As a seasoned researcher with years of experience delving into the intricacies of blockchain technology and cryptocurrencies, I find MatterFi’s latest venture particularly exciting. Having witnessed the rise and fall of numerous projects due to security vulnerabilities and user-unfriendly interfaces, it’s refreshing to see a solution that not only addresses these issues but also caters to both human users and AI agents.
MatterFi unveiled the debut of their robust business platform, offering a “scam-resistant” financial technology foundation for various industries.
According to a statement released on December 3 and shared with Crypto News, the live implementation of the solution will take place after completing a six-month beta testing period, as mentioned by MatterFi.
As per the statement, the objective is to establish a safe platform for digital finance that accommodates both human and artificial intelligence entities. Crucial to this structure is an intelligent AI-driven agent facilitating the “send-to-name” function, which allows users to bypass intricate wallet addresses when conducting transactions.
Using a variety of software, hardware, and artificial intelligence tools, and by employing cross-platform financial networks, MatterFi ensures users have multiple defensive measures when making transactions. This platform serves to shield users from various threats like hacking, phishing, SIM swapping, and other potential security hazards.
By employing cryptographic proofs that span from one end to another, thereby eliminating the dependence on human passwords and login credentials, it allows both humans and AI agents to engage in secure transactions with various parties. This functionality is reminiscent of the seamless access provided by popular global finance applications like Revolut and PayPal.
According to MatterFi’s founder Michael “Mehow” Pospieszalski, the widespread acceptance of newer DeFi (Decentralized Finance) technologies is lagging behind expectations due to concerns about risks and weaknesses associated with these technologies. Additionally, he points out that the intricacy of these technologies and their dependence on complex addresses have served as barriers to wider adoption.
Significantly, MatterFi emphasizes that all transactions are kept confidential, a crucial aspect in the cryptocurrency market where data indicates a surge of 150% in web3 phishing incidents in 2024. In October alone, blockchain security provider Certik disclosed that phishing attacks and private key exposures led to a staggering $668 million in losses among users within the ecosystem during Q3, 2024. The data suggests that an alarming 80% of victims who fall prey to phishing attacks ultimately experience financial loss.
In May 2024, MatterFi and digital bank EQIFi revealed their plans for a partnership, which focused on enhancing the security of cryptocurrencies.
The platforms targeted MatterFi’s technology to help address rising issues around crypto theft, fraud and money laundering. EQIFi and MatterFi revealed the partnership would leverage the “send-to-name” feature via a peer-to-peer platform to bring this benefit to users.
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2024-12-03 20:58