KIROBO

Kirobo has developed a new infrastructure that aims to make the development of Web3 solutions more streamlined, cost-effective and democratised. Smart Transactions (STs) offer a new way to interact with and build on the blockchain by shifting the power of smart contracts from companies to users.

The majority of the transaction on the Ethereum blockchain are “dumb” transactions as per the user’s ability. We term standard transactions ‘dumb’ as they are simple funds transfers. Anything more complex requires the development and deployment of a smart contract. Most users cannot write their own smart contracts, let alone develop their own bot to verify various conditions and execute the transaction at the exact right time.

We at Kirobo can offer, to the most novice user, the ability to create Smart Transactions with ease. The blockchain currently lacks a crucial feature, the ability to automatically execute a transaction in the future, let alone the ability to condition such transactions with many web3 and web2 variables as well as off-chain data.

If such trivial elements from the traditional financing world, such as subscriptions, will not be introduced to the DeFi verse and, in addition enabling real complex logic transactions that are not possible within traditional finance, DeFi would not advance to mass adoption, and this is exactly what Kirobo is building.

For example, using our technology, users will be able to create, among countless other applications, an automatic monthly transaction to their favourite subscription site just as a real-world subscription on their iOS or Android device and even be able to cancel it at any time they wish to. The only way to pay for a monthly subscription on the blockchain is manually each month.

Some existing blockchain solutions provide benefits in securing transactions to be recorded on the blockchain but require that secured transactions be conducted immediately and with predefined values to be successful. Existing solutions do not, by default, allow users to initiate future transactions to be uploaded to the blockchain at a later time. Instead, such future transactions can only be realised by a user writing their smart contract, a computer program configured to enforce one or more transaction requirements and embedding the smart contract into the transaction. Further, the transaction with the smart contract embedded therein must either be uploaded manually, or the user would need to write a unique script configured to control when the transaction is uploaded to ensure that the transaction is uploaded to the blockchain at the exact time desired by the user.

Additionally, existing solutions are limited with respect to platforms. Several blockchain platforms exist, utilising different proprietary software and application programming interfaces (APIs). Smart contracts written in a programming language and using APIs call designed with a specific blockchain platform in mind do not work with others. This restricts the kinds of conditions which can be effectively placed on transactions.