Today Toronto’s Bionym announced that their wearable tech device, the Nymi, will release with a Bitcoin wallet as one of its initial applications.
The Nymi will use its ECG-based multi-factor security system to make Bitcoin transactions not only more secure, but also more accessible.
As an emerging digital currency, Bitcoin functions on a peer-to-peer network of computing nodes. To participate in Bitcoin, a user must have a Bitcoin wallet, which contains a public and a private key. The public key allows anyone to deposit funds into the account. The private key allows the account owner to send funds out to different accounts.
The private key is a prize for hackers. For Bitcoin to truly become more accessible, a robust security system needs to be established in order to protect it. To function securely, the Bitcoin network relies on relatively complex software that requires configuration. If Bitcoin is to become a widely used currency, its network needs to become more accessible to the general public.
The Nymi is uniquely situated as a Bitcoin Wallet. A key advantage of the Nymi’s technology is that it will be able to generate outgoing Bitcoin transactions without ever exposing the private key to the outside world. The Nymi also provides a simple, convenient and accessible way for Nymi owners to engage with the Bitcoin network. The Nymi Bitcoin Wallet will replace the complexities of setting up a Bitcoin account with a user-friendly, secure interface. A secure, accessible Bitcoin Wallet could change the future of the digital currency.
Yevgeniy Vahlis, Bionym’s Chief Cryptographer says, “People don’t know where their Bitcoin funds are stored, and who can access them. The Nymi’s wallet application makes the answer clear: the wallet is physically stored on the Nymi. The Nymi’s multi-factor system, including its ECG biometric, ensures secure Bitcoin storage tied to the rightful owner.”