Cover Your Assets: The MATRIX Digital Assets Safe
The MATRIX Digital Assets Safe Hardware Wallet is a hardware+software solution for storing cryptocurrencies safely and conveniently.
Despite blockchain’s relatively young history, a few common experiences have emerged. For instance, just about every person entering the space ends up asking some of the same questions. How should I store my cryptocurrency? What is the safest way to manage my assets? What the heck is a crypto wallet? Let’s take these questions in reverse order.
What the heck is a crypto wallet?
A crypto wallet is a digital wallet that allows a user to store, send and receive digital currencies like Bitcoin, Ethereum or MAN tokens. Crypto wallets protect a user’s digital assets from exploitation and shield against accidental corruption. They differ from physical cash wallets in that they don’t actually hold currency. Rather, they store a secure digital code known as a Private Key. Private Keys demonstrate ownership of a public digital code called a Public Key. This Public Key, in turn, is connected to an amount of currency.
What is the safest way to manage my assets?
Despite there being a wide-variety of crypto wallets available — ranging from throwback methods such as paper wallets to convenient browser-based web wallets — most safety-conscious users agree that cold-storage hardware wallets are the safest way to store cryptocurrencies. Cold-storage hardware wallets are simply physical devices that manage a user’s private keys and public addresses. In the context of cryptocurrencies, cold-storage refers to storing cryptocurrency offline.
How should I store my cryptocurrency?
How a person should store their cryptocurrency depends largely on that person’s personal situation. Each method essentially boils down to a security/ease-of-use tradeoff. If someone has a small amount of cryptocurrency, they may prefer a convenient browser-based web wallet. High-volume HODLers, on the other hand, may prefer a secure cold-storage hardware wallet.
Why is MATRIX telling me this?
Firstly, MATRIX believes in the mantra that one’s assets are only as safe as their container. Being not-entirely-satisfied with current wallet options, MATRIX has designed a hardware wallet prototype which aims to prioritize security without ignoring the importance usability.
The MATRIX Digital Assets Safe
The MATRIX Digital Assets Safe is an all-in-one software/hardware solution that supports multiple ERC20-protocol cryptocurrencies. It strikes a balance between safety and usability. Throughout the design process, the MATRIX AI Network team’s priority was, unsurprisingly, security. No matter how easy something is to use, an unsafe safe is about as useful as a tennis racket with no strings.
The MATRIX Digital Assets Safe stores a user’s private key after undergoing a multiple encryption process and allows users to back up their private keys to flash drives. It includes security checks at both hardware and software levels. The general approach is to create a multilayered security system that can isolate potential risks and protect the system’s core. The goal is to create a device that is immune to software viruses. A stringent focus on security creates opportunities to increase usability. Besides being safe, the MATRIX Digital Assets Safe is convenient and easy to use.
The MATRIX Digital Assets Safe can be accessed remotely without safety concerns. This is made possible by the inclusion of an integrated secure channel which hides the MATRIX Digital Assets Safe’s IP address and renders transactions untraceable. These unique encrypted transmission channels ensure the security of a user’s trading information. Users can leave their MATRIX Digital Assets Safe at home and still access their funds remotely at any time without worry.
The MATRIX team has prepared a short walkthrough of the software side of the MATRIX Digital Assets Safe. Enjoy!
During the month of September, MATRIX AI Network is releasing a series of videos and write-ups highlighting some of the project’s technical features. These include the MATRIX Mining Machine, the MATRIX Auto-Coding Intelligent Contracts, the MATRIX Secure Virtual Machine and the MATRIX Digital Asset Safe.