MatterFi in Davos 2022 with Mehow
Summary
TLDRMikhail 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.
Outlines
🔐 Introduction to Digital Asset Management and Casper Wallet
The speaker, Mikhail Posbiazolski, CEO of Matter Phi, introduces a digital asset management tool developed for the Casper Association. The tool is highlighted for its ease of customization, support for over a hundred different blockchains, and fast transaction speeds. The presentation aims to demonstrate the practical application of the technology, focusing on the Casper Wallet and its unique features that enhance security, compliance, and efficiency in digital asset management.
💼 Secure Access Applications and Casper Association Wallet
The speaker demonstrates the Casper Association Wallet, emphasizing its user-friendly interface and robust security features. The wallet is shown to be a part of a larger ecosystem of secure access applications (SAPs), which include a matching hardware wallet for easy transactions. The wallet's innovative payment codes are introduced, allowing for private and secure transactions, and the concept of a multi-currency wallet is explained, showcasing its ability to handle various cryptocurrencies with a single payment code. The presentation also touches on the wallet's advanced Bitcoin client, which uses custom-written technology to ensure privacy and quick synchronization.
🔗 Multisig Nodes and Hybrid Smart Contract Ecosystem
The final part of the presentation discusses the multisig nodes, which serve as a secure custody solution for digital assets. The speaker explains how these nodes work in conjunction with hardware chips and smart contracts to provide a secure and autonomous system. The system's ability to operate independently of a central server is highlighted, with users able to prove their balances even if the server disappears. The presentation concludes with a discussion on the system's potential for institutional use, its adaptability to various business needs, and the speaker's openness to various use cases, including the possibility of setting up multi-sig transactions within an institution.
Mindmap
Keywords
💡Digital Asset Management
💡Blockchain
💡Casper Wallet
💡Private Key
💡Smart Contracts
💡Off-Chain
💡Payment Codes
💡Multisig Nodes
💡Cryptographic Proofs
💡C Filters
Highlights
Introduction of Matter Phi's digital asset management tool with support for over a hundred different chains.
Matter Phi's tool offers easy customization and integration for both on and off-chain transactions.
Super fast transaction speeds are a key feature of the tool.
Mikhail Posbiazolski presents a unique technology for the Casper Association's wallet.
The technology facilitates distributed disintermediation while ensuring regulatory compliance.
Matter Phi's system uses private keys for all transactions, enhancing security.
Elimination of usernames and passwords reduces the risk of phishing and spoofing.
Server-side security is enhanced, preventing insider theft of funds.
External hacker attacks are made extremely difficult due to the system's design.
Users have autonomy and can cryptographically prove their off-chain funds.
The system allows for high transaction speed and reliability without mining.
Matter Phi's technology is built on cryptographic proofs, differentiating it from traditional blockchain.
Secure Access Applications (SAPs) are introduced for client-side security.
Hardware access devices and secure applications are used for transaction execution.
Payment codes are introduced for easy and private crypto transactions.
The wallet supports multi-currency transactions with a single payment code.
Innovation in the Bitcoin client with custom-written C filters for privacy and speed.
Multisig nodes are used for a superior custody solution compared to traditional single key systems.
The system allows for hybrid on-chain and off-chain smart contract execution.
Users can prove their balances and restore their state even if the server disappears.
The system is designed to be adaptable to various use cases, from retail to institutional.
Matter Phi is open to various use cases and is currently raising funds for further development.
Multisig functionality allows for multiple tap cards or signatures for institutional transactions.
Transcripts
perfect all right next up it's always
nice when you get to see some products
in action so we figured we'd uh give you
the joy of watching another product demo
so it's my
very very great pleasure to welcome
oh i hope i said that right he's the ceo
of matter now matter phi has developed a
digital asset management tool that's
easy to customize you support the
integration of i think over a hundred
different chains which is
quite the feat i would say you work on
and off chain and you have super fast
transaction speed so i think everyone's
excited to see it in action please
welcome mikhail posbiazolski thank you
so much it's a terrific intro
so what i'm going to show you today is
a little piece of tech that we're
developing for casper association namely
their the casper wallet
and then i'm going to show you some
additional pieces of technology that i
think anyone that's attending
wef would find really interesting
because they really
helped
with
distributed disintermediation at the
same time letting everybody comply
regulatory so we have a very unique
thing that does not exist anywhere else
and we're the inventors of it you know
me and my team so um
the the way i start this off always is i
make a very simple example which a lot
of you guys are going to be like oh man
that's really pedantic because you guys
in here know crypto but everybody else
outside watching may or may watch this
video in the future doesn't right so
the biggest and best way to explain
how our stuff is different than
everything else is like you know how in
bitcoin you got to whip out your private
key and sign a transaction right to do
anything so to move your funds in our
system everything that you do
is signed with a private key so what
this does means is that if you're for
example trying to transfer an account
balance from point a to point b in your
bank
you're going to do that with your
private key
right so everything happens with a
private key and why would you want to do
such a crazy thing well there's like
four huge advantages to doing this first
of all it's client security so
i'm a lifetime hacker i start hacking at
15 i've hacked everything legally from
from
airliners to uh electronic voting
machines you know
and uh and i've always wanted to make a
thing that i couldn't break and this
this was it right so four things that it
does generally that i think are really
really fascinating one is that there's
no user names and passwords so they
can't be fished spoofed stolen man in
the middle of any of that right it means
that even when you access like an app
that you're used to using there's no
username and password you're using a
private key in in everything that you do
right second thing is server side
security the way we work the custody
system in our implementation you you
can't as an insider say you're the admin
of an organization you can't steal the
money
right and that happened at mount gox it
happened at quadriga cx it's happened
like 15 other times right why because
you as a consumer are giving your
bitcoin your crypto your assets to some
address and ultimately somebody controls
that address in our system smart
contracts control that address and they
only act on your behalf when they see
your signature right so um in external
hacker attacks are nearly impossible in
our system extremely difficult to
execute
to the point where i wouldn't know how
to break it
i could give you a plan but i you
probably wouldn't be able to do it um
and then insider like founder attacks
are also extremely difficult it's really
obvious if something disappears
the end user and i'm gonna get to this
the end user has cryptographic proof of
the off chain funds that they had which
is really cool
because these days right this brings me
to autonomy which is the third point
these days
if your bank says you don't have the
money that you think you have you have
no recourse
right they're just like they have your
money
in our system when you do a withdrawal
you do deposit you get a
cryptographically signed receipt in fact
you can restore your own state at the
bank
by just showing your receipt stream so
our system is very different and i'm
gonna give you a quick couple examples
and the last thing that it does that's
really cool is the ability to have a lot
of speed a lot of uh um and a lot of
reliability okay and
uh because all our stuff runs in real
time there's no mining we've eliminated
mining from our protocol
and it's still secure so
it know why would you want to
if if you can make a thing that's this
cool why hasn't anybody done it yet
and the answer that question is to do it
you have to have an off chain system
based on cryptographic proofs on top of
all the stuff you're used to in
blockchain where everything is a
cryptographic proof the whole thing the
whole ecosystem has to be cryptographic
proofs
okay so i'm going to show you two
components to this i'm going to show you
the hardware access devices and the
secure application right now so mark if
you could roll the video in the back
that'd be awesome so we're going to
start off with the client side which is
the left side of this diagram right so
we call them secure access applications
saps nothing to do with sap to company
because it's not just a wallet our first
customers are in fact wallet users so
keep on going this is the casper
association wallet in action here um so
stop right there
um
one of the things we do is we make it
also a matching hardware wallet that's
white label so this is our customer
space dogs they have a little wallet
card they've got like five different
ones they design and this still
stores the private keys so it means that
all you do is just tap on your phone to
execute anything that you want so as a
business you tell us here's what we want
to do and then we give you the tools to
be able to implement this to your end
users so keep going so this in this case
it's it's asking whether you want to
restore from a hardware wallet
um and then if you're not it is asking
you to restore from a seed phrase so so
you know this my developer is doing a
test here
and if not that
then it goes into
hey we're going to randomly generate a
seed phrase for you right which is
actually generated if you if you have
this option it's generated from
radioactive
random radio wave entropy off the chip
incredibly secure right um
we actually have diffie-hellman
encryption that we
this is all and this chip by the way is
patented um
between the software wall and the
hardware wallet
which is like i took it to def con and i
explained how it works and i showed a
protocol log and no one wanted to break
it
they were like okay well it's not going
to happen so um keep going
mark
there we go all right so in a second
he's we're going to click on show pay
code so in here it's paused right there
cool um so this wallet has uh is casper
and a bunch of other assets so keep
going for a second until he clicks the
show pay code mark
we go boom stop right there okay so this
is one of our first innovations the
whole point of making this work is we
got to make it easy to use and easy to
onboard right and that's actually very
difficult so we've solved all those
custody problems and usability problems
and this the first thing that we did in
usability was payment codes what are
payment codes if i have your payment
code i can send you any crypto worldwide
and no one else knows how much money i i
sent you so you can post it on your
and receive money
the payment code can also be used for
kycml i'm not going to go into right now
how to do that because i don't have the
time but you have cryptographic proof of
funds that you send on chain if you're
an institution that's incredibly
valuable
because right now kycml is just like hey
uh i hope i hope that receiving address
you gave us is actually you
but we don't know right um keep going
so in our system you have the ability oh
well this is a silly feature this is fun
you can change logos
groundbreaking i promised you
groundbreaking technology
i'm delivering
um so now he's going to show pause right
there mark and you can just leave it
right there we're not going to keep
rolling so it's a multi-currency wallet
so with a single payment code you can
get casper you can get ethereum you can
get all the ethereum tokens you get all
the casper tokens you get all the
bitcoin
and it's one single payment code which
we can also tie to a human readable
address so if like you're in the gaming
space and you've got a unique gamer tag
that can be tied to your payment code
and now the game company has a way to
transfer money super easily between its
users uh off chain all right so and the
last thing i want to talk about there is
an innovation in this wallet where we
completely redid the our bitcoin client
it's custom written we don't use bloom
filters we use our own implementation
called golem rice sets and we call them
c filters and what c filters are is
summaries of the blockchain so that
there's no accelerator server that's
revealing oh oh you want this block and
this block very very interesting the c
filters go out to all the wallets and
they're all identical
so the wall so there's no privacy
leakage at all and because the c-filters
are all identical we can catch them
which we patented this part of it and uh
means that we can sync a huge chain like
say bitcoin uh extremely quickly in a
matter of minutes
right so that's why our wallet is you
know me and metta uh from from casper
call the universal wallet because the
point is to get as many currencies as
are useful for each particular
customer's ecosystem all right i got two
minutes so go back to the slide and i'm
almost i think i'm gonna finish my time
this is amazing
okay so um we talked about the two left
components what's the thing in the
middle the multisig nodes right so this
is our custody solution so this is uh i
would say far superior in architecture
to say a fire blocks because in fire
blocks there is a key and then the key
gets reconstituted and there's all this
security around that single key or set
of single keys in our case we have a
payment code that's kycml that goes to a
multi-sig group of servers so to steal
the money off of off these off chain
servers you have to break into the
hardware chips
on say if you set it up as a pool of
7-eleven you have to break into 7 out of
11 hardware chips but these chips don't
just store private keys they're also
secure enclaves for your smart contracts
so now your business is always running
the same smart contract in fact this
multi-sig node pool can connect in a
hybrid manner to regular smart contracts
that run on chain so you can have an
ecosystem where hey you don't want to
pay all those ethereum mining fees you
don't have to you can run a portion of
your smart contract off-chain right so
that's so
bunch of really amazing properties to
this and the system runs off triple sign
receipts uh we modified the classic
extra accounting triple sign receipt
thing and then we wrote a white paper on
it got cited by a bunch of academics but
our system proves its state by the last
set of receipts so this is the autonomy
part of it like the server can literally
disappear and the users can prove their
balances on the server that disappeared
and the server can be restarted right
which is really cool because right now
if the blockchain goes away
you're screwed unless you've got you
know a huge backup maybe somewhere right
but uh in our case that's not that
that's not the case so you can execute
any functionality you want cryptography
secured servlets and so like one of the
things we're uh implementing is active
spec which is uh banking all right
that's
the presentation i finished it nine
minutes and 55 seconds
cool we've got time for a question yeah
yeah we have some time for questions the
the powers that be are
um saying we got questions
and mihawk heider at kevin o'brien
luxury capital how would you um
distill
what this actually means like for me
from a retail perspective it's almost
like cash app but it's also an
institutional product can you explain
how you teach this uh to the general
community probably the seven minute
pitch i just gave you is the closest
densest thing i could possibly do but
you just got it
what you said to me is it sounds like
it's a cache app but also sounds like
institutional it is exactly that like
you can create a network of instant
transfer it's like lightning network
except for every chain every token ever
but it doesn't just do payments it does
everything right so what the way we
engage is like we go to a client a
business and say okay what do you want
to do with the system and then we just
keep saying yes
and
and because there's so far i haven't
gotten a use case i can't handle you
know um
also we're doing a uh
a bridge round right now so if you wanna
you wanna if you wanna join let me know
cool any one more question yeah
is there a multi-sig angle to this as
well like can i have multiple
tap cards amongst my institution uh
amongst the partners of my institution
to sort of sign a multisig transaction
so so um
do you remember how i just said did i
say yes to everything absolutely yeah
yeah something but the answer is yes
like you can you can set up the custody
on your own however you want the
defaults the servers autonomously run
with with private keys and the founders
put the private keys in their safes like
say it's five out of seven and then no
one internally can steal the funds not
only do the clients know they have money
and they can prove it but the business
knows that it can't be defrauded through
some fault of i.t
right beautiful yeah thank you cool all
right thank you guys really appreciate
it thanks davos thanks casper and thank
you for the time
[Applause]
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