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Multi-party computation could offer increased protection for crypto wallets

Multi-party computation could offer increased protection for crypto wallets

Multi-party computation (MPC) is a type of cryptographic protocol that allows multiple parties to jointly compute a function over their inputs without revealing those inputs to each other. 

MPC can be useful when parties want to compute some function together but want to keep their inputs private from others. For example, a group of banks may want to determine the total amount of money in their joint account without revealing their account balances to each other.

In MPC, each party has a secret input which they keep to themselves. The process is done by carefully encrypting the inputs and performing the computation on the encrypted values so that the final result is the desired function, all while keeping the values secure.

MPC protocols typically involve multiple rounds of communication between parties exchanging encrypted messages and performing various computations on their own inputs.

MPC is a complex and technical topic, and there are many variations and approaches to implementing MPC protocols. Some key challenges in designing MPC protocols include ensuring that the protocol is secure against various attacks, such as malicious parties trying to learn other parties’ inputs, and ensuring that the protocol is efficient with regard to computational resources and communication costs.

What is a multi-party computation crypto wallet?

A multi-party computation crypto wallet is a crypto wallet that uses MPC technology to manage and store users’ assets securely. In an MPC crypto wallet, the private keys used to access and manage the users’ cryptocurrency are split into multiple parts, known as “shares,” which are distributed among the parties involved in the MPC protocol.

The key advantage of using MPC in a crypto wallet is that it allows the users to securely manage their cryptocurrency without any single party having access to the entire private key. This can help protect against various attacks, such as hackers attempting to steal users’ cryptocurrency by compromising a single party’s private key share.

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MPC crypto wallets typically use a combination of cryptography and secure communication protocols to enable different parties to jointly manage users’ cryptocurrency. The process can involve complex calculations and communication between the parties, but the result is a secure and efficient way to manage users’ cryptocurrency assets.

Crypto wallets like ZenGo use multi-party computation to…

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