FAQ
What does Kirobo do?
Kirobo develops decentralized applications that bring an extra layer of safety to all the principal activities in the cryptocurrency ecosystem. They are provided through the Liquid Vault.
Why use Kirobo?
The Liquid Vault allows you to protect your assets, send and receive transactions, and grow your assets through staking opportunities. The Liquid Vault and all of its services are decentralized and non-custodial, meaning that they do not rely on Kirobo (the company) to operate them.
Safe Transfer - how can you retrieve crypto transactions?
When a transaction is initiated, the sender's device transmits the transaction data, authentication key, and optional personal message. The authentication key is created by the sender's device and comprises the passcode created by the sender, a public salt, a private salt, and hash values derived therefrom. The authentication key is sent to the smart contract and the two salt values, transaction data, and personal message to the Kirobo server. The Kirobo server sits outside the blockchain.
The server then sends to the recipient's device the transaction data, a message if the sender chose to write one, and the public salt. Visible to the recipient is a pending incoming transaction and the message. When the recipient enters the passcode (received from the sender independently of this mechanism), their device will combine it with the public salt to create a hash value which is sent to the server. The server verifies the passcode by combining this hash with the private salt and hashing the resulting value. If valid, this will recreate the authentication key originally provided by the sender's device. In this case, the server will tell the smart contract to 'collect', and the transaction will be actioned.
In this way, the passcode alone is insufficient to validate the transaction, so that, for example, if communication of the passcode was intercepted or overheard, the imposter would not be able to collect.
Note that the service is entirely non-custodial. If Kirobo was hacked, pending transactions would be safe, and retrieval would still work.
Does Safe Transfer retain data?
We keep the information necessary to show the transaction history (relevant addresses, amount, message, etc). Apart from the message, all of this information exists on the public blockchain.
Backup - how does it work?
Setting a backup involves defining a secondary wallet and setting a timer via the Liquid Vault interface. Setting the backup timer requires a small amount of KIRO, and to activate the backup the user must deposit a certain amount of KIRO into the smart contract. When the timer reaches zero, a random system activator will be alerted and will activate that user’s backup by sending a transaction to the smart contract. The smart contract transfers access to the inactive wallet defined by the user. When this happens, that user’s activation stake will be distributed throughout the ecosystem.
Inheritance - how does it work?
Setting the inheritance involves defining crypto wallets representing heirs, defining the amount each is to receive, and setting the timer via the interface. Setting the inheritance requires a small amount of KIRO, and the user must periodically reset it, also for a small fee. To activate the inheritance, the user must deposit a certain amount of KIRO into the smart contract. When the timer reaches zero without being reset, a random system activator will be alerted and will activate that user’s inheritance mechanism by sending a transaction to the smart contract. When this happens, that user’s activation stake will be distributed throughout the ecosystem, as described in the tokenomics section. If the transfers were protected by Safe Transfer, the heirs will receive a notification and must enter the correct password to receive the assets. This is another vital layer of protection against human error.
P2P Safe Swap - how does it work?
Operating on the rails of Safe Transfer, P2P Safe swap requires the user to enter the parameters of the trade - both tokens, the desired price of both sides of the transfer, the address, and the password. They then select create swap. The second party reviews the transaction and enters the password. The smart contract collects from both wallets and deposits them in the other simultaneously.
What coins are compatible?
Presently, Safe Transfer and P2P Safe Swap are compatible with ETH, KIRO, USDT, BNB, UNI, LINK, SUSHI, USDC, DAI, WBTC, MANA, CHZ, CHP, VPP, ENJ, AXS, and FUN.
The Liquid Vault is currently compatible with ETH and a range of ERC-20 tokens. Later versions will have multi-chain compatibility, starting with Binance Smart Chain.
Staking - where can I stake?
Currently, KIRO can be staked on Uniswap v.2, Sushiswap and QuickSwap. KIRO can be earned through staking in certain QuickSwap pools and the Kirobo ecosystem itself.
Fees?
A small fee is required for to open a Liquid Vault and for all activities within. In addition, a stake is required for Backup and Inheritance activation. These stakes can be retrieved, but they grow larger with time, and are necessary to pay system activators. Kirobo does not collect transaction fees for P2P Safe Swap and Safe Transfer.
