clients? Who needs to undo transactions?
Michael Pearl: Up until now, most clients were retail clients that reached our system. We almost didn’t do any hard lifting in terms of marketing. It’s mostly people that came to us with kind of word of mouth. There are people of different types, starting from small traders until the level of whales who wanted to secure their large transfers.
Now what we’re looking for in the future is obviously integration. We want to go to a model of B2B2C. We want to work with the wallets, with exchanges to harness their users and their traders to use our platform. With partners like PureFi and other service providers, Kirobo will be another feature on their platform.
Another demographic that we’re looking into is the mostly unbanked people. When we’re talking about Ethereum, the gas fees are very high. We have just recently integrated with the Binance Smart Chain, so we’re starting to talk about very low gas fees. Then people will do even microtransactions, mostly the unbanked population in third world countries. This is highly relevant for them because obviously, when you don’t have much money, you want to keep it safe. You’re not trading or moving funds you can spare; sometimes, it’s your pension or monthly salary. We already have a few partnerships that we’re working on that will tap into that demographic.
Please explain how you work with each other guys?
Sasha Antropov: This will be a profound partnership where we will be integrating our AML analytics into the system of Kirobo. The lowest hanging fruit will be the P2P transfers, where PureFi will essentially act as an AML service provider enabling users to understand the wallet’s AML score before interacting with it. Understanding the narrative of all regulators, we know how important it is for a company like Kirobo to implement an additional layer of security.
What are the advantages of PureFi and Kirobo when working together?
Michael Pearl: From our side, our users will be able to access PureFi services. Once you enter the other person’s wallet, you will be able to vet the source of the funds of that particular person. You will be able to have the AML score of the person.
Now from the PureFi side, on their wallet, people will be able to send transactions obviously in the classical way of sending money through Ethereum, for example. Or they will be able to send it through our system with a safe transaction feature. Then basically, they will be able to enjoy all the perks of sending money more securely and having the ability to retrieve the transaction if something goes wrong.
Is Kirobo available for investment?
Michael Pearl: It’s no secret that we’re now in a round of investment. We’re doing a roadshow due to that reason. We’re also talking with several companies on integration, but one of the reasons for us traveling now is the interest in investing in Kirobo. We want to meet with several partners and make sure that the investment will be a strategic one because we’re not only looking for investment; we’re looking for strategic cooperations with companies. We’re looking into creating an ecosystem that will be mutually beneficial to all sides.
So indeed, we’re in a round. Luckily we’re pretty close to finishing the round. We already have several interesting investors that have committed. We’re actually about to announce several investments in the upcoming days or weeks. As early as Monday, we can already announce one of the investments, and in the next month, we will announce the rest of them.