MatterFi in Davos 2022 with Mehow

Summary

Mikhail Posbiazolski, CEO of Matter Phi, introduces a revolutionary digital asset management tool with over a hundred chain integrations and fast transaction speeds. The system emphasizes client and server-side security, eliminating usernames and passwords, and features a unique off-chain system with cryptographic proofs. Key innovations include secure access applications, a universal wallet supporting multiple currencies, and a multisig node architecture for enhanced custody solutions. The system aims to simplify user onboarding and provide autonomy, allowing users to prove their balances even if the server disappears.

Takeaways

• 😀 The CEO of Matter Phi, Mikhail Posbiazolski, demonstrated a digital asset management tool developed for the Casper Association, highlighting its ease of customization and support for over a hundred different blockchains.
• 🔐 The tool emphasizes client security by using private keys for all transactions, eliminating the need for usernames and passwords, thus reducing the risk of phishing, spoofing, and man-in-the-middle attacks.
• 💼 Server-side security is enhanced as the system prevents insider theft, with smart contracts controlling assets and only acting on behalf of the user when their signature is recognized.
• 🔒 The system is designed to be resistant to both external hacker attacks and insider or founder attacks, providing a high level of security.
• 📝 Users have autonomy as they receive cryptographically signed receipts for all transactions, allowing them to restore their account state at any time.
• 🚀 The system offers high transaction speed and reliability, with real-time processing and no mining required, making it efficient and secure.
• 💡 A unique feature of the wallet is the use of 'payment codes', which allow for anonymous and traceable transactions, enhancing privacy and providing proof of funds for regulatory compliance.
• 📱 The wallet supports multi-currency transactions with a single payment code and can be linked to human-readable addresses, such as gamer tags, for easy and secure transfers.
• 🛡️ The system includes a multisig node architecture for custody solutions, which is more secure than traditional single-key systems and allows for hybrid on-chain and off-chain smart contract operations.
• 🌐 The wallet is designed to be a 'universal wallet', capable of supporting a wide range of currencies and tokens, making it versatile for various user ecosystems.

Q & A

What is the primary function of the digital asset management tool developed by Matter Phi?

The digital asset management tool developed by Matter Phi is designed for ease of customization and supports the integration of over a hundred different blockchains, offering off-chain and on-chain capabilities with super fast transaction speeds.

How does the use of private keys in the Matter Phi system enhance security?

Using private keys for all transactions in the Matter Phi system eliminates the need for usernames and passwords, reducing the risk of phishing, spoofing, and man-in-the-middle attacks. It also provides server-side security, making it nearly impossible for external hackers to execute attacks and difficult for insiders to steal funds.

What is the significance of the cryptographic proof of off-chain funds in the Matter Phi system?

The cryptographic proof of off-chain funds allows end users to have proof of their assets, which is valuable for compliance with KYC/AML regulations. It also provides autonomy, as users can restore their own state at the bank by showing their receipt stream.

How does the Matter Phi system ensure fast transaction speeds without mining?

The Matter Phi system has eliminated mining from its protocol while maintaining security, which contributes to its fast transaction speeds. All operations run in real-time, enhancing speed and reliability.

What is a 'Payment Code' in the context of the Matter Phi wallet?

A 'Payment Code' in the Matter Phi wallet is an innovative feature that allows users to receive any cryptocurrency worldwide without revealing the amount sent. It also provides cryptographic proof of funds for compliance purposes.

How does the Matter Phi wallet's multi-currency support work?

The Matter Phi wallet supports multiple currencies through a single payment code, enabling users to receive various cryptocurrencies like Casper, Ethereum, and Bitcoin with a single identifier, which can also be tied to a human-readable address for ease of use.

What is the role of 'C Filters' in the Matter Phi wallet's Bitcoin client?

C Filters, or 'Casper Filters,' are summaries of the blockchain used in the Matter Phi wallet's Bitcoin client. They prevent privacy leakage by ensuring all wallets receive identical filter sets, allowing for quick syncing of large blockchains like Bitcoin.

Can the Matter Phi system be used for institutional as well as retail purposes?

Yes, the Matter Phi system is designed to be versatile, catering to both institutional and retail users. It can create a network of instant transfers for various use cases and is adaptable to different business requirements.

How does the multi-sig feature work in the Matter Phi system for institutional use?

The multi-sig feature in the Matter Phi system allows for multiple hardware chips or servers to be part of a signature group, requiring a certain number of approvals to execute a transaction. This enhances security by preventing single points of failure and fraud.

What is the significance of the 'Triple Sign Receipts' in the Matter Phi system?

Triple Sign Receipts are a modified accounting method used in the Matter Phi system to prove the state of the system. They allow users to prove their balances even if the server disappears and can be used to restart the server with the last set of receipts.