Matrix Announces BioWallet to Make Crypto Funds More Secure
Hong Kong, June 23, 2022 (GLOBE NEWSWIRE) -- Matrix introduces the latest in crypto security - BioWallet With the advent of cryptocurrency, security has become a top concern for many people, and Matrix has come up with a new biometric wallet that meets these needs.
The Matrix BioWallet uses the unique veins on the finger to unlock and sign transactions. With this technology, you will be able to access your wallet without using a password or PIN. This feature will help you stay safe while securing your crypto assets. As a bonus, it will also eliminate the need to remember a password or PIN. By utilizing biometrics, your wallet is more secure than ever before.
Another advantage of Biowallet is that it's backed by a team of scientists, so it's guaranteed to work for you. You can even customize it with your own unique username and password. Once you've customized it, you'll have access to a broader range of security features. The Biowallet also includes an easy-to-use interface and an optional fingerprint reader. The new security system allows you to store your private keys and crypto assets in a safe, secure location.
Rapid advancements in web and telecom technologies have sparked a considerable shift in corporate value toward the burgeoning digital economy, hastening enterprise digital transformations and the adoption of Industry 4.0 and Web 3.0. Today, the ability to fully exploit the commercial potential of data is the key engine of value creation in the digital economy, and advances in Artificial Intelligence (AI) are the most competitive advantage in getting insight into data.
The data economy is only now waking up to the major problem that a lack of solid data management solutions poses. In order to increase data connectivity and enable a disruptive wave of growth in the digital economy, blockchain now delivers a powerful answer.
Matrix AI Network is a prominent provider of end-to-end solutions for enterprise-grade data management with high security, interoperability, and performance thanks to a fundamental combination of AI and blockchain.
The Matrix 1.0 blockchain platform is the first AI-optimised blockchain platform. Low transaction speeds, lack of security, the complexity of usage, and squandered resources are four key concerns in blockchain that we address with AI technology. We built a public blockchain platform that is both functional and dependable.
The Matrix 2.0 is constructing a blockchain-based AI economy based on data, computer power, and AI models. We're building a self-evolving AI platform with aggregated processing power, safe data management, transparent data sharing, and access to an ever-growing set of on-chain AI data, models, and applications.
User data include but are not limited to information about their identity, biometrics, behavioral patterns, social relationship, assets, etc. Even the relationship status and brainwave patterns of users may become useful to collect. The constant updating and production of user private data will be essential for the Metaverse as a fundamental resource as well as a means of production. For this reason, to protect private data from being illegally collected, stored, managed and used, we must develop tech solutions and regulations to control how data are used. Therefore, privacy-preserving computation will be essential.
One of the biggest problems with digital currencies apart from their market being completely random and at the mercy of big sharks, is the security of most wallets out there. Many crypto wallets out there are merely phishing scams that do away with your digital assets as soon as you ‘safely’ put them on there or are just one little algorithm away from giving all your crypto to a greedy hacker.
This is exactly where BioWallet comes into this scene. With its advanced and first-of-its-kind algorithm that takes fingerprint locks one step further into the future, BioWallet can recognize veins and their placement in a finger and lock your crypto so that only the correct infrared imaging of your finger will open the crypto wallet.
Matrix AI Network’s BioWallet project
AI and blockchain are significant technologies to empower the modern wave of digitization of even currencies. MATRIX blends the two elements with a vision to create a decentralized AI economy. The Matrix public chain is an ever-expanding ecosystem. It includes MANTA, a platform to train AI algorithms, MANAS, a distributed AI service platform, MANIA, a platform for Intelligent Authentication of digital assets, and MANITO, a platform for industry network open services.
One such product of the Matrix AI network is the Biowallet, a next-gen hardware wallet that works on the principle of finger vein recognition rather than print recognition.
According to Mr. Owen Tao, CEO of MATRIX, it supports the unlocking of your wallet as well as the signing of transactions using one’s finger vein, thus saving people from the stress of having to remember a password/PIN, and more. In theory, you would never lose access to the Bio-Wallet by forgetting your password.
Finger vein recognition works by sending a beam of infrared through your finger to get the image of your vein. It utilizes the latest and greatest biometric recognition technologies, and you can count on it to perform this with speed and precision. As part of a living organism existing underneath your skin and tissues, your vein is impossible to replicate using non-living objects. Fingerprints on the other hand are easy to replicate and you cannot avoid leaving your fingerprint on various scanner surfaces, which could expose your assets to unwanted risk.
Besides, finger vein recognition is less affected by your finger’s condition in comparison to fingerprint recognition. The latter could be affected by water or dirt on the finger or even skin damage. Not to mention that some people do not have distinguishing fingerprint features or even more extreme some people are born without fingerprints.
The Biowallet introduces a level of security and flexibility across platforms that is yet unseen on the Web3.0 algorithms.
When compared to its contemporary methods of securing digital assets, BioWallet fares well in face of PC Wallets or Ordinary Hardware Wallets in all the factors including, but not limited to;
The things that make the Matrix AI network special aren’t just the BioWallet and its advanced algorithm
The people behind Matrix AI network are big enthusiasts of complete decentralization of data including your social identities as well. With projects underway for Decentralization Identification(DID), data will be more secure than ever and more flexible than before.
The DID project will make the interconnectedness of platforms easier and more convenient and will allow the freedom of forgetting passwords to dozens of identities across the internet and unite them under one decentralized platform, accessible by your finger’s veins.
With DID, the government can have a balance between innovation and law enforcement. The financial institutions can improve the KYC onboarding experience, and the end-users can authorize shared KYC and sign transactions easily and safely. Think about protecting digital assets, like valuable NFTs which often are vulnerable to theft, and even physical assets that is a huge untapped market. This solution can prove provenance and equally important is the asset transfer can be safeguarded.
Quite ambitious and way into the future but possible and needed.
Media Contact: @Matrix_CMTO
Media Contact Eric Choy EMail: EricChoy (at) MATRIX.io