It istrue that in todays market it is very hard to have an original idea, it's just overpopulated. But you can have an original approach to the same idea. That can be the difference.
I think that this project is all right with originality.
Tell me please, what to do when MAGNIFY WALLET is damaged?
In this case, you do not need to panic, because when you initialize your wallet, you create a special code for recovery, with which you can always return access to your crypto currency.