Bitget Launches New Wallet Service with Enhanced Security
Cryptocurrency exchange and derivatives platform Bitget has introduced a new wallet service that utilizes multiparty computation (MPC) to enhance security and key management for users. This move comes after the launch of Bitget’s account abstraction wallet service in July 2023, which was powered by Ethereum scaling protocol Starknet.
How MPC Technology Works
The implementation of MPC technology involves a distributed key generation mechanism where multiple key shares are distributed to various locations controlled by different parties. This enables a transaction process that requires the owners of these distributed private key shares to sign and authorize the transaction.
Mnemonic-Free User Experience
Bitget’s MPC wallet offers a “mnemonic-free” user experience, eliminating the need for users to store or memorize mnemonic phrases and private keys. Instead, assets are managed using password-based authentication, reducing the risk of a single-point private key exposure.
User-Friendly Approach
The aim of this development is to provide users with a familiar experience similar to traditional Web2 products and services. From a technical perspective, Bitget’s MPC wallet employs a threshold signature scheme, utilizes secure “large prime numbers,” and incorporates a 2/3 threshold setup.
Enhanced Authorization Process
The 2/3 threshold setup caters to consumer-grade users by requiring just two-thirds of the total key shares to complete a signature and authorize a transaction.
Hot Take: Bitget Revolutionizes Wallet Security with MPC Technology
Bitget’s introduction of its MPC wallet service marks a significant step towards enhancing security and user experience in cryptocurrency wallets. By utilizing MPC technology, Bitget eliminates the need for users to store or remember mnemonic phrases and private keys, reducing the risk of unauthorized access. This user-friendly approach, combined with a robust authorization process, ensures that users can manage their assets securely and conveniently. Bitget’s commitment to mirroring traditional Web2 products and services showcases its dedication to making cryptocurrency operations more accessible to a broader audience.
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