Innovating MPC Wallet Technology
Fireblocks has announced the development of a new multi-party computation algorithm, known as MPC. This new technology will double transaction speed and protect individual inputs. In addition, it is free to use for digital asset custodians. Fireblocks does not plan to file for patents for this new technology, which means more digital assets will become more secure with the new Fireblocks platform.
The company has been in business for four years, and now provides institutional staking, MPC wallets, and decentralized finance. In its second quarter, Fireblocks has already increased its revenue by 300% compared to the previous year. As a result, the company plans to continue expanding its operations throughout Europe. Two new offices will be opened in Germany and France.
The MPC protocol makes it possible to split a private key across multiple parties, which eliminates a single point of compromise and makes it easier to transfer digital assets without risking security breaches. The MPC solution also eliminates the need for cold storage devices. This makes digital asset transfers more fluid, and reduces the risk of rogue employees stealing private keys.
Unlike the traditional private key, mpc wallet use two independent mathematical “secret shares” instead. One share is stored on a mobile device, while the other is stored on a central server. This means that no single party can access all of the secret shares at once. Unlike multisigs, MPC is blockchain-agnostic, enabling it to work for a wide variety of blockchains.
Fireblocks is a blockchain technology company focused on enabling digital asset custody and exchange. The company has built an extensive network with over 30 exchanges, 35 blockchain protocols, and over a thousand tokens. It recently announced that its platform is currently the most popular solution for digital asset transfers.
How Fireblocks Is Innovating MPC Wallet Technology
Fireblocks is an enterprise-grade platform that provides a secure infrastructure for digital assets. It helps exchanges, custodians, and banks scale their operations. With more than 750 institutions using its software and APIs, it is a global leader in digital asset security.
MPC is a powerful tool for securing digital assets, but not all MPC algorithms are created equal. Most institutions using MPC employ the Gennaro and Goldfeder algorithm (MPC-GG18) which is considered the industry standard. However, it does not offer the same level of security and efficiency. Fireblocks’ technology solves these issues, while allowing for ultra-fast digital asset transaction signing.
Multi-Party Computation (MPC) wallet technology uses distributed private keys to ensure crypto asset security. By using a distributed private key, MPC wallets can use multiple sources of information for the computation. This ensures that no one party has access to the whole private key.
Fundamentally, a MPC wallet is a wallet like some other, then again, actually the confidential keys and their control are split between a few gadgets. Every one of these gadgets has under its influence a key that, when joined to the rest, empowers the utilization of the assets inside said wallet. From the outset, it appears to be that we are discussing a wallet or multi-signature satchel, and somewhat, the development of the MPC wallets is indistinguishable.