VICTORIA, Seychelles, Oct. 24, 2023 /PRNewswire/ — As the saying unequivocally goes: “Not your keys, not your coins”, the secure management of private keys remains a paramount concern for users in the Web3 space. Traditional wallet solutions often require users to memorize or store complex mnemonic phrases or private keys, which can lead to irrecoverable loss if compromised. To address this security challenge and lower the entry barrier for wallet users, leading multi-chain wallet Bitget Wallet (formerly known as BitKeep Wallet), officially announced the launch of a “keyless” MPC (Multi-Party Computation) Wallet solution. Leveraging enterprise-level MPC technology, Bitget MPC Wallet aims to offer users with a seamless Web3 Wallet experience that boasts industry-leading security parameters.
Secure and User-Friendly “Keyless” Experience
One of the fundamental characteristics of an MPC wallet that sets it apart from conventional and mainstream EOA wallets is the elimination of the need to store or memorize complex mneomonic phrases and / or private keys, hence providing a “keyless” user experience.
With Bitget MPC Wallet, users can easily create an account through email login authentication, making it accessible even for beginners. Additionally, users may perform a cloud backup of their key shares using a simple 3-step process, effectively mitigating risks such as key misplacement or theft.
This facilitates a “keyless” user experience that is useful, convenient, and secure.
Reliable Enterprise-Level MPC Solution
Bitget Wallet’s MPC wallet employs the Threshold Signature Scheme (TSS) that strictly adheres to the highest industry-wide security standards. Bitget MPC Wallet primarily incorporates security features including the generation of large prime numbers, distributed key generation (DKG), distributed collaborative signatures, homomorphic encryption, and the widely-recognized “2/3” threshold, ensuring the highest level of security at all stages of key management from generation to storage.
When creating a Bitget MPC Wallet, the platform automatically generates large prime numbers that are resistant to quantum attacks.
“The generation of secure large primes is to ensure that subsequent protocol operations within the MPC wallet are carried out with the highest security standards possible,” the Bitget Wallet development team states. “When generating large prime numbers, specific conditions have to be met in the algorithm to ensure maximum resistance against potential attacks”.
The process of generating large prime numbers is initiated when a Bitget MPC Wallet is first created, and may take up to a minute.
“Although the creation process may take some time, this is a worthy trade-off as the overall security level is significantly increased,” the Bitget Wallet development team concludes.
For private key generation, Bitget MPC Wallet utilizes distributed key generation technology to create “implicitly mapped complete private key” shares through multi-party collaborative computing. Each key share contains a fragment that will never be transmitted, guaranteeing that private key shares remain secure and that complete private keys are never exposed or leaked, avoiding the possibility of single-point failure.
In the signature process, Bitget MPC Wallet employs distributed threshold signature technology, maintaining the private key in a decentralized and “fluid” state. This enables users to complete signatures without exposing the entirety of the private key at any stage, enhancing both private key and asset security.
On this, the Bitget Wallet team shared: “Most MPC wallet solutions in the market are aimed at retail users, which therefore oftentimes prioritize convenience and convenience over security. For instance, creating an account via a centralized platform may indeed expedite the creation process, but doing so will increase the margin of risk. Similarly, leveraging regular prime numbers in key generation may likewise also compromise on security levels in favour of speed.”
Reshare Mechanism, Standalone Passwords, and Various Safeguards
Bitget MPC Wallet also introduces a “Reshare” mechanism for users, which automatically invalidates key shares on an old device after a user has successfully logged in to their MPC wallet using a new device. Doing so significantly reduces the risk of asset loss as a result of inadvertent key exposure in a previously-used device. Additionally, Bitget MPC Wallet also supports the creation of independent transaction passwords, ensuring that key shares held by the server may only participate in the signing process upon express consent and approval by the user.
Placing Absolute Control into the Hands of Users
Bitget MPC Wallet leverages a “2/3” signature mechanism, providing retail users with enterprise-level MPC security.
Simply put, this mechanism means that the minimum quorum to complete a signature process is the participation of 2/3 of the key shares. One share is stored on the user’s current device, while another is stored on the platform’s server. Both of these shares are used to participate in the signing. The final key share is stored on the cloud, such as iCloud of Google Drive, as a backup and does not participate in the signing process. This approach is comparatively more secure as opposed to the commonly-applied hybrid custody scheme, where both the user and the platform have private key control and require joint access to user funds, as well as third-party custody, where the platform may unilaterally access user funds.
Bitget MPC Wallet: Your Prime Security Choice
Bitget Wallet has always pursued innovation in its products and services, striving to provide users with better products and more convenient services. With the ultimate end goal of serving 1 billion users with unparalleld products and reliable services, Bitget Wallet has recognized the necessity for wallets to strike a balance between seamless onboarding and uncompromised security standards, and has risen up to the challenge.
“For the mass adoption of crypto and Web3, crucial infrastructure like wallets need to meaningfully lower the barriers to entry for users while providing convenient and secure access,” the CEO of Bitget Wallet states. “Bitget MPC Wallet is our first step in proactive experimentation towards ushering in the next wave of users into Web3, and we will continue exploring more ways to achieve our end goal of serving 1 billion users, including enhanced MPC technology and AA wallets.”
About Bitget Wallet
Formerly known as BitKeep, Bitget Wallet stands as Asia’s largest and a global frontrunner among all-in-one Web3 multi-chain wallets. We offer a comprehensive range of on-chain products and DeFi services to our users, including wallet functionality, Swap feature, NFT trading, DApp browsing, and more.
With a 5-year legacy, Bitget Wallet has garnered acclaim from over 12 million users worldwide and has secured partnerships with prominent industry leaders including Ethereum, BNB Chain, Arbitrum, Polygon, and others. This success stems from our commitment to consistently delivering secure and convenient products and services.
In March 2023, Bitget, a leading crypto derivatives trading platform made a substantial $30 million investment in BitKeep, acquiring a controlling stake. Following this strategic move, BitKeep underwent a transformative and strategic brand evolution in August, officially rebranding itself as Bitget Wallet.
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