Nymi – a device that that combines functions of both the Bitcoin wallet and smart wristband, collecting info on your physical activity.
We got used to keeping our cryptocurrencies on PCs, smartphone apps and plastic cards. The last ones even had a “smallest fingerprint scanner” installed, so that no one would be able to take card owner’s digital coins without cutting off his or her finger. The device is being developed by a Canadian startup Bionym.
The Nymi has somewhat more advanced defenses. The smart wristband has a built-in ECG sensor that reads your heartbeat all the time you’re wearing the device, as most of the similar gadgets do. However, this one compares user’s heartbeat patterns with the ECG pattern of his owner. The pulsation of the heart from person to person is said to be unique as the human’s iris. The only exception would logically be pace maker.
Even in that case through, various factors render a forgery of ECG fingerprint highly problematic.
The Bitcoin wallet is stored in the Nymi’s internal memory, of course using state of the art encryption and other means of protection that were not mentioned in public release.
As you well know, the access to the any Bitcoin wallet is only available to the holder of the special private key. If such key is lost, then the coins for all means are lost forever. That is why there is an option of backing up the key in case the wristband was stolen or lost. Surely, such a backup should be waiting for its use on an offline device, so to minimize the risks.
While the complex security system protects your digital wealth, the only action you need to do, to make a transaction is to tap on the bracelet and your coins will be on their way.
Usually the main function of the smart wristband is to track the condition of our body when we do sports.
Well, Nymi isn’t lagging behind. The gadget also supports various fitness apps. This combined functionality is the reason, why Andrew D’Souza – president of the Bionym is absolutely certain about the success of their new toy; that and the 7,000 preorders for the software development kit.
The decision to make the platform for the bracelet open-source is something that really looks up to the ideals of Bitcoin. That way, users can personify their Nymis the way they see fit. Such flexibility is greatly appreciated by the Bitcoin community.
Nymi has everything that is required for such a device: easy controls, secure wallet, all kinds of sensors to keep you up to the condition of your body and the support of the third party software. The only thing it lacks is an integrated coffee machine but I guess nothing is perfect.