Nymi is a wearable authentication device that utilizes a user's Electrocardiogram (ECG) to validate a person’s identity.
Developed by Bionym, the device aims to "present a system that grants you access for being you". The Nymi has two electrodes, one on the wrist and one on the top. To authenticate, a user must attach the Nymi, and then place their finger on the top electrode to complete the electric current. A user only needs to validate their identity once, until the Nymi is removed. The closed loop keeps the Nymi in an authenticated state, removing all need for repeated prompts (such as in fingerprint scanning or PIN requests).
By using identity in conjunction with motion control the device has a wide potential to revolutionize banking, gaming, smartphones, social media, exercise, dining and so on. It is of particular interest to Bitcoin community because it can hold a Bitcoin wallet and allow for its use in various transactions like buying a cup of coffee.
The Bitcoin wallet is stored in the Nymi’s internal memory using state of the art encryption and other means of protection that were not mentioned in public release. As the access to any Bitcoin wallet is only available to the holder of the special private key, the loss of such key means that coins that were stored in that wallet are lost forever. That is why there is an option of backing up the key in case the wristband is stolen or lost. Surely, such a backup should be waiting for its use on an offline device, so as to minimize the risks. While the complex security system protects userss digital wealth, the only action they need to do to make a transaction is to tap on the bracelet and their coins will be on their way.