1. Introduction

Blockchain technology has made significant strides in its development, which enables us to get closer to a decentralized, trustless Internet, transparency of transactions, and more. The possibilities of blockchain technology are truly endless. One of the most relevant use cases for blockchain is cryptocurrencies.

A cryptocurrency is a tradable digital asset, built on blockchain technology that only exists online. Cryptocurrencies are a new and exciting way to conduct transactions although their price volatility makes them difficult to use for everyday transactions. An increasing number of people are realizing the benefits of crypto assets and their promising future.

From DeFi (Decentralized Finance) to NFTs (Non-Fungible Tokens) to DAOs (Decentralized Autonomous Organizations), blockchains open up a variety of opportunities. Especially, NFTs are believed to be the cornerstone of next generation digital infrastructure and the future of blockchain technologies.

Many expect digital assets will be a solid alternative to fiat currencies for global finance.

However, there are a few problems with cryptocurrencies that need to be addressed. Cryptocurrencies are highly susceptible to cyberattacks, and hackers have been known to steal large sums of money from users.

2. Security Issues in Crypto

2.1 How to keep crypto secure

There are several different types of crypto wallets to store cryptocurrencies: custodial wallet, cold wallet, hot wallet, paper wallet, etc.

Exchange wallets are custodial accounts provided by the exchange. Using a custodial wallet seems to be the simplest and most convenient, but it is important to note that there remains security risk of leaving crypto in another party’s possession. In case the exchange is hacked or your account becomes compromised, your funds would be lost. The user of this wallet is not the holder of the private key to the cryptocurrency that is held in this wallet. You can be locked out of your account.

Many of the users do not know how smart hackers are and how important it is for them to keep their login IDs and passwords secure. Hackers can steal their crypto assets from their accounts by stealing their personal information. Even though security best practices recommend that you have unique passwords for all your applications and websites, many people still reuse their passwords. Once hackers steal IDs and passwords, they will be able to use them for malicious purposes. So we need to change passwords periodically.

Cryptocurrency exchanges have been hacked through “brute force” attacks, in which hackers use powerful computers to guess passwords and gain access to accounts. Brute force attacks are typically carried out on exchanges that do not have strong security measures in place.

Hot wallets are online wallets that run on Internet-connected devices like computers, phones, or tablets. These wallets generate the private keys on these Internet-connected devices. While a hot wallet can be very convenient in the way you are able to access and make transactions with your assets quickly, they also lack security.

Many cryptocurrency holders use hardware wallets like USB sticks. The hardware wallet, also known as the cold wallet, is believed to be the safest option for storage since it is not connected to the Internet. But what if the hardware wallet is lost, damaged, or stolen?

Due to the vulnerability of security, it is recommended that features like password protected access, biometric authentication, two factor authentication, and others should be integrated into the wallet.

Fingerprints are commonly used but not secure since they are easily forged or duplicated. Skin conditions like sweat, stains or peelings of the skin affect the accuracy of identification. Also, the age and occupation of a person may cause some difficulties in capturing a complete and accurate fingerprint image, resulting in a serious problem when fingerprint authentication is rejected.

Iris scanning technique can also be tricked by hackers, even can be fooled by high quality photo.

Over the years many users have lost access to their private keys by forgetting passwords or misplacing hardware wallets. According to Chainalysis, about 25% of bitcoins are believed to be lost forever in this manner. In other cases, Bitcoin owners might pass away without revealing the password to their wallets thus leading to permanent loss of the Bitcoins in those wallets.

Many wallet providers use Mnemonic Phrase, or recovery phrase, because it is easy to copy and backup. Mnemonic phrase is a series of words (12 or 24 words) generated by the wallet that give the user access to the crypto associated with that wallet. It should be stored somewhere safe, preferably offline on a piece of paper, which is troublesome and not easy for the following reasons;

Loss or theft or misplacement

Gradual deterioration of legibility over time

Lack of awareness of backup location to family or heirs

Catastrophic destruction due to natural disasters like floods or fire

2.2 Concerns

what if you forgot your PIN number? Is there any safer method than using PIN or fingerprint? Is there any way to secure crypto assets against hacks with no need to store the private keys or Mnemonic Phrase?

3. Finger Vein Authentication as a solution

Identity verification has become an integral part of people’s daily life. It is needed when we log into computers or electronic accounts, use ATMs (Automated Teller Machines), and get entrance permission to a bank or an area. There are many ways to verify someone’s identity. The usage of a password or fingerprints is the most popular, but it tends to be obsolete due to some problems to be solved.

Finger vein recognition is a relatively new method of biometric authentication. It matches the vascular pattern in an individual’s finger to previously obtained data. Finger vein authentication is replacing existing methods such as a password or fingerprints since it offers a higher level of security. The technology is currently in use or development for a wide variety of applications, including credit card authentication, automobile security, employee time and attendance tracking, computer and network authentication, end point security and automated teller machines. Finger vein authentication is considered as a possible solution to the threat of hacks and cyber-attacks.

3.1 Features of Finger Vein Authentication

Accuracy

The finger vein authentication technology has recently received much attention as a new method for biometric authentication because the authentication accuracy is high compared to other forms of biometric technologies such as fingerprint authentication.

Uniqueness

Finger vein biometrics identifies a user based on the vein patterns in their fingers, which are unique to every person.

Usability

Finger vein recognition claims to have superior usability characteristics where false acceptance or rejections hardly occur, close to zero.

Security

Veins are located inside the body, so it is extremely difficult to read or steal. There is little risk of forgery or theft. Unlike fingerprints, finger veins do not leave any trace during the authentication process and so cannot be duplicated.

Constancy

Finger vein patterns remain relatively constant through the adult years.

Minting rewards

Minting rewards

D.Volt rewards

4. D.Volt Wallet

Seoul-based eTunnel, Inc., has developed a crypto wallet, called D.Volt. The D.Volt has adopted a FINGER VEIN AUTHENTICATION technology in order to provide a more advanced decentralized crypto wallet that is free of hacks or loss.

4.1 Finger Vein is a Private Key

With D.Volt Wallet, there is no need to use mnemonic phrase, PIN number or fingerprint. User’s finger vein acts as a private key, which has little risk of loss, forgery, theft, duplication or hacking. When transferring cryptocurrencies to others, users use their finger vein instead of PIN number or fingerprints.

4.2 How to Create Private Keys

Private keys are created and managed by user’s finger vein. Since hemoglobin in the blood absorbs near-infrared lights, vein patterns appear as a series of dark lines. The finger vein reader captures an image of the finger vein patterns. The captured image is then converted into data. The data are encrypted and stored as a biokey, which is double encrypted to create private keys (how to create private keys with biokeys cannot be specified). Public keys are generated from the private keys. The public keys are stored in the wallet, but the private keys are not, for a security reason.

4.3 How to Sign a Transaction

The user can recover the private key with their finger vein at the time he needs to sign a transaction. The user puts his finger on the finger vein reader (X-Scanner). The user’s finger vein is compared against the stored biokey. If both are identical, then it instantly generates the private key to sign a transaction. The private key disappears right after signing a transaction. Private keys are not stored anywhere. Users use their finger vein instead of private keys when signing transactions. Users do not need to use PIN number or fingerprints.

7. Tokenomics

• Ticker Symbol: NEBTC
• Total Supply: 21,000,000
• Airdrops for Nodes: 10,000,000
  (The airdrop coins for nodes will be locked eternally, only used as the criteria for setting up a node
• Minting Rewards: 11,000,000 (Circulating Supply)

7.1 Airdrops for Nodes

The ones who purchase D.Volt packages receive D.Volt NFT. Upon registration of NFT on NEBTC Blockchain Network, the holder will receive airdrops.

Of 10,000,000 NEBTC Airdrop, 4,000,000 NEBTC is airdropped for node set-up. To run a node, you should stake as many NEBTC coins as airdropped.

※ How to calculate the number of coins to stake when setting up a node

$$ If \frac{100*p}{2^{a-1}}\leq M \ Then\\ \qquad A=\frac{100}{2^{a-1}} $$

$$ Else\\ \qquad A=\frac{M}{P} $$

※ Number of coins to stake (A)

Series	Number of Packages available	Airdrop	NEBTC to stake (A)
X1	10,000	100	A=0
X2	20,000	50	A≤50
X3	40,000	25	A≤25
X4	80,000	12.5	A≤12.5

X1 contains 100 NEBTC airdrop. X1 holders do not need to stake any additional NEBTC coins to run a node. 10,000 packages for X1 series are available.

X2 contains 50 NEBTC airdrop. X2 holders need to stake additional 50 NEBTC (or less) coins to run a node. 20,000 packages for X2 series are available.

X3 contains 25 NEBTC airdrop. X3 holders need to stake additional 25 NEBTC (or less) coins to run a node. 40,000 packages for X3 series are available.

X4 contains 12.5 NEBTC airdrop. X4 holders need to stake additional 12.5 NEBTC (or less) coins to run a node. 80,000 packages for X4 series are available.

7.2 Rewards for Nodes

There are two types of node rewards:

Minting rewards

D.Volt rewards

7.2.1 Minting Rewards

A total of 11,000,000 NEBTC will be minted for rewards, 8,700,000 NEBTC will be distributed to the ones who run a node, 870,000 to the ones who publicize the D.Volt DAO, and the remainder (1,430,000) to the ones who participate in a D.Volt staking program or other promotional events.

Minting rewards are distributed autonomously in accordance with rules encoded via smart contracts. To receive minting rewards, every x-node should make a choice of either participating in an existing node pool or building his own node pool. Only x-nodes involved in a certain node pool are qualified for minting rewards. When participating in a node pool, NEBTC coins must be staked, which is not more than the number of NEBTC airdropped.

Minting rewards are programmed to be offered at a certain rate. As the staking for nodes increases, the demand for NEBTC is expected to increase accordingly. Daily minting amount is subject to change in accordance with the demand for NEBTC coins on the market.

7.2.2 D.Volt Rewards

D.Volt rewards are to share profits generated in the D.Volt DAO (Web 3.0 platform).

70% of the profits are shared by all x-nodes, while 30% are given out to super nodes and authority nodes in proportion to the number of x-nodes in the node pool.

D.Volt rewards are divided into:

70%: Node Reward (all x-nodes)

27%: Node-pool Reward (all super nodes and authority nodes)

3%: Donation

Super nodes may want to enlarge the size of their node pool, so that they can get more rewards.

Donations are managed separately in the donation account. Super nodes can suggest ideas for how to spend the donations. Authority nodes should make a final decision in agreement before spending.

The flow of funds can be traced in Explorer and details will be posted on the Website.

※How to calculate node pool reward

$$ Rm=(MNx/Nx) *0.27Pt $$

$$ or\\ Rm = \frac{MNx*0.27pt}{Nx} $$

Rm: My node pool reward

Nx: Total number of x-nodes in super nodes

MNx: Total number of x-nodes in my node pool

Pt: Total Profits from D.Volt DAO Platform

8. Vein-X Finger Vein Authentication

Vein-X finger Vein authentication was developed and patented by Vein-X.

- United States Patent, European Patent (3057034), Japan Patent (5951817), and Korea Patent (10-1496852).

※ Features of Vein-X Finger Vein Authentication

99% of accuracy (FAR=0.0001%, FRR=0.01%)

Able to accurately recognize the identical vein patterns in spite of the different posture and position of fingers

Solved the problem of tracking errors occurring under uneven illumination

Can be used outdoors (20,000 lux) - the existing method only works below 3,000 lux

Works at -20℃ to 60℃- the existing method only works at 5℃ to 35℃

Fast processing less than a second

Each person can use 8 fingers for authentication (3 patterns per finger, total 24 patterns can be used)

Table 1. The Process of Feature Extraction

8.1 Image Capture

Due to the property of the hemoglobin having a lower absorbance to the NIR wavelengths than the visible ones, the camera can capture an image containing the finger veins.

8.2 Image Inversion

In order to capture clearer vein patterns, the captured image is converted into gray by using Gray Conversion method and then inversed, which enables to reduce memory usage and shorten processing time.

• Gray Conversion

A new formula was developed to capture clearer vein patterns by changing the proportion of red, green and blue.A new formula was developed to capture clearer vein patterns by changing the proportion of red, green and blue.

•Inversion

The image is inversed to reduce memory usage and shorten processing time.

Table 2. (A) Original Image (B) Gray Scale Conversion (C) Image Inversion

8.3 SWA (Shifted Waveform Analysis) Algorithm

In order to extract clear vein patterns from the captured image, SWA (Shifted Waveform Analysis) algorithm was developed and applied. SWA algorithm is a method of using the phase difference of certain X axis and Y axis. The original signal is shifted by d to get . δn is obtained by calculating the difference between and ( ).

δn		Meaning
0		intersection of and
+		The pixel of the applied location is bright
-		The pixel of the applied location is dark

Table 3. Meaning of the value δn

The vein pattern is darker than the other tissue in the captured image. So the location of veins can be detected by padding the positive numbers of Grayscale with zeros, and applying threshold to the value after squaring the negative numbers of data. The advantages of the SWA algorithm are as follows; (i) the great performance to detect a small variation of a fiducial point under uneven illumination condition, (ii) the ability to detect a fiducial point in various bandwidth, (iii) and relatively fast calculation.

The dotted line in Figure 1 represents the SWA signal, and the solid line represents the original signal X(n). SWA signal maintains the original signal in the increasing section, while SWA signal keeps the peak from p to d at the peak point value where the slope of the signal is zero. After then, SWA signal repeats the declining process until it becomes the same as or smaller than the original signal, from d to x. At this time, two types of features are extracted as shown in Figure 2.

Figure 3 is in regard to the fiducial point of finger joints, and Figure 4 shows the direction in which SWA algorithm applies. To extract finger joints, SWA algorithm is performed only once as shown in Figure 3. To extract features, SWA algorithm is performed Yn times on the Y axis shown in Figure 4-(A) and Xn times on the X axis shown in Figure 4-(B).

Figure 1. SWA Algorithm Example

Figure 2. Two types of a peak point extracted from SWA and the original signal

Figure 3. Fiducial point for the detection of finger joints

(A)                    (B)

Figure 4. Directions in which SWA algorithm applies

Finger Joints Detection Algorithm

Every finger (except a thumb) has two finger joints. The location of two finger joints can be detected by image processing. It works as follows: (i) obtain SWA signal by applying SWA algorithm to the inverted image – by applying SWA algorithm to (X0, Yc) (X1, Yc) … (Xn, Yc) on Yc axis in Figure 3. (ii) calculate the location of high values as shown in Figure 2. (iii) perform repeatedly both on the left side and the right side of Xc fiducial point.

8.5 Difference Between the Original and SWA

To obtain the values required for the next process, calculation of the difference between the original and the SWA is performed, as many times as in 4.3.

Figure 5. Feature of Peak Point shown on the difference of two signals

8.6 Feature Detection Method

The threshold with values calculated in 4.5 is set and the value of the pixel at the peak point is converted into zero(white). Converted value reconstructs the image using X axis vector and Y axis vector with black backgrounds. At this time, features of vein patterns can be extracted by the synthesized vector of X axis vector and Y axis vector.

8.7 Generate Biokey

After inverting the pixel value to brighten the vein patterns, SWA algorithm is applied and the difference between the original image and SWA result value is calculated. The image is reconstructed with the features of vein patterns which is extracted by applying Feature Extraction Algorithm and removing background and noise. The extracted image is converted into data, which is encrypted to generate 2kb Biokey. Biokey is composed of a public key and a private key.

Disclaimer

This white paper is to provide general information and is subject to change as required. We do not guarantee the accuracy of the statements made and we expressly disclaim any warranties or representations with respect to but not limited to the following;

No assurance is given as to the future performance or value in respect to NEBTC.

Unless a potential user fully acknowledges and accepts the nature of Vein-X business model and understands the possible risks associated with possessing, transferring and storing NEBTC, they shall not participate in any event on Vein-X.

However, we shall make every effort to ensure that all information available is up to date:

in Vein-X’s Whitepaper

on Vein-X’s Website

on Vein-X’s Telegram