Background ( the problem )

Smart contracts are the underlying technology of almost all the projects in Web3. However, they have a significant weakness: their development process has remained more or less the same as it was in 2014 when this technology was invented. Smart contract development is extremely expensive, costing approximately $250,000 and time-consuming, between four to six months. Moreover, every use case requires a specific smart contract, and every upgrade requires developing and deploying a smart contract.

Additionally, the blockchain ecosystem has lagged behind traditional finance regarding user-friendly features, scalability, interoperability and automated conditional transactions.

Here is why:

Blockchain transactions ('on-chain transactions) are time-stamped, signed, and verified in real-time (although it usually takes longer for verification to occur). Their weakness is that a complete financial ecosystem requires interactions more complex than simple transactions.

This is where smart contracts come in. They can be complex enough to form their own marketplaces - for example, DEXs are run on smart contracts. The beauty of smart contracts is that they cannot be cheated and enable more complex interactions than simple transactions.

However, smart contracts have some weaknesses:

• Rigidness - Once completed, a smart contract’s rules are set in stone. They can’t be altered, and a smart contract's development, audit and maintenance take months and tens of thousands of dollars.

• High cost - Smart contract development requires high expenses and professional manpower and takes a very long time. For example, creating a new limit order feature could cost a DEX between $150,000 and $250,000. Larger protocols (e.g. Uniswap) can handle such costs, but hundreds of projects are eager to add and integrate new features yet lack the capital.

• Lack of automation - While being able to perform various complex activities, smart contracts require activation in real time to initiate processes. They cannot automate and pre-plan and require a person’s involvement or centralised entities (such as bots and servers).

• Rendering user funds illiquid - To enjoy the functionality of a smart contract, users must deposit and lock their funds in the smart contract until the moment of execution. They cannot keep the funds in their wallet and continue to use those funds (for instance, to stake).

• Limited connectivity and interoperability - Smart contracts are designed for a specific function. Developing use cases on several platforms requires the development of several smart contracts per each use case.

On the traditional internet (Web2), many businesses (such as IFTTT for the retail space and Zapier for business) have found success by empowering users to get the most out of prebuilt protocols by combining and enhancing them. Fintech is an industry largely based on making finance more convenient for the end user by automating and combining commands.

Blockchain has lagged in this respect, but Kirobo intends to change that. Kirobo has identified these weaknesses and created a new technology that addresses all of them. These commands are called Smart Transactions, created through a no-code interface instantly and at a negligible cost compared to the cost of smart contract development.