Bitget Wallet Introduces ‘Keyless’ MPC Wallet for Enhanced Web3 Security October 24, 2023 October 24, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsOctober 24, 2023 by Kelly Cromley

Bitget Wallet Introduces ‘Keyless’ MPC Wallet for Enhanced Web3 Security

In the ever-evolving world of cryptocurrency and Web3, security remains a paramount concern for users. The adage, “Not your keys, not your coins,” underscores the critical importance of safeguarding private keys in the Web3 space. Traditional wallet solutions often entail the cumbersome task of memorizing complex mnemonic phrases or storing private keys, which can lead to irrevocable losses in case of a security breach. To address this challenge and lower the entry barrier for users, Bitget Wallet, formerly known as BitKeep Wallet, has officially launched a groundbreaking “keyless” MPC (Multi-Party Computation) Wallet solution. Leveraging enterprise-level MPC technology, Bitget MPC Wallet is designed to provide users with a seamless Web3 Wallet experience that sets new industry standards for security.

The key feature that sets the Bitget MPC Wallet apart from conventional EOA (Externally Owned Account) wallets is its “keyless” approach. This innovation eliminates the need for users to store or remember complex mnemonic phrases or private keys, making the wallet experience more accessible, especially for beginners. In addition, users can take advantage of a simple 3-step process to perform a cloud backup of their key shares, reducing the risks associated with key misplacement or theft.

Revolutionizing Web3 Wallets with Advanced Security Features

Bitget Wallet’s MPC wallet employs the Threshold Signature Scheme (TSS) to ensure the highest levels of security throughout the key management process. This includes the generation of secure large prime numbers, distributed key generation, distributed collaborative signatures, homomorphic encryption, and the utilization of a “2/3” threshold, all contributing to robust security at every stage.

When creating a Bitget MPC Wallet, the platform automatically generates secure large prime numbers, resistant to quantum attacks. This process takes some time but significantly enhances the overall security level.

Private key generation in Bitget MPC Wallet relies on distributed key generation technology, ensuring that private key shares remain secure. These “implicitly mapped complete private key” shares are created through multi-party collaborative computing, with each share containing a fragment that will never be transmitted, safeguarding against single-point failure.

In the signature process, Bitget MPC Wallet employs distributed threshold signature technology, keeping the private key in a decentralized state. This allows users to complete signatures without exposing the entire private key, enhancing security for both private keys and assets.

The Bitget Wallet team emphasizes the distinction between Bitget MPC Wallet and many other MPC wallet solutions in the market. While some prioritize convenience over security, Bitget MPC Wallet strives to strike a balance by delivering both convenience and robust security.

Furthermore, Bitget MPC Wallet introduces a “Reshare” mechanism, which invalidates key shares on an old device after a user successfully logs into their MPC wallet with a new device. This feature significantly reduces the risk of asset loss due to inadvertent key exposure on a previously used device. Additionally, the wallet supports the creation of independent transaction passwords, ensuring that key shares held by the server require explicit user consent for participation in the signing process.

Bitget MPC Wallet leverages a “2/3” signature mechanism, which necessitates the participation of 2/3 of the key shares to complete a signature. This approach is more secure compared to other custody schemes where access to user funds may be jointly controlled by the user and the platform or unilaterally managed by the platform.

Bitget Wallet’s dedication to innovation is evident in its products and services. The company aims to provide users with improved products and more convenient services. The ultimate goal is to serve one billion users with unparalleled products and reliable services. Bitget Wallet recognizes the importance of striking a balance between ease of use and uncompromised security, especially for the mass adoption of cryptocurrency and Web3.

In conclusion, Bitget Wallet’s “keyless” MPC Wallet represents a significant step toward enhancing Web3 security and accessibility. By eliminating the need for users to manage complex private keys and implementing cutting-edge security measures, Bitget MPC Wallet is poised to make Web3 more user-friendly and secure. It reflects a commitment to the next wave of Web3 users while continuing to explore innovative technologies and wallet solutions.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.