HyprKey has introduced biometric stickers to make Bitcoin transactions more secure.
The team working behind HyprKey thinks cyber fraud is the only obstacle in the path of mainstream Bitcoin adoption.
The Bitcoin start-up is aiming to secure crypto currency users from cyber fraud by using their HYPR-3 2-factor authentication protocol.
HyprKey basically functions by generating a biometric authentication bridge amid the user and a mobile wallet which is built on top of it.
It automatically converts bitcoin in real-time and allows the user to spend it, without having to even touch the crypto currency.
This is done by linking the user’ debit card and thus by authenticating the transaction at the point-of-sale.
George Avetisov, the chief executive, said in an interview that he considers cyber fraud as a main problem because bitcoin is an irreversible system of payment inherently.
He explained that the issue with fraud is that reversible digital payment systems such as debit cards and credit cards or other existing reversible banking systems cannot be used.
The bitcoin community wants to make or find a great app to make bitcoin more mainstream. HyprKey stated that their solution will not be an app, but it will be a protocol.
The company’s chief executive explained that they do not have a device: an off-device authentication.
HyprKey recently closed $350,000 in private investment.
The team explained with example of using of a debit card to buy an item worth $500 from Dell, which offered 10% discount to consumers who bought with bitcoin.
The Dell item would cost them $500 at the summit if they chose to pay with a debit card and made the payment in traditional manner.
However, if he decided to makes payments with the debit card via the HYPR-3 platform, the product would cost $450.
Avetisov said that the important point is that the buyers will save money when they use their new platform.
The HYPR-3 token is basically a sticker of about the size of a large sticky bandage. The token is usually placed on the back part of the user’s mobile phone or phone case.
Communication between the phone and the token is maintained via Bluetooth.
Every time the user swipes his finger on the device it feels the fingerprint and registers the static discharge from motion. Only after that transaction is authorized.
He informed that 3-factor authentication makes the user’s wallet unhackable. Physical authentication is necessary for the transaction to be completed.
Bojan Simic, the company’s CTO discussed that having the biometric time-based one-time password algorithm token generator eliminates fraud completely and allows real-time conversion to Bitcoin.
He elaborated that they can eliminate the interchange fees by eliminating fraud. It is also determined that the person making purchase is using his own identity.
HyprKey had some alpha stages before the biometric sticker was introduced. The team agrees that at present, this is the best deployment method.