Introduction to the Matrix Bio-Wallet

System Structure

A Brief Summary

The Matrix Bio-Wallet is a point-based finger vein recognition wallet for storing your crypto assets. It will support various features built on the Matrix Mainnet.

After completion of finger vein registration features such as wallet creation, wallet login, wallet import, wallet backup, signing transactions, balance check, transaction history check, etc will all be supported.

Below we will briefly describe finger vein registration and wallet creation.

Creating a new wallet using the Matrix Bio-Wallet

Firstly, it is important to note that the application will generate a mnemonic. You should keep a copy of the mnemonic in a safe place, as this is the only guaranteed way to recover your wallet back. Similar to the Ledger seed phrase.

1. Connect the finger vein recognition hardware to the power source and then via the NFC module to your smartphone which has the application downloaded.

2. After the hardware is connected, enter your finger vein data by placing your finger on the scanner. You may be required to scan your finger a few times for the scanner to get the data it needs. The data will then be encrypted and sent to the mobile application.

3. The application will then begin decrypting the data. This process is almost instantaneous.

4. Upon decryption, the data is then used to generate a password in the form of a keystore file and this is saved in the application.

5. Congratulations! You have now successfully created a new wallet using the unique veins in your finger.

Now that you have created a new wallet, you can use your finger vein to unlock it or to sign a transaction. You can rest assured knowing your crypto asset is well protected in the Matrix Bio-Wallet.

Matrix Bio-Wallet is so powerful but when will I be able to purchase one?

Although the Matrix Bio-Wallet is only a prototype it is already ahead of the industry with a false rejection rate under 0.01%, a false acceptance rate under 1/600,000,000. The algorithm response time is also less than one second. As with any prototype it still needs improvement and vigorous testing before going to market. We will let the community know as soon as we can when it will be available to the public.

Who developed the Matrix Bio-Wallet?

The Matrix Bio-Wallet is developed by Matrix AI Network. Thanks to Matrix’s powerful team and mature ecosystem, the Matrix Bio-Wallet is already incredibly stable, secure, and of course innovative.

What is the Matrix public chain and how is this connected to the Bio-Wallet?

Matrix AI Network is a public chain that brings together artificial intelligence and blockchain. As a pioneer in both fields, Matrix is in the perfect position to employ artificial intelligence to address blockchain’s bottlenecks such as efficiency, speed, security, usability and flexibility to build an auto self-improving blockchain ecosystem.

The Matrix public chain is an ever expanding ecosystem. It includes:

MANTA — a platform to learn to use AI for people with no background

MANAS — a distributed AI service platform

MANART — a platform for generating and authenticating NFT assets

MANITO — a platform for industry network open services

As mentioned in our previous article the Matrix Bio-Wallet is a next-gen technology that the team has ingeniously designed for the benefit of the ecosystem. Equipped with finger vein recognition algorithms developed by Matrix’s AI scientists, it is an innovation that is ahead of the industry thanks to its high performance and early mover advantage.

As more people start to use the Bio-Wallet, more traffic will be directed to applications on the Matrix public chain. Currently, most hardware and software wallets do not have their own public chains. All the traffic and transaction fees generated still flow into the pockets of other public chains. While in the case of the Matrix Bio-Wallet, all the traffic and transaction fees generated will directly benefit Matrix.

Since the Bio-Wallet is built on the powerful Matrix public chain, which has an advantage over other projects like Ethereum in the form of transfer speed, transfer fees and TPS. Every transaction signed through the Matrix Bio-Wallet uses computing power from Matrix Mainnet. As people use the Bio-Wallet, the Mainnet will get data traffic, and users’ personal information will be encrypted and stored in the IPFS network on the Mainnet.

As more people start using the Matrix Bio-Wallet, demand will increase for MAN as MAN tokens are the Universal Pass on the Matrix AI Network and transaction fees will also be paid in MAN. Of note it is at a rate far lower than ETH and many other projects.

Overall, the Matrix Bio-Wallet beats other crypto wallets in security, efficiency and transaction fee rate. It is clear that the Bio-Wallet will be a crucial piece of Matrix’s ecosystem, guaranteeing a secure transaction and identification for services on Matrix platforms.