The creation of the well-known MPC wallets or purses is one illustration of how seriously the cryptocurrency community takes the problem of safety.
These wallets combine a number of technologies aimed at providing the highest level of security, which is commercial and military-grade security, in order to safeguard cryptocurrencies in a way that makes it nearly difficult to extract them without the required authorization.
ZenGo X offers such an MPC wallet, backed by plenty of technologies that have been incorporated to provide security to cryptocurrency users. Let us know what makes them so safe?
How does this technology work?
MPC wallets, also known as multiparty computation wallets, are a new generation of cryptocurrency and token wallets designed to provide the highest levels of security to users who are interested in increased security as well as to certain businesses, banks, and governments who intend to use cryptocurrencies as significant investment vehicles.
Simply by noting the distinction that the passwords and control of these devices are stored between multiple devices, we may perceive an MPC wallet as a common wallet and better comprehend it.
Each key storage device has a key that, when combined with the others, unlocks the use of the money. As we can see, the functionality of multi-signature wallets is pretty similar.
The distinction is that MPC wallets feature further upgrades that have benefits. One illustration of these advancements is the capability of the control devices to generate dynamic one-time passwords that expire quickly. When these passwords are combined, it is possible to access the wallet’s resources.
It is also worth noting that MPC wallets can use security protocols like ECDSA in addition to more modern signature formats like threshold signatures, Schnorr signatures, and other security protocols.
It is, in essence, a wallet connected to a number of one-time use key generators, which in turn grant us access to the cryptocurrency they keep. A key will never be used twice because the generators are single-use and dynamic.
The user just is not able to access the funds if the sequence is not complete for some reason. This implies that even though we can open a wallet and locate the remaining keys, they can be old or have already been used, making the money unavailable.
As we can see, the level of security is really high. With these defences in place, it will be nearly impossible for hackers to steal the bitcoins that are kept in the wallet.
It should be emphasized that multiple cryptocurrencies can be controlled by this technique at once. All token security management is streamlined with this approach.
ZenGo also offers a unique Ethereum trading wallet, which will be suitable for all Ethereum investors who would prefer to trade while on the go.
However,it is much more than any wallet that you are familiar with. You have the facilities to use ZenGo for analyzing the market, trade your cryptocurrencies, and also buy, send or receive Ethereum wherever you can be, with just a few simple taps.